At SMB we think carefully and obsessively about our core competencies. It all starts with providing an excellent trading education, an educational foundation for our intraday traders. Steve and I can really get into it about what is most important to be taught to our desk. Hey we have been friends since we were six. An outsider might find some … Read More
SMB Morning Rundown for December 3, 2009
Today, the Market appears set to open higher as news last night that BAC plans to repay its TARP money has helped lift financials higher. Pre-Mkt the SPY failed at yesterday’s 112 resistance level. Today, we are watching 112 for resistance and 111.10 for support. Above 112 we could see a move up to 113. Below 111 we could see … Read More
SMB Setup for the Close for December 2, 2009
Today, the Market rallied on the Open, taking out yesterday’s highs before failing at SPY 112. The Market supported 111.00 mid day. The levels we are watching in the Close are SPY 111.50 (Res) and 111.00 (Sup). Above 111.50, we could see a move back up toward 112.00. Below 111.00, the next support level is 110.50 Our best idea into … Read More
A Support Play- WAG
As I was finishing my cholesterol free egg and bagel sandwich in the premarket, I saw huge volume in WAG at 37.32. When WAG opened more volume was done right here. Holy important intraday level! WAG finally held this level and I got long right on the open in WAG (I am not shy). This was a support play. WAG … Read More
SMB Morning Rundown for December 2, 2009
Today, the Market appears set to open virtually unchanged after the ADP Employment report came in worse than consensus. The levels we are watching in the SPY today are 111.50 for resistance and 110.50 for support. If the SPY starts holding below 110.50, the next support level is 110.00. Above 111.50, we could see a move up to 113.00. Our … Read More
Adding a Dose of Patience to Your Trading
Patience is core skill for any trader, and for a momentum/scalp trader like myself, adding some more patience to my game has been a hard challenge to tackle. As I mentioned in my post last week, one of the major adjustments I have made to my trading is that I am being far more selective with my setups, and I … Read More
Putting the Pieces Together
I highlighted SEED today during our Stocks In Play meeting. I mentioned a few levels that I thought would be important and how I would trade it from a bigger picture perspective. I talked about how AMZN traded yesterday and the level I viewed as the best possible entry for a long trade. I then discussed AIG and highlighted some … Read More
SMB Setup for the Close for December 1, 2009
Today, the Market rallied and found resistance around SPY 111.60. The levels we are watching into the Close are 111.20 for support and 111.60 for resistance. Below 111.20, we expect a move down to 110.80. Our best idea into the Close is to buy RIMM on a pullback close to 59.90. Tgts, 60.40 and 61.00. Don’t forget to follow us … Read More
