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
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
Adding a Dose of Patience to Your Trading
Patience is core skill for any trader, and for a momentum/scalp trader like myself, adding some more patience to my game has been a hard challenge to tackle. As I mentioned in my post last week, one of the major adjustments I have made to my trading is that I am being far more selective with my setups, and I … Read More
Putting the Pieces Together
I highlighted SEED today during our Stocks In Play meeting. I mentioned a few levels that I thought would be important and how I would trade it from a bigger picture perspective. I talked about how AMZN traded yesterday and the level I viewed as the best possible entry for a long trade. I then discussed AIG and highlighted some … Read More
SMB Setup for the Close for December 1, 2009
Today, the Market rallied and found resistance around SPY 111.60. The levels we are watching into the Close are 111.20 for support and 111.60 for resistance. Below 111.20, we expect a move down to 110.80. Our best idea into the Close is to buy RIMM on a pullback close to 59.90. Tgts, 60.40 and 61.00. Don’t forget to follow us … Read More
SMB Morning Rundown for December 1, 2009
Today, the Market appears set to open higher as positive developments in Dubai and the weakness in the dollar have helped lift the futures. The levels we are watching in the SPY are 110.50 for support and 111.40 for resistance. Above 111.40, we expect a trend day up to 113.00. However, if the market starts holding below 110.50, we expect … Read More
AIG Pulls Me Back In
I wasn’t planning on trading AIG. I thought SEED would consume most of my attention. Actually I thought I could establish a decent size position in SEED, sit back, and enjoy the ride. I would let the MoMo hedge fund traders do their thing. Who am I to get in the way of a low volume market pattern? SEED … Read More
SMB Setup for the Close for November 30, 2009
Today, the Market bounced off the 109.00 support level we mentioned in our Morning Rundown post. We expect the SPY to stay in a pretty tight range between 109.20 and 109.60 into the Close. Above 109.60 we may get a move back to 110.00. Our best idea into the Close is to buy SEED on a pullback close to 12.70. … Read More