My primary focus for the past few years has been making money intraday. But occasionally I observe a pattern that causes me to take an overnight position. Around 10:30AM on Friday FNM had a very powerful breakout through $12. It topped out around $14. During the afternoon there was some selling and it traded as low at $12.40. But during … Read More
Feds Announce Plan For FRE and FNM
News broke today on the bailout plan for Freddie Mac and Fannie Mae (http://www.nytimes.com/2008/07/14/washington/14fannieweb.html?hp) We saw a strong bounce in both stocks on Friday after Paulson stated that the federal government wasn’t interested in an outright takeover but would support both entities in their current form. The above article gives more detail on how the Bush administration intends to handle … Read More
The Right Stocks
A trader is only as good as the stocks that they are trading. Recently, a bunch of guys on our desk have made money trading CHK and HK. They were making nice chops every day. Sometimes its hard to let go of stock that you have been consistently making money in. But it is essential for this job to recognize … Read More
Missed Opportunity
One of the things I take great pride in is understanding the potential moves that may occur on any given day. This applies equally to stocks that I may be trading as well as the market in general. Today, I was unprepared for the large bounce that occurred in the market during the final 90 minutes of trading. Currently, US … Read More
July 3rd Recap
Today’s holiday shortened trading day was another great day for SMB’s young traders. As I mentioned yesterday I was looking at JRCC and RIMM for potential bounces and was focused on the jobs number for a trading cue for the day. The jobs number was benign and so the market initially reacted positively. I sold my JRCC and RIMM positions … Read More
Market In Trouble–July 2nd
After yesterday’s strong bounce the market failed to have a second consecutive up day. There was steady selling in multiple sectors all afternoon. Tech and Energy in particular got hit hard into the close. Energy stocks were selling off despite oil setting new time highs. If the tech selloff continues tomorrow we will breach the 2008 lows and may start … Read More
re: my day
I focused on RIMM on the Open as it was In Play after reporting yesterday. I traded it on the short side once it dropped the 128 support level. It was fairly tame and became weaker as the day progressed. There seems to be support around 123.40. Traded NKE in the afternoon. Didn’t catch the initial short below 60 but … Read More
re: RIMM Followup
As I mentioned this morning I was looking to short RIMM on the open at resistance. I mentioned 140.50 as potential resistance. As it turned out 141 was resistance with many large offers. I shorted below 141 and covered on the pullback to 139. I didn’t catch the move down to 137.50. RIMM released earnings in the after hours. The … Read More