Lets talk about spreading yourself too thin. Today I traded RIMM and GS. I came in with an overnight position in JPM and made a negligible amount of money on that when the market opened. I had a bearish bias on today’s open. If we did not sell off then my plan was to re-evaluate. I thought that based on … Read More
Stick With It
Internally SMB shares intraday alerts for all major intraday levels that our desk discovers. Our desk is taught to share important intraday levels verbally through our audio feeds. None of this works without trading skills. None of this works without the trader sticking with a trade. Let’s discuss. Today I was trading OSIP. It was In Play, had gapped up, … Read More
Weekend Review: July 6-July 12, 2009
A very bearish tone in the market this week, as the SPY has been trading around the ever so important 88 level. Wednesday morning looked as if the market was ready to crack, but we rallied into the close as the bulls came in to provide some support. With negative reactions to all economic numbers as a whole, we will … Read More
Plan B
Today at SMB’s headquarters in midtown Manhattan we watched some trading tape with our developing traders. And yesterday we did the same. A recurring theme jumped out. How to enter a stock above an important level when you missed your initial buy. Let’s discuss. One of our better traders showed his tape of GIS recently (Honey Nut Cheerios….delicious!). Between you … Read More
From Trade to Hold to Cover
As an intraday trader it is important to have a playbook of Trades to Hold. These are longer term intraday trades where we do not cover unless there is a reason to cover. And this means something substantially different with our stocks. I made a Trade to Hold in CVX on the Open and then I covered without anything really … Read More
Financials Are The Tell
I have spent a lot of time trading the financials for the past 18 months. Maybe too much time 🙂 Yesterday, when many traded to key support levels I got long. Some broke these levels briefly so I got out and even got short some MS. Not such a good idea. Every single financial closed significantly above their support levels … Read More
AIG over FAZ
We were pretty pumped about FAZ getting back in play today. However, we were also cautious of what the liquidity, computer algorithms and moves may look like on the open. We cautioned our guys from being overly aggressive on the open with the scalps until they figured out if the old programs seemed to be back in the stock at … Read More
FAZ Party Coming Back
During Dec-Jan our desk traded almost exclusively these two triple leverage ETFs. They provided plenty of opportunity as they would move a lot, had plenty of order flow in them and traded somewhat cleanly. We stopped trading them the moment FAZ went below $8 as the volatility died down considerably and felt like we were trading $AIG below $1. Direxion … Read More
