I am certain that there are a myriad of ways to describe how a novice trader moves from lack of expertise toward mastery. I would like to use the below as a framework to describe the progression of the traders on our desk. In Part II I will give an example of a specific stock that was In Play today … Read More
Party in AMZN
This market just cracks me up. It is taking me some time to figure out the new patterns but I am slowly getting there. I got a bit tossed around making a relative strength play in JPM on the open and boy did I get destroyed. Well played algos, well played. On a positive note though, AMZN provided a great … Read More
SMB Setup for the Close for December 3, 2009
Today, the Market rallied on the Open and failed right above yesterday’s highs. SPY bounced off yesterday’s 111 support level and has been in a tight range for much of the day. The levels we are watching in the Close are SPY 111.60 for resistance and 111 for support. Below 111 we could see a move down to 110.50 and … Read More
An Intraday Educational Foundation
At SMB we think carefully and obsessively about our core competencies. It all starts with providing an excellent trading education, an educational foundation for our intraday traders. Steve and I can really get into it about what is most important to be taught to our desk. Hey we have been friends since we were six. An outsider might find some … Read More
SMB Morning Rundown for December 3, 2009
Today, the Market appears set to open higher as news last night that BAC plans to repay its TARP money has helped lift financials higher. Pre-Mkt the SPY failed at yesterday’s 112 resistance level. Today, we are watching 112 for resistance and 111.10 for support. Above 112 we could see a move up to 113. Below 111 we could see … Read More
SMB Setup for the Close for December 2, 2009
Today, the Market rallied on the Open, taking out yesterday’s highs before failing at SPY 112. The Market supported 111.00 mid day. The levels we are watching in the Close are SPY 111.50 (Res) and 111.00 (Sup). Above 111.50, we could see a move back up toward 112.00. Below 111.00, the next support level is 110.50 Our best idea into … Read More
A Support Play- WAG
As I was finishing my cholesterol free egg and bagel sandwich in the premarket, I saw huge volume in WAG at 37.32. When WAG opened more volume was done right here. Holy important intraday level! WAG finally held this level and I got long right on the open in WAG (I am not shy). This was a support play. WAG … Read More
SMB Morning Rundown for December 2, 2009
Today, the Market appears set to open virtually unchanged after the ADP Employment report came in worse than consensus. The levels we are watching in the SPY today are 111.50 for resistance and 110.50 for support. If the SPY starts holding below 110.50, the next support level is 110.00. Above 111.50, we could see a move up to 113.00. Our … Read More