Last night a few of us from our desk went to a movie short premiere, “$ Game,” written by Maureen Holohan and directed by Tom Cavanaugh. Great time and excellent short. At the after party many who I did not know but who either found out what I did or recognized me from “Wall Street Warriors” approached me to talk … Read More
Super Bowl of Trading
Tomorrow is our Super Bowl. LEH may file for bankputcy. MER may be bought. Oil is below $100. AIG is seeking capital. We not gonna get all those funny commercials, chips, pizza and cheap beer. But we are gonna get some serious price action tomorrow. Can we just go to the office and start trading now? OK so what do … Read More
MER and Oil
MER’s price action is very bearish. Yesterday there was a huge intraday battle in MER at 20. The sellers were in control into the Close as MER traded weakly to 18.65. MER found temporary support there. I started a short position at 19.74 into the close. I covered some at 19 and was holding the rest. And then a rumor … Read More
May You Live in Interesting Times
My partner has been highlighting the weakness in LEH for weeks. And a few days ago this blog suggested to watch for weakness in LEH when it was 17. As I write LEH is 4.24 bid. LEH did have trouble trading below 4 premarket. It is time to start wondering if LEH will receive a bid. Make sure your are … Read More
LEH, Financials, and Oil
LEH was crushed yesterday. The price action screams that the market has lost confidence in LEH. We saw foreshadowing of this as my partner, Steve Spencer, has been highlighting during our AM meetings. And today LEH preannounced. LEH traded above 10 and then went negative. They are on a conference call as I write. What a great trading opportunity. So … Read More
I’m Back
Glad to be back and trading. Keep an eye on HK today. It closed below its secondary price. If it shows weakness on the Open I will play the downside momentum. HK closed below the secondary price but it didn’t show extreme weakness into the Close. So I am looking for confirmation that HK will trade lower. Not a great … Read More
Yes, You Can
Last night’s speech by Sen. Obama inspired me as a trader. Now, this blog post isn’t meant to be a political statement, but as traders we are perpetual learners. We are individuals with a thirst for knowledge, which means we are able to learn from so many non-traders that we observe. So let’s talk about what we can learn from … Read More
Predictions
We received an email from a very accomplished young man the other day with an obvious passion for trading. He had traded different products and still had not finished his studies. I am looking forward to meeting him. When we are interested in a candidate we ask that they answer some questions. This young man answered one of our questions … Read More