Today was the perfect example of how we need higher volume to confirm a break of support. We see this with stocks and the overall market. We need levels to be broken with significant volume as confirmation. And today we did not see this. SPY over the past two days have violated 88.50, which was a level the market had … Read More
Letting the Play Unfold
We started a down trend in the last couple days and as long as SPY is below 93.60, I will try and stay short. It is not hard to make money as an intra-day trader during these type of market days. The key I am finding with my trading lately is that I have to let the play unfold. Lately, … Read More
FCX Revisited
One of the most important attributes of a trader is the ability to quickly change your bias in a stock. This mental skill is paramount for an intraday trader. In today’s market, a stock is likely to reverse its trend multiple times each day. A stock that is very strong one day will be very weak the next. It is … Read More
FCX–A Second Day Play
Today in the AM Meeting one of our young traders discussed trading FCX. It was In Play yesterday because of the news that they were eliminating their dividend. So our young trader who I will refer to as ALJ (I don’t do nicknames like Bella) talked about important levels that he observed while trading the stock. When we discuss a … Read More