Old School NVDA was In Play this open after some potentially bad news from competitor INTC and a rumor on a new contract with Acer. NVDA gapped up. 15.75 held the bid on the open and NVDA started to do its thing. 15.87 offers cleared. 16 offers cleared. 16.10 offers cleared. 16.15 offers cleared. 16.25 see yah. 16.30 bye. 16.35 … Read More
SMB Morning Rundown for December 7, 2009
Today, the Market appears set to open virtually unchanged. On the Open, if the Market starts holding above SPY 111.40, we could see a move up to Friday’s highs (112.40). If we hold below 110.80, look for a move down to Friday’s lows (110). We are also looking for further weakness in Gold today. Our best AM Idea for today, … Read More
SMB Setup for the Close for December 4, 2009
Today, the Market rallied on the Open and failed right above yesterday’s highs. SPY sold off hard mid-day when the market got below 111.50. The market found support around the 110 support level and rallied back up to 111. Into the Close we are watching SPY 111 and 111.50 for res and 110.45 and 110 for support. Don’t forget to … Read More
SMB Morning Rundown for December 4, 2009
Today, the Market appears set to open higher as news that nonfarm payrolls fell by just 11,000 compared to the 125,000 consensus number. The levels we are watching in the SPY are 111.40 for sup and 112.30 for res. Below 111.40, the next support level is SPY 111-111.20. Above 112.30, we could see a move up to 112.60-113. Our best … Read More
Stages of Successful Trading
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
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