The key to my day today: stock selection. It was pretty clear this morning that the action was going to be in the financials that had announced secondary stock offerings. JPM, STI, AXP, and MS all sold stock to the general public so they could pay back the TARP money and get the gov out of their hair. In our … Read More
A Must Read: The Daily Trading Coach
The first time I met Dr. Steenbarger was in the smaller conference room of our proprietary trading firm in NYC. We were finalizing our training program and we wanted the best teacher that we knew to review our work. He wasn’t being paid, he was just a trading coach offering a helping hand. As Dr. Steenbarger offered his critique I was … Read More
Question From a New Trader
I received the following inquiry from one of our talented new traders while going over our mentoring spreadsheet. “I took a pretty big rip late in the day in this stock and wanted to know if I got out of it the right way; there was a battle between 48.12 and 48.15 and I paid for 100 at 48.16 when … Read More
Don’t Overthink the Market
Saw a lot of tweets about whether the market could trade higher this afternoon. Chirp! There were the call outs that volume was light. Chirp! Some pointed at the financials not rallying. Chirp! Others highlighted the weakness in V, MA, JPM, etc. I have to share a funny story. One of the smartest guys we have traded with … Read More