Today, the Market appears set to open slightly lower. The levels we are watching in the SPY are 113.50 (inflection point), 113.15(sup) and 114.00(res). Our best AM Idea for today, which we highlighted in our AM Meeting is to buy BBBY as long as it holding above 42.00. Tgt 43.00. However, if it starts holding below 42.00, we will flip … Read More
Sell Before the Number
GMan and the desk was VERY long HAL going into the oil number at 10:30 AM. I would tell you how long but it was probably more long than we should have been. We were in a Trade2Hold and HAL was working. But then most on the desk did something very smart for the intraday trader. They lightened up before … Read More
SMB Morning Rundown for January 6, 2010
Today, the Market appears set to open slightly lower. The levels we are watching in the SPY are 113.05(sup) and 113.70(res). Below 113.05, the next support level is 112.80. Above 113.70, we could see upside to 114.10. Our best AM Idea for today, which we highlighted in our AM Meeting is to buy XOM close to 69.35. Tgts: 70.00, 70.80 … Read More
Still An Important Skill…
GOOG announced today that the Nexus 1, their new phone, would be carried on the Verizon network. RIMM started to trade lower. It was already on our radar as a short candidate below 66.50 and 66.20 based on its recent price action. We knew the next major support was not until 65 so it was game on for a short … Read More
SMB Morning Rundown for January 5, 2010
Today, the Market appears set to open virtually unchanged. The levels we are watching in the SPY are 113.10(sup) and 113.40(res). Below 113.10, the next support level is 112.80. Above 113.40, we could see upside to 114.10. Our best AM Idea for today, which we highlighted in our AM Meeting is to buy RIMM close to 66.50. Tgts: 67.20, 68.00 … Read More
RMBS Trades Busted
My short chop in RMBS got busted. Dov made the biggest chop on our desk and his profits were eliminated. NASDAQ put out this statement. Tough spot for NASDQ. I am the last person to complain about this stuff. The market is like the Wild West and I have come to accept this. Trade long enough and you will as … Read More
SMB Morning Rundown for January 4, 2010
Happy New Year! Today, the Market appears set to open higher, erasing all of the downmove into the Close on Thursday. The levels we are watching in the SPY are 112.10(sup) and 113(res). Below 112.10, the next support level is 111.40. Above 113, there are no clear resistance levels. Our best AM Idea for today, which we highlighted in our … Read More