Good morning traders, having some computer issues this morning so I asked Adam to share his morning thoughts from his daily market letter at www.themacroreport.com I will be on twitter highlighting some of my trades and my market view during the day. Follow me @ JoeP_SMB “Equity markets around the world have had nearly two months of smooth sailing—an easy … Read More
CREE, 48.60 and How You Find the Most Important Level
After the close yesterday CREE reported. Immediately CREE traded lower from 53ish to 47.50. But there was a level more important than all others. I tweeted it. Twice! And it was the level of all levels. Besides cherry picking an example to pump myself up 🙂 how do you find this most important level? Mike don’t I just look on … Read More
Traders Ask: Pullback or Reversal?
Hi Mike A common mantra repeated in most trading books is “follow the trend” and the process for doing so buy/sell through dips. Sounds easy however there are multiple complexities rarely discussed such as: – Few stocks continue in a nice straight line – The stock you’re watching is in a great bull trend, but the market is weakening … Read More
Morning thoughts for October 20, 2010
Yesterday’s strong down close violated the recent uptrend I highlighted yesterday and brought the market into an important support area. Technically, the market was certainly overbought and primed for a pullback, so this move should come as no surprise to anyone. We would normally expect some downside followthrough after such a weak close, but it is important to realize that … Read More
SMB Morning Rundown – October 20, 2010
The SMB Morning Rundown highlights the key levels in the Market and the best trading setup that we have identified for the Open.
Traders Ask: The Psychology of Multiple Trading Accounts
hi mike, I have been following your terrific blog for a few months and have just finished reading your book. The book was refreshingly different and very instructive -especially the chapter on reading the tape.And the questions you have recently answered in your blog about age[I’m 50 plus andwant to be a full time trader] and finding stocks in play … Read More
Traders Ask: Scalp or Bigger Move?
Bella, I have question about getting in front of a big order. I’ll use GOOG as the instrument. Suppose 600 is a major technical level, and GOOG has been trading around it for 1 hour. A big bid comes at 600.10. The next several bids are small sizes at 599.75 or below. Let’s say GOOG is trading at 600.10/600.20. Now I … Read More
Morning thoughts for October 19, 2010
Good morning traders. Markets sold off yesterday in the afterhours session on the backs of disappointments from IBM and AAPL. In the near term I am going to be watching the trend lines for both the QQQQ and the SPY as my line in the sand. Breaking and holding under 50.70 in the Q’s should lead to 49.50. Breaking 116.72 … Read More