Our “Best AM Idea” that we tweet each morning as part of our morning roundup blog is a trade idea that is based on all of the information we have prior to the market’s Open. Yesterday, I suggested that FCX be bought on a pull back to 71.50. FCX has traded down about 20% since reaching a 52 week high … 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.
Understanding The Environment
The financial stocks are still capable of having sharp down moves intraday circa 2008 and early 2009. We saw this when Meredith Whitney lowered GS estimates intraday on Tuesday and we saw it again today when federal regulators reminded banks to protect against a future rise in interest rates. But on both occasions the “news” was shaken off and the … Read More
Watching Order Flow and Tape Reading To Find Good Trades – TraderInterviews.com
Gilbert “Gman” Mendez, head trader at SMB Capital, sits down for an interview with Tim Bourquin from TraderInterviews.com.
Sell Before the Number
GMan and the desk was VERY long HAL going into the oil number at 10:30 AM. I would tell you how long but it was probably more long than we should have been. We were in a Trade2Hold and HAL was working. But then most on the desk did something very smart for the intraday trader. They lightened up before … Read More
Still An Important Skill…
GOOG announced today that the Nexus 1, their new phone, would be carried on the Verizon network. RIMM started to trade lower. It was already on our radar as a short candidate below 66.50 and 66.20 based on its recent price action. We knew the next major support was not until 65 so it was game on for a short … Read More
RMBS Trades Busted
My short chop in RMBS got busted. Dov made the biggest chop on our desk and his profits were eliminated. NASDAQ put out this statement. Tough spot for NASDQ. I am the last person to complain about this stuff. The market is like the Wild West and I have come to accept this. Trade long enough and you will as … Read More
Ten Things Most Exciting for 2010
10. The SEC tax declining by about 35c per thousand shares traded. 2009 was a tough year made much tougher because of this tax being raised 400 percent last year. This will mean a possible extra 17k for some of our traders. 9. Secret Project X. SMB has developed a practice tool we are very proud to unveil to our … Read More