Today we met in our training room before the Open and Steve went through our best trading ideas.  There were many.  I narrowed down the stocks I would watch most carefully on the Open to LXK and MYGN.  And both were excellent intraday trading stocks.  But the best part of my day today were call outs from other traders on our desk.  My P&L was improved substantially from the call outs by others on our desk.

I shorted some MYGN and made a chop.  Yada yada yada Bella.  I butchered the open in LXK though it was messy.  But then Carlton one of our hard working new traders called out TM, Toyota.

Quietly he asserted, “Watch Toyota, it is below 75.”

I punched up TM.  Below 75 was broken on the long term and intraday charts.  We had fresh news with their recent large-scale recall.  Spencer chirped 70 was a downside possibility.  I started a Trade2Hold short.  3 points of trending downside opportunity followed.  This was a layup short.

Later in the trading session GMan shared, “WFC near 28.50, I am shorting below!”

WFC dropped 28.50 so I whacked the bids and 40c of trending downside opportunity ensued.  Yet another layup presented to me by a fellow trader.

At the start of the trading session I focused most on LXK.  Patrick one of our traders advised, “MYGN new low.”

I typed up MYGN again.  I saw an intraday downtrend had formed, weakness on the tape and a new downside catalyst.  I whacked the bids and watched MYGN drop 50c.   I felt like I was playing with Steve Nash, the great PG on the Phoenix Suns who makes his teammates better.

Steve and I had a conversation with one of our better traders yesterday.  We started talking about the value of idea generation for an elite trader.  My guesstimate was superior idea generation was worth 20k a month for an excellent trader.  Today was Exhibit A.

Just for the record and to show I do my part, when LXK cleared an important intraday resistance level at 31.30 I communicated, “Watch LXK, I am long and holding above 31.30.”  LXK trended up all day after this call out.  Record that as an assist for Bella.

Also during the Open on the Mush call a handful of our traders started a very large position in WU as 17 would not drop.  Chop for those on the Mush Master call!

Spencer caught a four point upmove in AMZN today and called out his entry and exit step by step.

When PNC found its secondary price numerous traders shared this.  A short below 54 was available.

Ok it’s getting late and time for me to go watch Idol on DVR.  You get the point.  Traders on our desk work together to make money individually.  We are only as good as the stocks that we find.  We can find more trading opportunities for us by sharing our best trading ideas.

Best of luck with your trading!