How did Steve make 5k plus trading MGM today? The guy is an animal. He never took lunch. I swear he would still be trading it if he wasn’t in an interview presently. MGM turned at 7.25 this AM. It was in an intraday downtrend. 7.25 was 25c from its secondary price of 7. And about 35c lower than GMan … Read More
SPYs Holds Below 90
Last night I was hoping we would gap down near 90, get tested and hold so that we could have a strong day. I did get the gap I wanted and was trading lightly in premarket with the idea of buying into the gap. Unfortunately, the retail sales data at 8:30am was worse than expected and the SPYs traded cleanly … Read More
How to Trade SPY 90 Support Level
OK so let’s start with a little context. The market has been very strong. We are up close to 40 percent from the bottom. We are in an uptrending market. In an uptrending market we buy pullbacks. And today was a perfect example. Let’s discuss. I am gonna make this short. But our very own JToma was on CNBC’s Fast … Read More
Buying on Pullbacks
Buying on pullbacks can be difficult to do. But this is a skill that every trader needs to learn to take their game to a new level and become a more consistent trader. Like any other skill, the more you do it, the better you get at it. Below are a few guidelines that have helped me find good entry … Read More
SMB on CNBC’s Fast Money Tonight – May 11, 2009
Our very own Jeff Tomasulo, senior trader at SMB Capital, appeared tonight on CNBC’s Fast Money. Jeff discussed buying into pullbacks and highlighted trading setups in V and IBM. Jeff has been trading professionally for over thirteen years. This is must see TV. Best of luck with your trading! Don’t forget to follow us on twitter.
Stay Where The Money Is
WFC has treated me very well lately. On Thursday it sold off hard on the Open and then after some consolidation continued lower. Easy short play. On Friday after a nice gap down it filled the gap and closed at the high with furious buying. Easy long play. This morning I had a decision to make on which stock to … Read More
The Week That Was: May 4 – 8, 2009
What a week for the bulls! Talk about a strong week. Right from the start on Monday morning, the market was bid up. It seems that all news is good news at this point, and above the resistance at 88, it looks like mutual funds have started buying into the move they missed off the lows, after the dismal year … Read More
One That Got Away
RIMM has been my favorite trading stock for the past year or so. I have blogged about trading it a few times already. On Friday it presented a phenomenal trading setup. A setup that I believe works over 70% of the time and offers a risk to reward of greater than 10:1. This setup does not occur that often but … Read More