The SPY was finally a little weaker this week, as the range moved down slightly, starting the week at 94, moving down to 91, and closing at 92. This coming week, the levels I will look at are 93 as resistance, and 90 as support. Some of this week’s links: An interesting look at the possible moves the Fed will … Read More
From the Mailbag – Part 3
I received this question the other day and thought we could discuss it. Ok so here goes… Rusmin Says: Friday, June 19th, 2009 at 3:24 am I want to ask you a question. But before I ask you that, I want to tell you something. I had a similar day where i took a huge rip. I f**ked up fifteen … Read More
Slowing Down Your Game
So I wrote a post yesterday about a memorable rip I took for my lack of focus. I appreciate the posts by our readers which demonstrated that some good came out of my rip, a lesson shared. I was thinking of titling this post, “And then the Sun Came Up”, but as I tweeted today it has rained everyday … Read More
Market Commentary from JToma
It seems that the market has finally begun to take a direction after trading in a range for about two weeks. Monday started a sharp sell off in SPY, opening at 94 and closing below the key 93 support level. Today we saw SPY briefly trade above 93 but quickly sell off to close the day at 91.66, breaking all … Read More
Letting the Play Unfold
We started a down trend in the last couple days and as long as SPY is below 93.60, I will try and stay short. It is not hard to make money as an intra-day trader during these type of market days. The key I am finding with my trading lately is that I have to let the play unfold. Lately, … Read More
Trading Both Sides- RMBS
RMBS was In Play on Friday and we made some chops long on a slow summer day to its resistance, 17.80. 17.80 was an important technical level. RMBS collapsed from this level previously (see chart below). 17.80 was an inflection point for us on Friday and on Monday. And we made money on both sides using our trading skills. Let’s … Read More
The Week That Was: June 8 – 15, 2009
Action in the SPY this week was pretty tight. The lowest we traded was 93, and never really traded above 96, failing at the same spot we failed last Friday in the pre-market. The range has really tightened over the last 2 weeks. We were not able to close above 95 on the SPY until Friday, when we climbed above … Read More
Algorithmic Programs That Will Be Eliminated
Yesterday I wrote about secondary plays, and a program we call Buying the New Low. When a stock makes a new intraday low algorithmic programs buy this new low because they know that short term traders will get short. These programs are betting that only light volume will enter the market when a stock makes a new low. They buy … Read More