Archive for June 2008

re: my day

Jun 26th, 2008 | By | Category: One Good Trade, Steven Spencer (Steve's) Blogs

I focused on RIMM on the Open as it was In Play after reporting yesterday.  I traded it on the short side once it dropped the 128 support level.  It was fairly tame and became weaker as the day progressed.  There seems to be support around 123.40.

Traded NKE in the afternoon.  Didn’t catch the initial short below 60 but caught a nice move from 59 to 58.  Was long for most of the bounce in the final hour from 58 to 59.90.  A single buyer appeared to be moving it up the entire time.  I will look to identify support tomorrow morning and expect an upmove through 60.  I will short on a failure to hold above 60.

Run Fast Jump High (NKE)

Jun 26th, 2008 | By | Category: General Comments

Trading NKE this am.  Below 62 will trade with a short bias if see selling.  Down a ton on very light volume- bounce?  The NKE specialist has a tendency to treat some orders unfairly.  But when NKE is in play it is a very good trading stock.  I have attached the chart of NKE below for some help.  Good luck!

re: RIMM Followup

Jun 25th, 2008 | By | Category: One Good Trade, Steven Spencer (Steve's) Blogs
As I mentioned this morning I was looking to short RIMM on the open at resistance. I mentioned 140.50 as potential resistance. As it turned out 141 was resistance with many large offers. I shorted below 141 and covered on the pullback to 139.  I didn't catch the move down to 137.50. RIMM released earnings in the after hours. The market was disappointed with the numbers as it is currently trading around 131. The revenue guidance for next quarter looks pretty good. But the earnings number is a bit light. The market may be concerned with RIMM's margins' eroding as they get more heavily into the consumer market. But from Read more [...]

DF sell the gap up

Jun 25th, 2008 | By | Category: Gilbert Mendez's (Gman's) Blogs, Reading the Tape
As we discussed this morning in the morning meeting (it is lunch time right now) we looked into selling that gap in DF if we spotted a seller. One of our traders spotted a big ARCA seller at 20.50 who stepped lower to 20.35 and traded a couple hundred thousand shares on the offer. The same seller stepped lower to 20.25 and didn't have to hold the offer that much to show the weakness. Now this is an example of a play where you can be very aggressive. We had an idea and saw great confirmation in the tape (the seller stepping lower). That was a chop!! Look for the same ARCA seller into the close to sell below 20.00 and 19.80 for Read more [...]

BA for today

Jun 25th, 2008 | By | Category: General Comments
Should be a light day of trading before the Fed announcment at 2:15 today.  Will be looking at BA today because of the news below: Boeing: Oil surge may cost jet makers orders - WSJ (74.79 ) : WSJ reports as rising oil prices cause even the strongest airlines to struggle, Airbus and Boeing face the possibility that as many as a third of their orders for new jets could be postponed or canceled. For now, both jet makers say they are sold out for much of the next three years and are continuing with plans to raise production rates to meet demand. But the landscape is shifting as oil prices rattle the underlying economics Read more [...]

re: RIMM Weakness

Jun 25th, 2008 | By | Category: Reading the Tape, Steven Spencer (Steve's) Blogs

RIMM showing weakness in the pre market.  probably due to the WSJ article talking about people overestimating growth and underestimating risk in the consumer market.  I have covered the majority of my overnight short position as it has failed to hold an offer below 139.  Will look for resistance at 140.50 level after the market opens for a safe entry point on the short side.  Earnings after the close will be a factor in stock movement today as well.

Pattern Recognition and air travel

Jun 24th, 2008 | By | Category: Mike Bellafiore's (Bella's) Blogs
My partner and I were invited to Chicago yesterday for an interview to discuss our firm, SMB Capital.  All went well, grabbed some deep dish pizza at Gino's East (delicious!), and headed for O'Hare.  The 3pm to NYC was delayed for 2 hours, the 4 for a little over 2 hours and the 5 for about 2 1/2.  My plane was posting for an on time arrival.  Huh?  Now I am not an expert in air traffic control, but I did know from the pattern recognition skills that I have developed as a trader that there was no way I was getting home as scheduled.  Even more inanely, we boarded the plane pretending that we were gonna take off on time, Read more [...]