During a midday lecture with our new class we discussed the trade in BA above 73.40, “a level”.  One of our new traders reasoned, “BA got above the level so I bought.”  I stood up, paced to the front of the room, and started teaching.  We don’t just buy a stock because it is above a level.  Or do we? … Read More


It’s Saturday and I just arrived at SMB headquarters in downtown Manhattan.  Before we get to our topic I should share that its 75 degrees, cloudless, and overall just about the most beautiful day of the year.  Also its March Madness.  Speaking of my own madness, WTF am I doing here! Since I am here and am giving up part … Read More


BA gapped up on good news but then started an intraday downtrend. Then it found a range from between 72.15 to 72.40. ALJ who sits behind me, aka Mr. Photogenic, started a long position. I started a short position. Same stock. Not five feet from each other. I knew exactly his position and reasoning without dissent. His mentor short and … Read More

Trading Analogies and Humor

We have a great new training class from September 09.  Some classes for whatever reason can turn out outstanding and others ordinary.  Same teacher, same material, but very different results.  And from my seat very different teaching experiences.  We haven’t held a new training class since September of 09 so lucky for us that they are so enjoyable.   June of … Read More

Second Day Play: BA

I got most of our desk in that play in BA yesterday. I traded it fairly well and managed to keep a significant core for most of the down move. However, watching back my tape and seeing how this is on my list of plays I have to load the boat in I really wussed out; this was a play … Read More