Today RIG was the easiest of stocks to trade. 55 was the level. RIG dipped below there. And it trended in the most beautiful downtrend. Were you in this trade? I wasn’t. This level was discussed during our AM meeting. Again I wasn’t in this trade. We have discussed this RIG level on our desk for days. Oil was weak. … Read More
Don’t Give Away An Edge
The market had a broad rally on Tuesday. When we came into the office on Wednesday we cautioned our traders against chasing moves in stocks that could be a bit overextended when the market opened. Our thought process was to look for safer long entries based on the prior day’s support levels. I think you probably know how the rest … Read More
An Intraday Reversal (BP)
Tuesday night news hit that a government investigation determined that BP had been spilling closer to 60,000 barrels a day in the Gulf instead of the 35,000 previously thought. This same night President Obama delivered harsh words for BP during his presidential address. The news was very negative for BP heading into today’s session. I started a short position after … Read More
Don’t Let An “Idea” End Your Trading Career
In today’s AM Meeting I mentioned that AMZN has been unusually weak the past couple of days. If it got below 130.50 I thought there would be a lot of momentum longs who would panic and the stock would drop to 128. That trade never materialized. The first move in AMZN was up. The second move in AMZN was up. … Read More
Can Tape Reading Give You an Edge?
Bella sits down with MoneyShow.com to discuss why Reading the Tape is a useful skill that all active intraday traders should learn.
An A Trade or B Trade?
Bella asks readers whether this trade in LMT is an A setup or a B setup.
An Inside View of How and Why I Review My Trading Data
Gman, head trader at SMB Capital, wrote an excellent article for Wall Street Cheat Sheet about the methods he uses to review and analyze his trading data.
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