How did Steve make 5k plus trading MGM today? The guy is an animal. He never took lunch. I swear he would still be trading it if he wasn’t in an interview presently. MGM turned at 7.25 this AM. It was in an intraday downtrend. 7.25 was 25c from its secondary price of 7. And about 35c lower than GMan … Read More
How to Trade SPY 90 Support Level
OK so let’s start with a little context. The market has been very strong. We are up close to 40 percent from the bottom. We are in an uptrending market. In an uptrending market we buy pullbacks. And today was a perfect example. Let’s discuss. I am gonna make this short. But our very own JToma was on CNBC’s Fast … Read More
What Gets Us Short
There is nothing that I have seen as I write to indicate that the market will next trade lower. Nothing. The market is an uptrend. WFC, GS, IBM, APPL, RIMM are leading the way. SPY finished near its high into the Close. There was old school buying into the close in WFC, the bids would not drop and continually stepped … Read More
What Will Make this Market Trade Lower?
That was some serious strength into the Close in the Financials. WFC, MS, and GS all finished at their highs. WFC was strong like a bull. The buying was relentless. And we saw something old school (not the movie) with bids not dropping, and then stepping higher, like back in the late 90’s. WFC was bought like YHOO in the … Read More
Bella Responds
1 ) Thank you for your posts. I was very impressed with the advice given. I am not sure what you all need me for anymore. Great work! 2 ) Mentoring a developing trader, even if you are also a developing trader, makes your own trading better. For those who shared their ideas I hope you recognize the value in … Read More
How Should I Respond?
I received the following email from a consistent reader of SMB Blog. As way of background, this developing trader is an accomplished musician. And when I say accomplished, I mean 10/10 randomly selected people would know who this gentleman plays with (but sorry we are not giving away this info). I would like to try something new on this blog. … Read More
Trader Mike, SMB, and DNDN
Trader Mike commented on a recent blog of mine with, “The other day when I linked to the SMB Capital DNDN post, I wondered why anybody would knowingly be involved in that stock ahead of news.” We enjoy Trader Mike’s blog so I promised Mike a response. Also, Adam at Daily Options Report, offered interesting commentary on this play. This … Read More
“V” Right on the Open – Where I Want to Be
We saw it again. We have seen this in QCOM, MSFT, and now V. Right on the Open V traded straight up. If I told you I had a three point trade in less than 15 minutes that reoccurs would you be interested? As an intraday trader this is a trade you must add to your quiver. Let’s discuss. I … Read More