Next Support on the Dow @ 0

I wrote a couple of weeks back about the market putting in a bottom. Oh boy I was only off by about 4000 points in the Dow :). Yes I was very wrong but the beauty of it is that as a trader I have learned that the market has to confirm my bias. The price action wasn’t there so … Read More

Where is the bottom? Make a List

I got a call from a family friend anxious about his 401k a few minutes ago. There was panic on the other end of that call from an upstate suburb. When will the market bottom? How long will it take for me to make back what I lost? What the hell is going on down there? This is not an … Read More

Holy guacamole..what a negative reaction

I must say I am extremely disappointing in the Fed for their silly attempt to prop up the stock market with a fed cut of 50bps this morning. I mean seriously, the entire street was expecting that. If they really wanted to create a very positive reaction they should have tried to catch the market by surprise. Here’s how you … Read More

Wow!

It seems that every week the market gets better and better for intraday traders. Yesterday’s selling was as weak as I have seen the market in my trading career. And then we bounced. And that was a huge bounce. There was a ton to be made on the short side till 3 and then a ton to be made catching … Read More

Current Market Conditions

This is the weakest market I’ve seen since 2001-2002.  Mike and I took many extended vacations in 01 as it was far more profitable to be on the golf course than trade a market that severely limited our ability to short stocks.The good news is that unlike 01 we now have the ability to trade both sides of the market. … Read More

Getting Caught

Yesterday after the Close SMB celebrated our outstanding month of September with some drinks, cigars and food (lots and lots of food).  Nothing against Queens but I am going to have to talk to CBA about choosing that locale.  It was a little far from Manhattan.  During our celebration I had an interesting discussion with a new trader (“Triple Threat”) who got caught in GS yesterday … Read More

Yesterday was Yesterday

Yesterday I got hammered. For those unfamiliar with my trading I have been negative one month in 5 years. At one point I attempted to reshort DE at around 42. Our trading platform rejected my orders. I called up Trade Desk to figure out why. And they explained that I had hit my loss limit. Loss limit? I am such … Read More

Preparing My Mind

I got kicked off the couch an hour ago as Desperate Housewives started. Women. Not a big fan of the show, so I started my Sunday Preparation. I’ve been working on a few things with my trading. My sense is that if I can conquer a few of my weaknesses I can get better. So I went into my bedroom, … Read More