Archive for September 2010

Quick Market Take

Sep 30th, 2010 | By | Category: Steven Spencer (Steve's) Blogs
The past week or so I have begun to feel a bit uneasy about the market action.  It hasn't been as crazy as the action that we saw in late January that led to pretty vicious two week  sell off but it has definitely caught my attention.  The failed breakout of the 115 SPY level has me on full alert for a break of the uptrend that began at the beginning of September. From a trading standpoint it would be great if we sold off hard into earnings season so there would be some ammo for the upside once companies start to release their numbers in Mid October.  If we are weak tomorrow I will be watching the 113.20 level like a hawk. Read more [...]


SMB Morning Rundown – September 30, 2010

Sep 30th, 2010 | By | Category: Trading Ideas
The SMB Morning Rundown highlights the key levels in the Market and the best trading setup that we have identified for the Open Read more [...]


Morning Thoughts

Sep 30th, 2010 | By | Category: General Comments

Good morning traders. Inside day yesterday is constructive for the bulls as the market is consolidating its previous run without giving gains back. I will be long the market over 115, waiting until it holds higher to really load up on the long side.  I will be watching XLF and OIH as market tells; we need to get some more sectors involved if the rally is really going to have some legs in it.

Follow me on twitter @JoeP_SMB

SPY

113.20

114.20

115.04

115.90 (Gapfill)



Some notes on flags

Sep 29th, 2010 | By | Category: Adam Grimes's blogs, Technical Plays, Trading Lesson, Trading Theory
A few random thoughts continuing Bella's earlier post on flags Read more [...]


Traders Ask- How Do I Trade a Bearish Flag Pattern?

Sep 29th, 2010 | By | Category: Mike Bellafiore's (Bella's) Blogs, Traders Ask
Hi Mike. Yesterday in you webinar you showed us a chart on Toyota that dropped nicely on bad news. After that initial drop the stock began a sideways move. The question is:  Do you continue to trade that stock during the day even though its going kind of sideways, or do you wait for it to brake the lows or S/R again? Do you continue to read that stock and trade of intraday levels and volume levels being created during the day, or do you wait for bigger picture setups before you step in and read the action closer? I guess this is personal from trader to trader, but do you use som kind of guidelines regards to this? Bella Read more [...]


SMB Morning Rundown – September 29, 2010

Sep 29th, 2010 | By | Category: Trading Ideas
The SMB Morning Rundown highlights the key levels in the Market and the best trading setup that we have identified for the Open Read more [...]


Morning Thoughts

Sep 29th, 2010 | By | Category: General Comments

Good morning traders. SPYs took an early morning dip as the tech leaders saw some rest and pulled back/ consolidated. Its impressive to see how resilient the market is. Lower prices bring in aggressive buyers, something that is very important to the health of the rally. In terms of the SPYs chart the longer we spend above 113.20 the higher the likely hood that we will trade up to at least 118 in the following months.

Follow me on twitter @JoeP_SMB

SPY

113.20

114.20

115.04

115.90 (Gapfill)



AAPL Flash Crash?

Sep 28th, 2010 | By | Category: General Comments, Steven Spencer (Steve's) Blogs, Trading Theory
I received a couple of twitter messages about whether I was trading AAPL on the Open today.  JoeP had mentioned in his morning thoughts blog that we were watching the 291 level closely for a possible break of the recent uptrend.  As it turned out I was short RIMM on the Open and watching CRM as well for a break below 117 so I was unable to initiate a short in AAPL as it quickly traded below 291. Apparently "flash crash" has now become part of the trading vernacular as I have seen many tweets describing what happened in the first few minutes in AAPL as such.  If the working definition of flash crash is a hard down move in a Read more [...]


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