Archive for February 2013

Trade Review: PAY by Shark

Feb 28th, 2013 | By | Category: General Comments, SMB on TV, SMB Video Blogs, Steven Spencer (Steve's) Blogs, Technical Plays

In this video, Shark reviews a trade he made in PAY on February 22nd. He discusses the big picture, his thought process throughout the trade, and the trade management skills he brought to the trade.

This webinar is no longer available

*No Relevant Positions

Recording: Greg Loehr: Trading Broken Wing Butterflies When the $VIX is in the Basement

Feb 27th, 2013 | By | Category: General Comments, Options Education, Seth Freudberg's Blogs, SMB Options
SMB’s Options Tribe is an online community of options traders dedicated to sharing successful options trading ideas with all of our members worldwide. Each week the community will meet online for the primary purpose of watching live presentations made by veteran options traders and experts in the world of options trading. In this presentation, Greg Loehr of discussed the popular broken wing butterfly strategy and how it can be traded successfully in a low $VIX environment. Click here to watch this webinar.   Seth Freudberg Director, SMB Options Training Program The SMB Options Training Read more [...]

One’s Over Reaction is Another’s Opportunity

Feb 26th, 2013 | By | Category: General Comments
Volatility has ticked up in recent weeks. It’s about time. The major U.S. equity indices and currency markets have presented some sizable intraday movements. Uncertainty is beginning to re enter the markets. This is the time when traders shine the most. This is when the average traders improve and the good traders become great. Investors and uninformed watch their accounts shrink. Ever wonder why this transfer of wealth is so likely in such an increasingly uncertain trading environment? Overreactions. Market participants initiate trades for an infinite number of reasons. They also tend to place potential market orders (aka Read more [...]

The Market Sells Off. Now What?

Feb 26th, 2013 | By | Category: General Comments, Steven Spencer (Steve's) Blogs, Trading Theory
I was off the desk today travelling and visiting with family, but checked in several times to see how our traders were doing. It was an exciting day in the market. It is the type of day you typically see only a handful of times each year and as a short term trader you dream about being able to "crush it" on such days. Of course that is easier said then done. These are the words I wrote to the head of our systems trading desk at 3:12PM right before that final 1.70 down move. We are starting to see early signs of improved market conditions during the past 4 trading days. Haven't seen anything like this for many many months. Of Read more [...]

My Thought Process: $BHP

Feb 21st, 2013 | By | Category: General Comments, Steven Spencer (Steve's) Blogs
BHP was gapping lower and trading very actively in the pre-market. This message was to highlight it would be one of the best stocks to trade on the Open and my bias would be informed on which side of 78.50 it started the day. I initiated a short right on the Open against a 78.36 seller. This was the first interesting thing I noticed on the tape since shorting it on the Open. From a big picture perspective it was below my 78.50 level and consolidating near the Open low so it was clearly a short. I was looking for a catalyst for the next down leg and I found it with the 77.93 buyer. I loaded up when the buyer dropped. Read more [...]

Did The SEC Overreach in Freezing HNZ Account?

Feb 20th, 2013 | By | Category: Steven Spencer (Steve's) Blogs
I read an interesting piece on the CNBC website by John Carney regarding the SEC freezing the assets of a Goldman trading account that made a very suspicious trade in HNZ options right before the takeover was announced. John raised the idea that the SEC is overreaching by freezing the assets of the account without any evidence beyond the suspicious trading activity itself to suggest insider trading. I disagree. The SEC has broad authority with respect to the regulation of US securities markets. In this instance the holder of the account is outside the US so other than freezing the account which has a US custodian the SEC’s Read more [...]

Free Webinar Recording: Three Intraday Time Frames

Feb 19th, 2013 | By | Category: General Comments, SMB Video Blogs

In this free Webinar, originally broadcast on January 30th 2013, Steve Spencer discussed the different time frames that can be used when trading intraday, what kind of information you should be noticing for each one of them, and some tips on how to trade them.

This webinar is no longer available.

Steve Spencer
[email protected]
No Relevant Positions

Should Short Term Traders Consider News–Part III

Feb 19th, 2013 | By | Category: General Comments, Steven Spencer (Steve's) Blogs, Trader Development
On Friday I was chatting with a non-SMB prop trader that I trained several years ago. He was long DLTR when the WMT "news" broke around 2:00PM. From the chat messages you can see that we were in agreement that there was a short term "fading" opportunity in the retail names that had been quickly hammered based on a leaked internal email from a WMT employee. Read the exchange and then I will add some more thoughts: 2:12 PM Michael: dltr fell hard me: u didn't have a stop? clearly some news there 2:13 PM Michael: i did just saying me: so probably will make another big move now. 2:14 PM 1.5mln shares in that down move Michael: Read more [...]