Today was one of my better days in the last week. This was not a coincidence as the stock I was trading was very in play and I was respecting the levels. My recent trading struggles have been all self-inflicted. Let’s discuss. It all started with COF. COF issued their secondary offering and underwriters were trying to support the stock … Read More
AOC Friday 5-1
Sharing information is very important on our desk. This helps newer traders learn more quickly and keeps more experienced traders in the know of all the major moves different stocks are making. There are two types of information that are most important to share. What the stock has been doing and how you are going to play it. In earnings … Read More
Momentum Versus Range-bound Trading
Jarrett wrote: “How do you know when a stock will go from momentum/ trending nicely, to consolidating. This always get me in trouble. I will trade a stock, like IBN, from short side 32 to 30, than it traded 30, so i got short, then it bounces to 30.20 i cover, back and forth, and it turns out the stock … Read More
The Week That Was: May 11 – 15, 2009
The market finally showed some weakness this week. After closing near the rally’s highs at 93, the SPY gapped down on Monday morning, never being able to hold the 92 level, then the 90 level later in the week. Although we were pretty weak on Friday, we held above the 88 level which has been a huge inflection point over … Read More
SMB Away Game
Steve and I were asked to speak at a prop firm outside NYC this weekend. An old friend asked so of course we were available. It was an interesting visit. We learned a lot. I have traded for over eleven years. The one thing that I am certain of is that I still have so much to learn. Steve and … Read More
Random Thoughts
How did Steve make 5k plus trading MGM today? The guy is an animal. He never took lunch. I swear he would still be trading it if he wasn’t in an interview presently. MGM turned at 7.25 this AM. It was in an intraday downtrend. 7.25 was 25c from its secondary price of 7. And about 35c lower than GMan … Read More
SPYs Holds Below 90
Last night I was hoping we would gap down near 90, get tested and hold so that we could have a strong day. I did get the gap I wanted and was trading lightly in premarket with the idea of buying into the gap. Unfortunately, the retail sales data at 8:30am was worse than expected and the SPYs traded cleanly … Read More
How to Trade SPY 90 Support Level
OK so let’s start with a little context. The market has been very strong. We are up close to 40 percent from the bottom. We are in an uptrending market. In an uptrending market we buy pullbacks. And today was a perfect example. Let’s discuss. I am gonna make this short. But our very own JToma was on CNBC’s Fast … Read More
