We received a few requests for a trade review of the AMLN trade I was tweeting during today’s Open. I’ve illustrated my key thoughts via the annotation of the chart below. Let me outline some of the “bigger picture” considerations that are not covered by the chart annotations: It was reported that AMLN received a $3.5 billion takeover bid which … Read More
A Quick Conversation
One of our newest trainees (5 days live) had been trying to get a hold of me for a few days to answer some trading questions. I had been especially busy lately but finally was able to squeeze in a quick conversation with him before heading to the airport to visit some trading friends in Texas. His first comment/question related … Read More
A Tape Trade–URBN
I make trading decisions based on 3 factors: Tape (order flow), Technicals (trend, support, resistance) and Catalysts (News). The least understood of the three is the Tape. It is a skill that takes thousands of screen hours to develop. But once developed it is a skill that enhances the risk/reward of your trades and often enables you trade with larger … Read More
March 12th Gameplan Review
SMB Capital Stocks In Play Call Review. Each morning before the market opens we discuss the stocks that we believe will offer the best risk/reward trading opportunities intraday. Today’s review featured YOKU, ORCL, SODA, MCP,GMCR, FCX and AAPL PDF Summary Gameplan March 12th Steven Spencer is the co-founder of SMB Capital and SMB Training and has traded professionally for over … Read More
I Love Being Wrong–SODA
One of three In Play names discussed in today’s AM Meeting was SODA. It was gapping up to 36 which is a longer term resistance level. My initial thought was the news didn’t seem like a big deal and it would be a nice short on the Open against this level. As the market opened it traded a few cents … Read More
Free Webinar — Trading Large Gaps
The theme for Steve Spencer’s 2012 Webinar Series will be “Do The Right Thing”. On the second Webinar of the year, Steve will discuss Trading Large Gaps. Time: Monday, March 19th,2012 4:15PM-5:00PM Topics shall include: – The importance of pre-market prices and volume – How to use the “news” to develop a bias – When and how to use “the … Read More
Why I Traded MCP Today
My primary stock on the Open was GMCR. It is a classic momentum stock that had fresh news and a large pre-market gap. This type of setup is usually my #1 choice to trade on the Open if available. I have internalized the possible price patterns for this setup having traded it hundreds of times over the years. My second … Read More
Was It Worth Trading?
After the market closed yesterday P released their earnings. It was immediately sold aggressively down to 12.50. A controlled bear flag developed with the next major support about 2.5 points lower. I noticed on the StockTwits stream @ldrogen say the conference call was not going well at all. From the back of my mind emerged my negative bias having watched … Read More