We watched tape of MEE from yesterday after the Close. \u00a0It was a very difficult stock. \u00a0But I heard a comment from a very bright trader that I bet is heard on other trading desks:” I don’t like scalping MEE because I can’t tell when it is going to spike 20c against me.”<\/p>\n
I know too many traders passed on AIG today. \u00a0One told me recently, “AIG is too fast for me.”<\/p>\n
I received an email from a developing retail trader yesterday asking if he “had to trade MON” today. \u00a0 There was an opening range play long, a momentum trade short below the significant support level of 70, and a Trade2Hold beneath 68.85 gifting trading opportunities today in MON (Monsanto). \u00a0To that emailer I ask: are you allergic to money? \ud83d\ude42<\/p>\n
I know some traders focusing on breakouts and only breakouts in this current market. \u00a0This is an excellent idea since the market knows nothing but straight up. \u00a0These trades will work as long as that market is intact. \u00a0 How many trading months over the next ten years will that be the case? \u00a0Will you have the trading skills to exploit new patterns when they are valued and buying breakouts isn’t?<\/p>\n
There were a few scalps to be made in MEE the other day. \u00a0 Granted how much we scalp is down considerable and is not our focus in 2010. \u00a0But that does not mean certain scalps are not very profitable. \u00a0If one is presented then I scalp. \u00a0And not being sure whether you can control your stock in a scalp means then that that isn’t a good scalp opportunity. \u00a0 But that does not mean there aren’t any scalping opportunities.<\/p>\n
There is no such thing to me as a stock that is too hard or too fast or too anything (though I kid I am the worst GS trader on the Street). \u00a0 If one is then I work on getting better so it isn’t too anything to me. \u00a0The market does not care what stocks I prefer, it cares that I am trading the patterns that are being most rewarded intraday. \u00a0And sometimes that is getting my hands dirty in very fast stocks that test all of my trading skills. \u00a0And sometimes that means scalping. \u00a0 And sometimes I must trade a bit uncomfortable. \u00a0I am a trader.<\/p>\n","protected":false},"excerpt":{"rendered":"