After the market closed yesterday P released their earnings. It was immediately sold aggressively down to 12.50. A controlled bear flag developed with the next major support about 2.5 points lower. I noticed on the StockTwits stream @ldrogen say the conference call was not going well at all. From the back of my mind emerged my negative bias having watched … Read More
I Love Being Wrong
As a pro trader my bias in a stock is largely a result of the price action. As I observe the price action I start to ask myself questions like what are the other players in the stock doing? What are the big institutions doing? Are swing traders buying or selling now? Are intraday momo traders trying to play the … Read More
Trading Is All Psychology
The following news was released after the market closed. 16:31:20 FDA Panel Votes 20-2 In Favor of Approval For Vivus’ QnexaVivus, Inc. (NASDAQ: VVUS) received excellent news on Wednesday as an FDA advisory panel has voted 20-2 in favor of approving the company’s weight-loss drug Qnexa. The panel’s decision is non-binding, but it is highly likely that the FDA will follow … Read More
February 22nd Gameplan Review
SMB Capital Stocks In Play Call Review. Each morning before the market opens we discuss the stocks that we believe will offer the best risk/reward trading opportunities intraday. Today’s review featured GRMN, MOS, NFX, MGM, DELL, INTU. February 22nd gameplan Steven Spencer is the co-founder of SMB Capital and SMB Training and has traded professionally for over 15 years. No … Read More
Am I Trading Well?
One of the ways I evaluate my trading is by checking to see if I got back in a stock after being stopped out. As a pro trader I think risk first and profit second. Many times I will be stopped out of a position that trades through my stop price only to see it later reach my ultimate profit … Read More
Free Webinar–Following The Big Picture Trend
The theme for Steve Spencer’s 2012 Webinar Series will be “Do The Right Thing”. The first Webinar of the year will break down several recent trading setups and how following a higher time frame trend can make you more money and cause you less heartache. As short term traders it is easy to flip back and forth betwen 1, 5 … Read More
Nasty Is As Nasty Does
On February 7th we discussed CSTR in the AM Meeting. It was gapping higher on a better than expected earnings announcement. But the price action in the pre-market was erratic. There were no clear pre-market trends and when it moved above/below s/r levels it would quickly reverse. This is a stock that I will not touch on the Open. Stocks … Read More
I Deserved To Lose More
(post originally written February 10th 2012) We identified FSLR as an In Play stock this morning (link to story from Benzinga Pro). It was gapping lower in the pre-market to a recent support level. As a trader part of my job is to figure out what other traders and investors will do in any given situation. In the case of … Read More