LEH, Financials, and Oil

LEH was crushed yesterday. The price action screams that the market has lost confidence in LEH. We saw foreshadowing of this as my partner, Steve Spencer, has been highlighting during our AM meetings. And today LEH preannounced. LEH traded above 10 and then went negative. They are on a conference call as I write. What a great trading opportunity. So … Read More

I’m Back

Glad to be back and trading.  Keep an eye on HK today.  It closed below its secondary price.  If it shows weakness on the Open I will play the downside momentum.  HK closed below the secondary price but it didn’t show extreme weakness into the Close.  So I am looking for confirmation that HK will trade lower. Not a great … Read More

Expectations

So here I’m in the car on my way back to NYC from OBX stuck on some silly traffic. Apparently there was some serious accident near Hampton,VA and that’s causing a 9 mile backup. Rip! We are leaving a day early trying to avoid the tropical storm but seems this drive back is just gonna be messy… OBX was a … Read More

Hurricane Mutter

Gustav. Hanna. Ike. What’s next? Peter? Connor? Maybe Hurricane Gilbert? Definitely maybe a Hurricane Meghan. Whatever the name, let’s take a moment to welcome hurricane season. Such a time that if not before had garnered credibility definitely has after 2005. I mean even our President takes notice now, enough so to notify the FEMA head. For us in this lovely … Read More

Yes, You Can

Last night’s speech by Sen. Obama inspired me as a trader. Now, this blog post isn’t meant to be a political statement, but as traders we are perpetual learners. We are individuals with a thirst for knowledge, which means we are able to learn from so many non-traders that we observe. So let’s talk about what we can learn from … Read More

Predictions

We received an email from a very accomplished young man the other day with an obvious passion for trading.  He had traded different products and still had not finished his studies.  I am looking forward to meeting him.  When we are interested in a candidate we ask that they answer some questions.  This young man answered one of our questions … Read More

Insanity

One of our new traders got ripped by a Senior Trader on our desk in the email below. I thought all of this was awesome. I loved that the new trader sought some extra help. And the advice given was spot on. As a mentor it is our job to tell the new trader the truth. Further, there are a … Read More

Opportunity

Just got out of our AM meeting. Good trading opportunities on the Open for LDK, BIG, ELN above 14.50, CRM, HK above 34.50, DRI support at 27.80. Choose carefully but there will be opportunities. Good luck.