Today during our AM meeting we highlighted AMZN and the 123 level as a shorting opportunity. This turned out to be a wonderful intraday trading opportunity. As intraday traders gravitate towards a longer holding period, for us Trades2Hold, set ups like AMZN must be mastered. AMZN had earnings Thursday night, gapped up on Friday, and then sold off for … Read More
The Failure Rate of a Proprietary Trader
I remember the discussion like it was yesterday. It was in our former 8×10 makeshift training room/office/conference room/lounge with the first trader who ever failed at SMB Capital. JJ announced he was leaving to take a six-figure job at a financial services company in NYC. But let’s be honest. JJ was leaving because he was not making money as a … Read More
A Day Trader’s Dream
You couldn’t ask for anything more than AAPL provided today. A selloff that began in the premarket from 208 that ended when a large buyer began accumulating at 203.40. An uptrend that once above 208 offered more than five points of upside. And a downtrend into the close that began with a hard down move through 211 and ended from … Read More
Banging In and Out of Stocks
As a desk we have transitioned into focusing on Trades2Hold due to different market conditions. Scalping has diminished. C trades deemphasized. We wait for our best set ups and execute. But then Obama entered the arena looking for a fight with the Banks. Things got ugly. And as traders we need to adjust again. Back in the Fall of 08 … Read More
A Missed Entry
All experienced traders understand the importance of a proper entry. Opening a position at the right price is usually the difference between a large chop and a small loss. Just ask Dov Bar about his first three entries in GS today. All small rips because the entries weren’t that great (he might say different). When he got a great entry … Read More
Last Week’s Top Posts
Steve examines Google’s (GOOG) recent interaction with China and the consequences of those actions on the market, Steve Discusses Apple’s (AAPL) latest levels, Gman’s interview with Tim Bourquin, A discussion of Dov’s great SEED call out, and Steve was on Stocktwits.tv
A Bigger Move For AAPL Tomorrow?
AAPL has treated me fairly well the past two days. Yesterday it dropped to my dream buy price of 204. I was able to capture the move back up to 209. This morning I tweeted our best AM Idea was to buy AAPL on a pullback to the 209 level. Many traders on the desk took advantage of this opportunity. … Read More
Market Leaders Bounce Off Key Levels
This morning we saw some pretty heavy selling pressure for the third consecutive day. We then saw some of the leaders bounce from very important prices.