Today is the kind of day that those who trade intraday dream about.\u00a0 Most of our traders were at the office by 7:30 this morning preparing for what ended up being one of our best days this year.\u00a0 As the United States financial system continues its downward spiral the level of intraday volatility is moving towards a crescendo.\u00a0 How this ends is anyone’s guess.\u00a0 But it isn’t my job to figure out where the market is going to finally put in a bottom.\u00a0 The job of an intraday trader is to recognize when the market is presenting great opportunity and to pounce.<\/p>\n
The focus of our AM Meeting today was the financial stocks: BAC, GS, MER, MS, and JPM.\u00a0 The LEH bankruptcy and the BAC\/MER merger were going to put these stocks “In Play”.\u00a0 A trader is only as good as the stocks that they are in.\u00a0 I spent an hour talking to one of our best young traders on Saturday at the office (he came in to review his trades for the prior week).\u00a0 Last week was his worst week since he began.\u00a0 Basically what I said to him was that he was in stocks that weren’t In Play last week and that is why he struggled.\u00a0 Today, he focused on BAC and had his best day in his short four month career (over $4K).<\/p>\n
Tomorrow, should be another great trading day.\u00a0 Maybe a large rally?\u00a0 Perhaps a 1987 type meltdown?\u00a0 Will the Fed cut short term rates?\u00a0 Regardless of the answer to any of these questions the traders on our desk will be prepared.\u00a0 And that preparation will show in our collective results.<\/p>\n","protected":false},"excerpt":{"rendered":"