During our AM Meeting the other day I suggested that FAST might be setting up for a nice down move. The stock was gapping down in the premarket on earnings–albeit on light volume. It had runup on Friday so I thought a bunch of traders were caught leaning the wrong way and would panic out below 30. Right on the … Read More
Wednesday Evening Quarterback
A few points….. 1) Today SMB tweeted: Best Morning Idea: Buy $GS @ 150.60-150.90, TGT: high 150s#mktabout 9 hours ago from Twitterlicious That was all GMan. We were asked a follow up question as to how we picked that level, which I will share. Yesterday GS could not hold above 150.50. Also on the longer term chart 150.50 has been a … Read More
Tossed Around Frisbee Style
I spent some time this weekend preparing myself psychologically for earnings season. I wanted to make sure to increase my size on stocks that had earnings. I wanted to be ultra sensitive to unusual volume at given prices, levels of huge interest/struggle and be on the lookout for plays to hold. In anticipation of Goldman’s earnings I forced myself to … Read More
A Quick Mistake
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