This morning we noticed that shortly after the open CF hit my new low of the day ticker. Hmmm…a market leader getting sold right away into a gap up in the SPY and continued strength in the SPY. I took “Notice”. A little later we see it again, this time joined by MOS, AGU and some others from the sector. … Read More
Gap, Battle and Go (SYY)
SYY gapped up on the open after earnings. Intraday Fundamentals From Reuters: * Q3 EPS $0.46 vs est $0.41 * Q3 sales $9.76 bln vs est $9.48 bln * Shares up 11 pct, at year-high (Compares with estimates, adds background in paragraoh 2; updates shares) May 9 (Reuters) – Top U.S. food distributor Sysco Corp reported quarterly results that easily … Read More
Forex trade of the week
A key point in the EUR/CHF trade was when the price fractured the areas of support, which are identified by the Fibonacci retracement at level .618 % at an approximate price of 1.2800. Once those areas have been breached, we expect the trend to be lower than the previous minimums, but in turn, the price increases producing up trends. This … Read More
Is it Possible to Day Trade AND Employ Non-Directional Options Spread Strategies?
On the surface, the intraday trading strategies of equities and non-directional options spread trading would seem to be mutually exclusive. Day trading depends to some extent on strong directional movement that allows the day trader to get long or short a stock at at the right time and then ride that direction until an opportune time to exit emerges. Non-directional … Read More
What are your trades in MON?
What are the intraday trading opportunities from MON on the Open? First we have to indentify the patterns that are worth our attention. And then we can hammer down on how best to execute. From the chart below what trades makes sense to you. Be back later with some thoughts of my own. Hint: during our AM meeting we identified … Read More
Traders Ask: What Was Your Thought Process In LVS?
Hi Steve, I am interested in learning your thought process behind trading LVS on 12/02. Do you mind writing a post on it? Thanks, AZ Here you go: Before I break down the various trades that I thought offered good risk/reward on December 2nd for LVS I would like to discuss December 1st. LVS gapped higher on 12/1 with the … Read More
Traders Ask: Was that the Real Trade?
Yesterday I wrote a blog post stressing the importance of making the real trades intraday. One of our very experienced traders sent me this question: i traded JWN today… why did you want to buy above 32 when it had just closed the gap and showed no signs of holding support? to me, that’s a trade that flies in the … Read More
The Future of Intraday Trading
A few years ago two of our best traders knocked on my office to chat. They had an idea. They were interested in trading a swing account with the firm. I suggested that they come up with a list of patterns they wanted to trade and come find me. They never reapproached me with specific enough set ups and worse … Read More