The SPY traded in a pretty tight range this week, not trading much below 93 or above 95.50. Again, we were looking for that catalyst to push us one way or the other, and I thought we were going to get it Friday morning with the much better than expected non-farm payroll number. We’ll see this week if Friday’s weakness … Read More
Where is the Next 50c Trade?
We are in the office watching tape on this Saturday. We just ended Part I one of our review session. An interesting trading topic emerged: when to forgo a scalp. Let’s discuss. There is this notion that day traders just scalp. Wrong. But there is also this elitist belief that scalping is somehow beneath some traders. Not me. … Read More
SMB Capital Blog – Now in Russian!
For our Russian speaking traders, check out a translation of some of our blog posts: myidealtrade.blogspot.com Don’t forget to follow us on Twitter!.
The key to my day today: stock selection
The key to my day today: stock selection. It was pretty clear this morning that the action was going to be in the financials that had announced secondary stock offerings. JPM, STI, AXP, and MS all sold stock to the general public so they could pay back the TARP money and get the gov out of their hair. In our … Read More
A Must Read: The Daily Trading Coach
The first time I met Dr. Steenbarger was in the smaller conference room of our proprietary trading firm in NYC. We were finalizing our training program and we wanted the best teacher that we knew to review our work. He wasn’t being paid, he was just a trading coach offering a helping hand. As Dr. Steenbarger offered his critique I was … Read More
The Week That Was: May 26 – 29, 2009
The action in this shortened week started on a strong note, and finished on a strong note. After popping above 90 on the SPY in the opening minutes of trading on Tuesday, the bulls seemed to be in control for the most part, never dropping 89, even when it appeared on Thursday that we would be trading down to the … Read More
The Face of a High Short Interest
Before I trade a stock I check its short interest. Why? Because it may affect how the stock trades. Simply, the higher the short interest the more buyers there may be intraday. 26 percent of the float is short JCG. I considered this with my every trade today. Let’s discuss. In our SMB AM Meeting we discussed 25 as resistance … Read More
Find the Best Teacher
Mike wrote a very thoughtful article for SFO Magazine about how to find the best teacher. In the article, Mike discusses the characteristics of a great teacher and why it is important to find someone with these qualities when searching for guidance. You can read the article here. Feel free to leave comments on this blog.