Today on the desk I heard,”Oh that MON is so hard.” And it was at times. In fact it was very difficult about 90 percent of the trading day. But it was not hard. There were three simple trades that if made would have left even the average trader profitable. Let’s discuss. At 82.75 the offer would not lift in … Read More
IBM Pattern
I did not identify the pattern in IBM today until near the Close. This soured my trading results. The pattern in IBM today was to create a support level, hold that level with significant volume, trade higher from this support level, then drop, hold a level lower, and then explosively trade higher. Basically IBM would not explode higher until … Read More
Self Aware
Before the Open I was pissed. As a partner sometimes I miss the days when I could just roll into the office and trade. I look forward to the day when the guys we teach are running the desk. And I can just come in and trade. And I hope I get to sit all the way in a back … Read More
Planting Seeds
One of our traders had a great trading day. He finished negative. The market was up 500 points as the Obama administration unveiled its plan to remove toxic assets from the books of the nation’s banks. BTW we now have traded up 1300 points since the day I left for vacation. This trader did not make many trades … Read More
Getting Back In
Today a new trader asked me a question about getting back in. This new trader got long MS in front of a support level identified by Steve during our AM Meeting. The support level didn’t hold, this new trader exited, and then MS spiked. Sound familiar? Anyway, I was pulled aside to offer some suggestions how to get back into … Read More
Dipping My Toes Back Into the Water
Last week I was in St. Martin working on my tan. I definitely have the best tan on the desk and by far. Of course the week I am away the market rebounds 1000 points. It was like they knew I was taking a vacation. So today was my first day back and I treaded lightly. So I missed all … Read More
Buy to WYNN
I traded WYNN today. It was a very good intraday trading stock. I have noticed lately that stocks are being bought differently in this new market. Let’s discuss the trading in WYNN today to explain. The market has sold off from 13,000 to today’s close of 7270. WYNN has sold off from 110 to today’s close of 21.75. Lately … Read More
How Do You Do It?
Whenever someone makes a good trade on our desk a common retort from another trader is “How do you do it?” I received two of these today from ALJ, who sits next to me. DE was the culprit. I was the protagonist. Profitable trades were my reward. DE was in play today. They reported. DE opened down. It’s first moves … Read More