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Forum date: 06-15-10
JayBird [6:28]: Tomorrow morning, three economic reports are scheduled to be released before the open. 1) Export Prices ex-ag (Consensus NA), 2) Import Prices ex-oil (Consensus NA), 3) and Empire Manufacturing Survey (Consensus 20.0).
Tomorrow before the open look for the following companies to report: BBY, CASY, and FDS.
LEECO [7:19]: Good Morning JB & to all who will log on after this-DOW futures up 46 at this time
carr [7:35]: morning Andrew Eatmorebeans Jim Leeco
Andrew [7:35]: Good morning.
Avalon [7:37]: Good morning, fellas
carr [7:37]: Hey Avalon good morning
Andrew [7:38]: I'm probably not going to be here until this afternoon. I'm curious if it will be another low-volume day.
LEECO [7:39]: gOOD MORNING AGAIN-iNDEXES IN aSIA & eUROPE APPEAR UP -Gold & Silver down Copper up, DOW future +50 now-But we face a disaster-Obama 's going to address the nationfrom the oval office tonite-imagine the president? talking on TV>LOL
LEECO [7:41]: carr-I didn't know till mt bill came in that telephone to Canada from US is charged international rates and here I thought we were all North America
nester [7:58]: GENEVA (AP) -- The Swiss parliament on Tuesday approved a treaty with the United States that will hand thousands of files on suspected tax cheats to U.S. authorities, but obstacles remain that could delay the deal for several more months.
The government hopes the agreement will eventually end UBS AG's three-year battle with U.S. tax authorities that culminated in revelations the bank had for years helped American clients hide millions of dollars in offshore accounts.
Under the treaty that was painstakingly crafted by Bern and Washington last year after months of negotiations, Switzerland has agreed to divulge the names of 4,450 UBS clients suspected of tax evasion
nester [7:58]: NEW YORK (AP) -- U.S. stocks looked to open higher Tuesday after European markets rebounded from an early slide and the euro strengthened.
The initial drop overseas came a day after credit rating agency Moody's cut its rating on Greece's debt to "junk" status.
Traders in the U.S. initially had little reaction to the report Monday afternoon but a broad gain in stocks faded by the close. Major stock indexes ended mixed.
The euro rose against the dollar, a sign of confidence that European Union countries will be able to cut debt without spoiling a recovery. The weaker dollar, in turn, helped prop up the price of oil. A drop in the dollar boosts demand by making oil and other commodities less expensive to foreign buyers. Gold slipped.
Crude oil rose 86 cents to $75.98 per barrel in electronic trading on the New York Mercantile Exchange
nester [7:59]: BERLIN (AP) -- German investor confidence has fallen sharply this month on worries about the persistent eurozone debt crisis and the impact of spending cuts by European governments, a survey showed Tuesday.
The ZEW institute's index, which measures investors' expectations for the next six months, sank to 28.7 points in June from 45.8 in May -- its lowest level in more than a year.
That was worse than the slight drop economists had expected in the often volatile index, but left it still above its historical average of 27.4 points.
nester [7:59]: MILAN (AP) -- European stocks edged up Tuesday as markets looked past a drop in German investor sentiment to focus on an improvement in corporate activity.
Shares in British Sky Broadcasting jumped nearly 21 percent in London after it rejected a buyout offer from Rupert Murdoch's News Corp. that values the company at 12 billion pounds ($17.7 billion).
BSkyB said it would consider a sweeter offer, which some analysts expect to be forthcoming.
The optimism over renewed corporate deal-making helped offset weak economic data in Europe.
nester [8:00]: MOSCOW (AP) -- Oil prices rose to near $76 a barrel Tuesday as investors' focus on an expected drop in U.S. oil supplies offset news of a Greek debt downgrade.
Benchmark crude for July delivery jumped 81 cents to $75.93 a barrel late morning London time in electronic trading on the New York Mercantile Exchange. The contract rose $1.34 to settle at $75.12 on Monday.
Oil prices have traded in a $70 to $80 range so far this month after dropping from $87 to $64 last month amid fears Europe's debt crisis could hurt global economic growth. On Monday, credit rating agency Moody's lowered its rating on Greece's debt to "junk" status.
nester [8:01]: WASHINGTON (Reuters) - A strong global economic recovery -- led by Asia -- is under way, and is unlikely to be thrown off course by European debt woes or the improbable event of the bursting of an asset bubble in China, a top Federal Reserve official said on Tuesday.
St. Louis Federal Reserve Bank President James Bullard, in remarks prepared for delivery in Hong Kong that mirrored a speech he gave a day earlier, said that while the sovereign debt crisis in Europe is a serious matter, the global recovery looks "very strong."
nester [8:01]: NEW YORK (Reuters) - Stock index futures rose on Tuesday along with the euro as strong demand at debt auctions eased short-term concerns about euro zone fiscal problems.
The common currency has been the yardstick used by equity investors lately to gauge risk appetite.
"The stability in the euro is allowing markets to continue this slow grind ahead," said Art Hogan, chief market analyst at Jefferies & Co. "We're able to look at the news flow as having already been priced in ahead of some economic data."
S&P 500 futures rose 6.2 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures gained 50 points, and Nasdaq 100 futures added 11 points.
S&P 500 futures face psychological and technical hurdles ahead, with the 1,100 level and the 200-day simple moving average at around 1,102.
nester [8:02]: SAN FRANCISCO (MarketWatch) -- Among the companies whose shares are expected to see active trade in Tuesday's session are Best Buy Co., Casey's General Stores and FactSet Research Systems.
LEECO [8:04]: Nasd futues +11.20, S&P +5 Dow + 46 now
LEECO [8:04]: BBY-down in premarket
jim [8:11]: Morning all
DJalecC [8:29]: morning all :-)
jim [8:32]: L ZANE 2.10
jim [8:37]: out ZANE 2.20 +5%
madriver [8:54]: morning all
lindo [8:54]: morning
jim [9:07]: Morning Mad, Lindo, DJ, Leeco
ortrade [9:10]: Good morning
madriver [9:12]: morning
madriver [9:12]: anyone know of any solid lithium mining etc companies that look promising?
jim [9:13]: Morning Ortrade
madriver [9:14]: anyone know anything about AMEL?
lindo [9:15]: mad, did you watch that thing last night on Rare Earth minerals. Lithium was mentioned. Evidently China has cornered the market
madriver [9:16]: lindo...I didn't see it
lindo [9:16]: company name I saw was molycorp, but don't know if they're specifically lithium
ortrade [9:17]: morning, jim, carr, lindo, mad and everyone. looking now at the indexes.. Yesterday was likely and indecision bar fake on the daily.. today lots of reports and one critical time for revesals breakout/breakdown at 12.10am. due to quadruple witching friday this week expect directed volatility and in particular in morning gaps the whole number/half number on stock prices are likely not to be respected..
carr [9:18]: morning ortrade
carr [9:18]: morning jim DJ mad
madriver [9:19]: morning carr,ortrade
DJalecC [9:24]: does anyone trade with zecco?
jim [9:24]: No zecco
DJalecC [9:26]: jim?
Mckoan [9:26]: I have a secondary account with Zecco.
DJalecC [9:27]: are they OK?
jim [9:27]: DJ sorry just meant I dont use zecco
ortrade [9:28]: Other things I noticed relevant to trading gaps, hedge funds has accepted the last few days to be pushed aside till afternoon.. That means morning retracement are likely to be minor and the market shows persistance something to be aware for the contrarians amongs us..
Mckoan [9:29]: I have found Zecco to be a good broker for just filling orders; esp if you maintain $25,000. The only problem is they make you pay approximately $50.00 to use Gains Keeper whick is the tax reporting software.
DJalecC [9:30]: Thanks Jim :-) I wired them money on the 10th, still not showing in my account... starting to panic!!
DJalecC [9:30]: I'm in the UK Kckoan, so I don't pay USA tax :-)
ortrade [9:31]: again same morning pattern with morning gap up..
jim [9:35]: L PCBC 1.36
PA [9:38]: cover 200 spy + $23.87
PA [9:38]: rather 200 DIA
DJalecC [9:40]: PCBC not showing in SV ?
jim [9:40]: DJ Vol may be too low PCBC
lindo [9:50]: my traps are going crazy
ortrade [10:02]: FNSR 200s@15.62$
jim [10:05]: really quiet around here today
nester [10:07]: short TXT 19.62
DJalecC [10:08]: L IRE @ 4.20 pe
knight [10:10]: take profit fas 20,2 to 22,9
madriver [10:10]: kinda stuck in a range again
knight [10:11]: take profit FAz 17.42 to 15.05 part 1
madriver [10:13]: knight....think market is headed south today?
DJalecC [10:14]: OUT IRE 4.17 -0.71%
DJalecC [10:17]: L TZA @6.75 pe
madriver [10:22]: DJ ...I think I got in too early on TZA at 6.72...earlier this morning
ortrade [10:22]: TSM 200s@10.07$p
DJalecC [10:24]: OUT TZA 6.71 -0.59%
DJalecC [10:24]: yup, not doing well today LOL
ortrade [10:33]: AMD 200s@8,57$p
Hank [10:34]: morning all BP short 3.08
Hank [10:34]: sorry 30.08
Hank [10:36]: MU 9.35
ortrade [10:36]: morning, Hank
jim [10:36]: I HERO breaks through $3.00 it may go much higher
jim [10:36]: if Hero
madriver [10:37]: Hank...did you see the info regarding the dividend ......looks like they are going to atleast cut the dividend
jim [10:37]: Morning Hank
Hank [10:38]: morning jim
ortrade [10:41]: ATHR 200s@33.42$p
jim [10:43]: L HERO 3.01
Hank [10:45]: BP way to go lol
madriver [10:45]: bp
madriver [10:46]: bp
ortrade [10:54]: Exit FNSR -20$
ortrade [10:59]: FNSR 200s@15.68$p
ortrade [11:04]: Today market looks nastily bullish
Hank [11:07]: ortrade, I agree . summer time and seems like same repeat swings.
JayBird [11:10]: This is the reason for the market move up.....real time chart for euro link.
lindo [11:11]: makes sense
Hank [11:11]: Watch HOV this am, low volume down, low volume up, go figure, lot of stocks same .
ortrade [11:12]: STR 200s@49.21$p
JayBird [11:13]: http://www.netdania.com/Products/live-streaming-currency-exchange-rates/real-time-forex-charts/FinanceChart.aspx
ortrade [11:13]: I have no idea how to trade this market..
lindo [11:13]: apparently I do not either
rko [11:15]: I'm going long on out-of-the-money PUT options.
rko [11:15]: That's the only thing I can figure
DJalecC [11:15]: L FCEL @1.70 pe
LEECO [11:19]: Just getting ready to sell PCX yesterday-when I got called away-left a sell order didn't quite hit but was at a profit-THEN this morning news they had a mine roof collapse and news it would affect earnings-Drop in price
Hank [11:21]: BP just go 26.00 and I shall be happy. lol
jim [11:22]: Hank BP will get to 26 but it may be a few days
Hank [11:23]: No not a few days, then my sights shall be 29.01
PA [11:23]: out 500 QQQQ+$19.83
ortrade [11:24]: Today all stocks with good news/technicals rally.. it is amazing how hedge funds backed off completly from morning shorts
ortrade [11:28]: SOLR 200s@5.62$p
madriver [11:29]: obama talking....market might tank!!!
ortrade [11:30]: I thought he was supposed to talk at 12.10 not now..
jim [11:31]: out HERO 3.07 +2%
madriver [11:32]: I hear him talking in Florida....blah blah blah
madriver [11:33]: ortrade...better call him and tell him to shut up until 12:10
madriver [11:34]: he's telling us what a great job he's doing....
jim [11:35]: he is a legend in his own mind
Hank [11:35]: jim, Hero still looks alive some how.
jim [11:36]: yep I should have stayed in
jim [11:41]: out another piece of HERO 3.18 +2%
rko [11:42]: EURO has been rallying on relatively high volume. We could go up considerably.
Hank [11:42]: jim, good pick,
jim [11:44]: thxs Hank watching HERO for reentry
Hank [11:47]: jim, Hero just might double top around 3.30 area,
ortrade [11:47]: Yesterday market traded on 5 min in a narrow chanell up and after reversal a broader divergent consolidation dtn.. Both of those are hard to trade as far as etfs are concerned in particular on a declining volume..
Hank [11:48]: Hero 3.15
DJalecC [11:48]: OUT FCEL @ 1.71 +0.59%
Hank [11:49]: Come on BP , Im hanging on with seat belt. Dive.
ortrade [11:50]: Hank, if BP dives who will make ocean dirty? lol..
Hank [11:51]: The Big Cheese will find some other ,for collecting new funds,
ortrade [11:56]: lol.. kinda got used to idea of pelican in oil borsht
Hank [11:57]: MU 9.35/9.45= .10 1%
ortrade [11:57]: AIXG 200s@27.77$pe
ortrade [12:00]: Add to FNSR 200s@15.66$p
ortrade [12:06]: FAZ is droping..
rko [12:08]: BP is breaking out
ortrade [12:11]: FAZ 400@14.84$pe 12.10am took my chances..
ortrade [12:13]: CNP 200s@13.52$p
ortrade [12:19]: I expect a retracement toward donside here here as vol on faz is settling and it may increase soon..and already ~8min passed since news..
ortrade [12:21]: E 200s@39.6$p
karenbcz [12:22]: Ort: I'm hoping to buy FAZ @ $14.oo ... or less. :>)
rko [12:22]: EURO is consolidating on lower volume. Could go either way.
ortrade [12:23]: DPL 200s@24.86$p
rko [12:25]: Everything seems to be bouncing off resistance. Should drow the hedgies out to play.
ortrade [12:25]: If market turns now my shorts will rock.. lol..
rko [12:25]: draw
ortrade [12:26]: rko, 5 to 10 min after remarks market turn..
rko [12:28]: was Obama talking again?
madriver [12:29]: i think he's done for now???
karenbcz [12:29]: I used to say that about Bush..2007-2008, everytime he opened his mouth, market went DOWN.
rko [12:30]: I don't know. Euro keeps dropping on low volume and then a big green spike comes in. Goverments might be monkeying with currency swaps.
ortrade [12:30]: I believe institutions divide capital in 2 parts an investment move and a sustaining move. These take place after hours and at the open. Hedgies has less cash under their sleve and usually afford to short only one of the two moves...
ortrade [12:31]: mad, he delivered remarks at an event with military personnel at 12.10.
ortrade [12:32]: Back to my post at 12.30.. otherwise market would not ramp up. As investment is completed the sustaining moves by institution can only keep market sideways.. lol
karenbcz [12:34]: skycapman: Do you work for the airlines???
ortrade [12:34]: EP 200s@12.63$p
ortrade [12:36]: Reversal is likely to work better on higher volume.. but most fat fingers are now at lunch.. nasty..
ortrade [12:37]: If I see vol go up on FAZ I add nother 400 shares on FAZ .. lol..
jim [12:38]: out APWR from yesterday 9.15 +1.5%
ortrade [12:38]: good work, jim.
rko [12:38]: The "What Works" tab is all confused.
ortrade [12:38]: FAZ will hit now upper utn channel on 5min chart..
karenbcz [12:39]: "UTN" is what?
karenbcz [12:39]: anyone?
rko [12:40]: uptrend
ortrade [12:40]: uptrend karen
karenbcz [12:40]: thx.
ortrade [12:40]: rko what works backtest earlier trades.. it works the best at persistence at less at reversals..
rko [12:41]: thanks ortrade
rko [12:42]: In that case, the whole list should turn upside down in a few hours
rko [12:42]: big sell volume on ERO
rko [12:42]: EURO
ortrade [12:46]: FNSR may drop now lower to 15.34
ortrade [12:50]: looks to me that indexes will climb on gap ups of indecision bars on daily for a while from now on..
ortrade [13:06]: I believe the super bullish action has to do with pushing the indexes on daily far up through the adaptive which is the hardest to cross..
ortrade [13:12]: Exit FAZ -32$p
ortrade [13:13]: FAZ 800s@14.77$p
ortrade [13:15]: Exit STR -60$p
ortrade [13:15]: Exit AIXG no gain/loss.
ortrade [13:16]: Exit SOLR -14$p
rko [13:16]: EURO break-out
ortrade [13:16]: Exit DPL -50$p
ortrade [13:16]: Add to FAZ 400s@14.69$p
ortrade [13:17]: Exit E -34$p
ortrade [13:17]: Exit ATHR -112$p
ortrade [13:18]: Exit AMD -44$p
ortrade [13:18]: Exit TSM -34$p
ortrade [13:19]: Exit FNSR -22$p
ortrade [13:19]: Exit CNP no gain/loss
rko [13:19]: S&P500 breaking through
ortrade [13:20]: ADD to FAZ 400s@14.66$p
rko [13:20]: There is a disturbance in the force
ortrade [13:21]: Beside FAZ trade till now all my entries shorts during the day were straight losses of -430$p Excellent play on the market side.. Lets see if my FAZ position can conteract that..
rko [13:22]: EURO could not hold... let's see if they've got more ammunition for another try
ortrade [13:26]: my greatest acheivement today is losing only 20$ with real money.
ortrade [13:28]: Add FAZ 400s@14.72@p
ortrade [13:47]: Nasdaq first to hit the adaptive on daily
madriver [13:50]: which way are we going from here?
jim [13:51]: good question I cant figure it out
lindo [13:52]: ortrade, explain what the adaptive is please
ortrade [13:52]: it is the adaptive moving average lindo. http://www.onlinetradingconcepts.com/TechnicalAnalysis/MAAdaptive.html
ortrade [13:54]: mad. on FAZ the volume has been increasing on the dtn so I stay short on FAZ for now..
rko [13:54]: I call down
lindo [13:54]: thanks. Will read. Have not used that before
rko [13:57]: Where's Dr. Knight when we need him?
jim [13:57]: ortrade thanks for the web site I have not used it before and it seems very helpful
ortrade [13:59]: jim and lindo, you're welcome. settings I use are 14, 14, 14. If price does not bounce of 10 or 40 MA it more then often bounce of the adaptive.
lindo [14:03]: Length, fast period and slow period all 14? Those are the only things on mine that seem to be relative
knight [14:04]: i am back
knight [14:05]: take profit from faz 17,31 to 14,5 part 2
ortrade [14:05]: In my software they are called efficiency period fast and slow. It comes with software and I dont adjust but use as is. My assumption is most traders would not tamper would settings of more advanced tools.. lol..
knight [14:05]: take profit TZA 8,07 to 6,52
knight [14:06]: take profit RDN 8,38 to 9,95 part 1
lindo [14:06]: On Strategy Desk, presets are 10, 2 (fast) 30 (slow)
ortrade [14:06]: Exit faz 1000 shares on bottom chanell dtn line of FAZ +160$p
knight [14:06]: take profit RDN 8,30 to 9,95 part 2
knight [14:07]: take profit solf 7,1 to 8,2 part 1
ortrade [14:07]: lindo I use omnitrader.
lindo [14:08]: something i will study up on in my spare time
knight [14:10]: take profit FAS 20,35 to 23,68 part 3
knight [14:10]: take profit SEED 8,2 to 9,06 part 3
ortrade [14:11]: Exit rest of FAZ 1000shares +203$p
ortrade [14:11]: volume on faz start to level off on 15min chart..
knight [14:12]: HOV 4,79
knight [14:12]: jaso 5
ortrade [14:13]: FAZ 1000@14.53$p
knight [14:15]: as plan last week , we are still on the rally mode
knight [14:15]: MM want the market now higher
knight [14:16]: let look for bargain
knight [14:17]: FBP is really cheap now
lindo [14:18]: bought some a few days ago at 1.059
knight [14:19]: SEED is very cheap too
knight [14:20]: i told faz in the range 14 - 15 - that's where we are ..... far away from 18
ortrade [14:21]: exit FAZ -125$p
ortrade [14:22]: FAZ 2000s@14.40$p
knight [14:22]: FAZ still a down
ortrade [14:23]: Vol on faz turned larger on 15minchart.. hence the entry..
knight [14:23]: but i will stay away from FAZ
knight [14:24]: SEED is goiiiiiiiiiing up
knight [14:24]: look ready for a 1 $ gain here
knight [14:26]: usg is a bargain at 16
iswing64 [14:28]: Good..i still have seed from 6/1..
iswing64 [14:29]: Daily trend line on seed too.maybe this time ..profit!!
ortrade [14:29]: somehow I dont recall a gap up day with persistent utn like today dont know since when.. lol
knight [14:30]: if SEED cross 10 , we will have a rally after
ortrade [14:32]: Exit FAZ 1000 -105$p
rko [14:33]: The Bear/Bull meter is not terribly convinced of this rally yet.
knight [14:34]: it's only a indicator rko
knight [14:35]: a/d is better
rko [14:37]: A/D is lagging, isn't it?
rko [14:37]: I thought Bear/Bull was more leading
ortrade [14:38]: rko I think all indicator are lagging if calculation is carried out over some past history.
rko [14:38]: you've got a point there
ortrade [14:40]: Some softwares create illusion of leading indicator by shifting the indicator toward the future one period. I believe the alligator does that.. lol..
ortrade [14:42]: ADD FAZ 400s@14.53$p
iswing64 [14:48]: Ortrade.. on 60 min chart w/bb bands&ma's..faz has been a short for some time..to me anyway..what time frame are you trading that on?
ortrade [14:49]: 5min swing.
iswing64 [14:49]: ok
ortrade [14:50]: mostly looking at vol on faz on 5min and 15min chart.
ortrade [14:52]: Add FAZ 200s@14.51pe
Hank [14:52]: AEO 12.90/13.55= .65 5% 05/25
Hank [14:55]: MOT 7.07
iswing64 [14:56]: Hey hank F punching through..still have any??
ortrade [14:57]: Somehow since bears were not in there seats till I daught they will step in now.. The most we can see is some profit taking from traders ..
Andrew [14:59]: long FAZ 14.53
Andrew [15:00]: short RDN 10.09
Andrew [15:00]: added to RDN short 10.07
Hank [15:00]: iswing sold them for 11.33/ 11.78 2 wks ago looks good again
Andrew [15:01]: tripled up on FAZ 14.55
Andrew [15:02]: short SPWRA 14.19
Hank [15:02]: watching ERII all day and still moving . go figure.
Andrew [15:03]: short CAR 11.70
punkzjay [15:07]: hi
ortrade [15:07]: I think today it was the hedge fund national holiday.. lol..
Andrew [15:08]: added to SPWRA short 14.23
estongkold [15:08]: hi punk kopal ka
rko [15:09]: $DJI no longer following EURO -- markets are uncoupled
Andrew [15:09]: added to CAR short 11.70
punkzjay [15:09]: gago k estongkold.
Hank [15:11]: got to run, BP Dive, scope down. see all tomorrow.
youwee [15:13]: hi punk pokpok ka
Andrew [15:13]: added to RDN short 10.16
Hoecake [15:13]: I wish I had bought some Puts on BP 45 days ago or so
rko [15:16]: We all wish that, I think. Maybe that's why they lowballed the estimates?
Hoecake [15:17]: I just had not looked at the chart untill today and wow is all i can say
rko [15:17]: EURO crashing, $DJI rallying
Andrew [15:17]: out CAR -0.34%
Andrew [15:17]: out SPWRA -0.56%
Andrew [15:18]: added to FAZ 14.41
Andrew [15:19]: added to RDN Short 10.20
Andrew [15:19]: added to FAZ 14.42
ortrade [15:20]: unlike nature where there are principles discovered by science to hold.. the stock market is the impersonation of the irrational.. is the place where a principle holds until it doesn't and that is not for very long.. lol..
kotarah [15:20]: buy 2000 FAZ @ $14.42
rko [15:20]: Now the EURO is chasing the Dow. LOL
Andrew [15:21]: I thought there could be some nice profit taking ahead of all the economic data being released tomorrow in pre-market.
Andrew [15:21]: So far it looks likes the shorts are scared more.
ortrade [15:21]: not very surprising.. nature was invented by god and the stock market.. who in the hell came up with this crazy idea? lol
kotarah [15:21]: I believe your right
Andrew [15:22]: Horrible volume again though.
Andrew [15:22]: But nobody's selling aggressively.
rko [15:24]: I guess the higher it goes, the more it can fall when the data is announced
rko [15:25]: Look at SPY go.
lindo [15:25]: May have something to do with options expiration. More puts than calls I think
Andrew [15:25]: added to FAZ 14.36
jim [15:26]: FAZ may be excellent for tomorrow
rko [15:26]: Lindo, if that's the case, we may rally all the way into quadruple witching
ortrade [15:26]: lindo it is always hectic during witching weeks, meanwhile buy, bozos buy..
lindo [15:26]: may be
lindo [15:26]: I want to see what happens next week
Andrew [15:26]: Things are looking extremely overbought right now, so not quite yet willing to give up on my shorts.
rko [15:26]: You think this is bozos thinking they're missing the rally?
rko [15:27]: playing catchup...
ortrade [15:27]: Institutions buy mostly post market and the open.. who else could it be..
rko [15:27]: Oh, this is sweet.
Andrew [15:28]: added to RDN short 10.22
Andrew [15:29]: I think it could be more shorts covering more of their positions combined with a lack of sellers.
carr [15:31]: moby check the board
rko [15:31]: Well, I'm certainly not going long at this point.
ortrade [15:31]: The trouble with bozos their buying ends in some climax and it can trigger premature selling..
knight [15:32]: take profit RDN 8,4 to 10,26 part 4
ortrade [15:32]: Exit all FAZ short +194$p
carr [15:32]: Hello estongkold punkzjay and youwee are you new here?
jim [15:32]: L FAZ 14.37
Andrew [15:33]: added to RDN short 10.26
knight [15:33]: take profit RDN 8,5 to 10,26 part 5
jim [15:33]: L BGZ 14.55
ortrade [15:33]: FAZ 1000@14.39$p
rko [15:34]: Is this premature selling?
knight [15:34]: not bad all my pick from last weeks are very good picks
ortrade [15:34]: just for another 15min. I want to attend a yoga class and have to leave ~4pm.
lindo [15:34]: following you knight. Bought usg
knight [15:34]: i think the rally is starting , we should continue up
Andrew [15:35]: Once SPY closes above 112.00, I might agree.
Andrew [15:35]: Right now to me the market is still in uncertain territory though, especially with the volume so light the last 2 days.
knight [15:35]: usg is a safe slow stock target 25
knight [15:36]: FAZ next step is 12
knight [15:36]: or FAS 28
rko [15:37]: I will listen to you Dr. Knight -- I would totally go short right now.
knight [15:37]: as you wish go full short and let see.... the future
rko [15:37]: LOL
knight [15:38]: you means FAZ short ????
ortrade [15:38]: Exit FAZ short -100$p
jim [15:38]: out FAZ & BGZ small loss
carr [15:38]: rko and lindo Knight usually looks a little further ahead than a day trader, so if you are in for the long haul, he has really sound picks.
Andrew [15:38]: out FAZ -1.1%
ortrade [15:38]: FAZ 2000s@14.30$p
rko [15:39]: knight no, long on FAZ... but I would've been wrong
Andrew [15:39]: Definitely feels like a short squeeze
Gar [15:39]: What is today's excuse for this monster rally? And on horrible volume too.
lindo [15:39]: triple witching gar
jim [15:39]: agree with Andrew think short squeeze
knight [15:39]: euro fear may be
Gar [15:41]: triple witch isn't until Friday.
lindo [15:41]: yes
Andrew [15:41]: back in FAZ 14.32 (full position)
youwee [15:41]: how i can i downlaod the lick
youwee [15:41]: link*
rko [15:42]: I'm not really a daytrader. Trying to learn how.
estongkold [15:42]: is there anyone can teach me how to work on a papertrade
lindo [15:43]: me too rko. Don't want to sell losing positions because the day's over
jim [15:43]: estrong cant read print too light
youwee [15:43]: go to tutorials
rko [15:43]: I mostly buy cheap out of the money PUTs and hold on to them until they pan out or expire
estongkold [15:43]: theres no tutorial about it
Andrew [15:44]: Are you new to trading estongkold?
estongkold [15:44]: yes
lindo [15:44]: like to sell puts that expire
rko [15:45]: well, yes... I'll take what I can get for them right before they expire
Andrew [15:46]: The simplest way to buy a stock is to type the Symbol of the company, how many shares you want to buy, Action = Buy, Order Type = Market, Stop/Limit blank, Duration = Day, and then Click "Submit."
Andrew [15:46]: Then to sell, change Action = Sell.
lindo [15:46]: it's great to practice papertrading before you risk your own money. no harm if you screw up
estongkold [15:47]: ok
jim [15:48]: I think we are going to run up right to the close
Andrew [15:49]: I doubt it's the "smart money" buying this high.
rko [15:49]: i agree jim, seems knight was right
rko [15:49]: Gar, what's your take on the lunar short this evening?
jim [15:50]: out a piece of HERO 3.18 +3%
Gar [15:51]: I would normally say this is a perfect lunar short setup. Problem is that the market keeps ramping up no matter what, defying all logic. So who knows.
rko [15:52]: Who is buying?
Andrew [15:52]: The Bear/Bull is strengthening as well.
Gar [15:52]: I have no idea. No one that smart. Could just be software programs. I just don't know.
Andrew [15:52]: out FAZ -0.66%
Gar [15:53]: This reminds me of last year, second half. Market just kept ramping up endlessly on terrible volume. It was baffling.
jim [15:53]: if the euro continues to strenghten vs the dollar the market will continue north
Gar [15:54]: There can't really be that many buyers, since the volume is anemic. It just has to be a lack of sellers.
Andrew [15:54]: If there's a big gap up tomorrow, could be a great short.
Gar [15:54]: Yeah, it's really all about the Euro. The Euro is trended up all week.
ortrade [15:54]: A day with gap up and straight up intrday all the way is rather unheard off, Gar.
Gar [15:54]: You mean like today ortrade?
ortrade [15:55]: yes
jim [15:55]: monitor the EURO vs. the S&P 500 inverse relationship
jimmypop7505 [15:55]: cots timer did say smart money will be buying the s/p starting next monday
Andrew [15:55]: What is cots?
Gar [15:56]: I can hold a ruler on the Dow's intraday today. Yes, it is unheard of. You almost never see that.
jimmypop7505 [15:56]: commitment of traders report
Andrew [15:56]: Normally when the volume is low, there tend to be more direction-changes too over short time frames. That's what got me.
LEECO [15:57]: Sory to miss the posts -old China-Burma-India buddy justdropped in=Gut that flew the B-24 that blew the bridge on the river Kwai and later flew the Berlin Airlift-Chuck Lineamean
Andrew [15:57]: thx
jimmypop7505 [15:57]: its out every friday night
rko [15:58]: Oooh. Look at that sell volume...
Andrew [15:59]: The sell volume still isn't too much compared to all the buying.
Andrew [15:59]: out RDN -0.52%
ortrade [15:59]: Exit FAZ short +150$p
Andrew [16:01]: Today was the market's first big close above its 200-day moving avg. in a few weeks.
lindo [16:03]: Good point Andrew
ortrade [16:06]: Neither 2/5/2010 low on the indexes or the 4/27/2010 high +/- few days on daily had significant accumulation/distribution.. I believe institutions never intended realy to exit positions but rather sustain and add on pullbacks..
Andrew [16:06]: That's interesting ortrade.
ortrade [16:08]: yeah, large amounts of cash should be infused in the market in a rather narrow range..
Andrew [16:10]: The VIX has come down significantly too - back in the 25.00s
ortrade [16:19]: I do have to to a class I mentioned earlier on the chat. Gar could email me whether you have received the sector excel sheet. Thank you.
madriver [17:18]: I do a knight thing. mentioned AMEL this morning.....up 40% today!!!!
Andrew [17:36]: AMEL's an otc stock - it's chart looks kind of sketchy.
Andrew [17:38]: When those cheapies get going on volume though they can sure get going. Good thinking with the lithium.
madriver [17:48]: Andrew.....AMEL might be a pump and dump. Just so happens I received an email yesterday regarding the stock from a "spammer" and look where it went today!!! I think we'll see a quick pull back. I didn't buy it....should of .....
Andrew [18:17]: I think you probably made the right call. Most times those email stocks aren't worth the risk due to the manipulation. Eventually you will buy into the dump and quickly lose a lot that can cancel out 40% winners.
PA [18:29]: Good evening Andrew How are you, You have not been around in the morning for a couple days. I conclude my lerning on Day Trading aleready made some money , Learn a lot from you Thanks, I am now start my learning curve on Pair Trading . any suggestion ?
ortrade [18:42]: HI PA did you say pair trading?
Andrew [18:43]: Hi PA, you're welcome. What time frame are you pair trading?
PA [18:44]: Yes ortrade mean Buy one and sell another in the same group of stock. to avoid market risk
PA [18:44]: Andrew a couples days or more
ortrade [18:45]: I tried PairTrade FInder it doesnt work.. Did some calculations to reproduce correlations but they were inccorect. Then develop my own addin in excel spent a couple of months with that.
Andrew [18:46]: I don't have any experience with that type of trading.
PA [18:47]: I study on one program I bought, to complicate and hard to make money with so I try on my own using relative strength and Bollinger Band
Andrew [18:47]: If you find some strong stocks to buy, it can sometimes be simpler just to hedge them with SDS or something like that.
porti [18:48]: good night all, was nice following all your posts today.......
PA [18:48]: ortrade same program you have.
ortrade [18:48]: The idea of pair trading is a good one as long as the pair is equilibrated. In a way it is the same as saying that a stock will bounce from the Bolinger bands. It does if stock does not embark on a trend that is the moving average trends. When it does trend or when the pair diverge from each other more than 2sigma the whole thing crashes and losses are big.
Andrew [18:48]: Good night porti
PA [18:49]: what is SDS, the drawback of Pair Trading is higher commission
Andrew [18:50]: SDS is 2x short the S&P.
ortrade [18:50]: Andrew, in pair trading one back tests past correlations of pairs in a subsector.. As long as past correlation is high the stock is used to take opposite position at the 2 sigma bands..
Andrew [18:50]: So if you're in a good trade but the market starts looking weak, rather than selling your good stock you can buy a little SDS as a hedge.
PA [18:51]: do you sue spy or future for 2*S&P
PA [18:51]: use
ortrade [18:51]: also another supposed benefit of pair trending is that it shields you from the trend. That is if both stocks trend the same way taking long in one and short in another eliminates the trend overall..
Andrew [18:52]: I like using etfs based on the large-cap index funds (e.g. SPY, SSO/SDS, BGU/BGZ).
Andrew [18:53]: Is it difficult finding pairs with a high enough correlations, ortrade?
PA [18:53]: You have to be right on both stocks, yesterday I try selling 200DIA againt Buying 500 QQQQ with debit only $2400 +
ortrade [18:54]: No Andrew. There is software that does it or you can program in Excel if you are interested.
ortrade [18:54]: The trouble is again past correlation does not imply good future correlation. In most cases one has to hold stocks for multiday periods..
PA [18:55]: to day I got out of both with a little profit because I found out that DIA will X diveden 06/20/10
Andrew [18:55]: I think for now I'll stick with only hedging on an intraday basis.
Andrew [18:55]: Why would that happen on 6/20?
Andrew [18:56]: Oh nevermind. I see what you're saying.
PA [18:56]: If I keep it to now I would make $40+ after comm.
Andrew [18:57]: I don't really like the sound of this... "When it does trend or when the pair diverge from each other more than 2sigma the whole thing crashes and losses are big."
PA [18:57]: if X dividen DIA will drop fast and I made money but I have to pay dividend to who evr I borrow from
ortrade [18:57]: PA trading etfs is like trading an index or sector. That is predicting what the market will for next at least 20-30 min to be proficient. That is very hard really and in trading stocks when market moves most stocks moves with it so that is why recently most stocks lack "personality" and it makes trading them very hard too..
Andrew [18:58]: Today was a strange day in that it was kind of a little too easy for the bulls. It's rare when there aren't at least a few major shakeout attempts.
ortrade [18:59]: It is true Andrew.. It eliminates the trend from the equation but it assumes a fixed dispersion to be succesful. Just like the trend is not fixed nor is the joint distribution width.
Andrew [19:00]: Tomorrow morning I'm definitely thinking short though based on the price levels we're reaching and the recent low volume.
ortrade [19:00]: Today was an unlearning day Andrew in which a major divergence from past patterns (mid day reversals) created a havoc to the shorts. I accumulated shorts all day and winded up despite my earning on FAZ ~200$ paper loss.
Andrew [19:01]: Unless we have a big gap down, in which case, the risk-reward should be better on the long side initially.
Andrew [19:01]: What do you mean by "unlearning" ?
ortrade [19:02]: During the quadruple witching week there are major cash movments (none wants to wait for the last moment) I noticed the last few days that more than often whole and half numbers were not respected that is large volatility and not a safe trading environment.
PA [19:02]: according to my elliot wave on Advanced GET this is a corrective wave of 3rd down wave which end at around DOw 10474 but I do not really bet on it that much
Andrew [19:02]: The weekly chart of the market is getting more interesting.
ortrade [19:05]: If you noticed indexes often has an intraday pattern whose features repeat accross few days. Traders learn the pattern and use it to trade the next day either by looking at it or using neural networks to combine few indicators. Today market did something completly different that is all knowledge from last few days has been essentially deleted and a new pattern of a rather straigth line was established. That was very hard to trade as traders were not conditioned from past to evolve into this pattern.
Andrew [19:06]: If we continue to go up a lot on low volume, possible head & shoulders pattern forming on the weekly chart (Jan highs, April highs, June highs).
ortrade [19:06]: I call that unlearning.
Andrew [19:06]: Good point.
punkzjay [19:07]: hi hello guyz/
Andrew [19:07]: The weekly chart, however, also shows very strong buyers below SPY 107.00 or so, as shown by the tons of wicks below that.
PA [19:07]: To make head and shoulder on wkly chart then the right shoudler has to move up a lot maore then
Andrew [19:08]: Hi punkzjay.
PA [19:08]: Hi punkzjay
ortrade [19:09]: Hi punkzjay, I can see those pattern you are pointing out. I also see respected patterned like the dtn line of the dtn convergent consolidation on the daily from which we broke out the last few days as we hit today the adaptive and crossed it on the Nasdaq.. It is not easy to guess the continuation pattern.. I wish there was a way to tell.. lol..
Andrew [19:09]: I think at some point those who bought in April but who got deeply underwater, will want to sell some if we bounce high enough.
PA [19:11]: I trade only ETF because one thing I could avoid is Stocks risk and I do not have to follow the new that much, just macro view
Andrew [19:11]: In some market conditions trading ETFs can be much more difficult than trading individual stocks.
Andrew [19:12]: Like November-December 2009 for example.
PA [19:12]: you can trade gold ,oil dollar (UUP) using ETF
PA [19:12]: you also can leverage using options
ortrade [19:13]: One thing I can point out though is that the last month really looks like a broad consolidation/distribution.. I see a similar type of volatily 10/03/08 to 10/22/08.
ortrade [19:14]: PA do you have experience with options?
Andrew [19:14]: That's interesting. In some ways we're looking a little like the end of Oct. 2008 before continued selling happened in November.
PA [19:15]: Andrew what ETF that you are trading has a wde daily range I think you can trade every day and Market trend is not to important
Andrew [19:15]: Some days not even 3x ETFs will have a wide daily range.
Andrew [19:16]: On those days you're better off finding an indivdual stock making a large move on individual news.
punkzjay [19:16]: what will topic today?
PA [19:16]: Some experience , still learning I think if you trade a couple day you can be a buyer if longer than that Time decay eat you alive
ortrade [19:17]: It is the point of unlearning. Lets say the plan is for the market to crash, but all traders are conditioned to go short. Institutions dont want traders to get on that bus. The methods is to condition them to go long.. Only than after that is achieved they will crash the market with few swift large red bars.
Andrew [19:17]: How does that happen ortrade? Is it that those who believe in the major trend are just extremely patient and take their foot off the gas pedal until prices get much more favorable?
punkzjay [19:18]: what if the the greenline?what will happen guys?/..
Andrew [19:19]: Well, the Bear/Bull Composite in the top right suggests that it is more likely we continue higher for the next couple of days.
ortrade [19:21]: Andrew, I honestly believe there is a signaling between institutions hedge and silent hand. Otherwise it will be hard for them to orchestrate the large movements. The best is to get a job with a hedge fund and learn how they do that.. Again I dont belive when huge money is involved it is placed at the mercy of luck..
PA [19:21]: I usually sale naked straddle in normal condition but not in this volatile market it can get out of your profit range. Naked option is OK if you know what you are doing and ready to take the consequence Suppose you want to buy stock and sell covered call you just sell naked put save you commission and effort.
yoshef [19:21]: hi ..
PA [19:22]: Sorry I can not follow your posts fast enough Slow typer
Andrew [19:22]: Normally though doesn't there need to be big money taking the opposite side of those trades too? Retail investors can't account for too much of the volume, can it?
Andrew [19:22]: can they?
yoshef [19:24]: who want's to col me regarding for this one
ortrade [19:24]: I belive hedge funds are the orcas and can move certain markets but institutions and the silent hand are the white whales.. We are the tunas just many of us each contribute one krill to the basket.. lol
PA [19:25]: How do you tell what hedge fund is doing and like to do ortrade
yoshef [19:25]: ortrade what ? i have a question for you do you know agua?
fwguyus [19:26]: hey guys
yoshef [19:26]: hello
Andrew [19:26]: Hi yoshef.
Andrew [19:27]: and fwguyus
PA [19:27]: Hi fwguyus, yoshef
fwguyus [19:27]: I m just scouting for goood charts for tomm..
yoshef [19:27]: hello andrew how are you?
Andrew [19:27]: S was looking kind of weak earlier but finished the day very strong.
yoshef [19:27]: and PA
ortrade [19:27]: The silent hand are likely through certain institutions (maybe some of those is likely to create and burst bubbles. You can tell PA by the successful trades. Hedge funds trade very contrarian. If you see many succesful contrarian trades working these are the hedgies.. lol..
Andrew [19:27]: Doing well. Are you new to trading?
yoshef [19:27]: Wow thats
ortrade [19:28]: Hi yoshef, fwguyus welcome to the club..
yoshef [19:28]: yes
yoshef [19:28]: whats club?
Andrew [19:28]: Have you seen the Tutorials yet?
punkzjay [19:28]: lol
fwguyus [19:29]: hey or..
yoshef [19:29]: not yet .. yes your ryt im new hir .. how bout you are you old? ;) just kidding
Andrew [19:29]: Aren't there some momentum hedge funds though that jump on board strong stuff?
punkzjay [19:29]: fwguyus?
ortrade [19:29]: Stockvision club yoshef.. PA, in a trade my stop loss is 50$. In a options call you can loose in one shoot few hundred if it goes against you.. ist that true?
yoshef [19:30]: i love this club hope
PA [19:30]: I still remember some hedge fund a while back using rocket scientist and went bankrup betting againts junkbond
fwguyus [19:30]: hey take a look at KOG..its on a nice climb up
Andrew [19:30]: If a hedge fund goes bankrupt it likely had horrible risk management or position allocation. Even if they have a horrible year they shouldn't be losing too much.
yoshef [19:31]: i love this club hope this clube love me also ;)
PA [19:31]: Do youn count commission to if it is so you have to get in and out often ortrade
ortrade [19:31]: lol.. there some strange ways to trade.. One of the is DE shaws he made millions and his own company. His strategy was to hedge both longs and shorts using some fast trading bots.
Andrew [19:31]: Good volume in KOG but might be approaching a resistance level.
PA [19:32]: My commission is to high I made less than my com. ond day trading
Andrew [19:32]: How much do you pay in commissions?
fwguyus [19:32]: its next resistance level on the daily chart is around 4
yoshef [19:33]: how much do i need to pay?
ortrade [19:33]: I do believe hedge funds can go bankrupt if he bets against an institutions. Hedge funds can take many positions so stock doesnt have to go too much against him to loose a lot..
Andrew [19:33]: 3.70 - 3.80 could be a tough area too though.
PA [19:33]: I will show you the result of my learning day trade
Andrew [19:34]: It's normally best to pay as little as possible in commissions. Some brokers only charge $0.005/share or $3/trade.
ortrade [19:35]: The main expense is not commision but is the spread.. That can be really nasty and hard to prove anyones wrongs here. It is where most of losses stem from..
PA [19:35]: I concluded my day trading learning curve on Friday. (Started 050710 with real money)
AVERAGE $ PERTADE=8402.12
TOTAL TRANSACTION=35 WIN=18 LOSS=17
SHORT 5 LONG 30 MOST OF THE LONG ARE REVERSE ETF
NET WIN = $636.09
COMMISSION = $674.7
AVERAGE WIN PER TARDE = $ 18.17 = 0.22 %
WIN =$1992.20 AVERAGE WINNING TRADE = $110.68
LARGEST WINNING TRADE = $359.16 SMALLEST WINNING TRADE = $1.92
LOSS=$1356.11 AVERAGE LOSSING TRADE =-$79.77
LARGEST LOSSING TRADE =-$240.11 SMALLEST LOSSING TRADE =-$35.07
I will get that kind of broker if I will do day trade it fund though
yoshef [19:35]: do ineed to pay ?
Andrew [19:36]: It's free to paper trade here. But if you ever trade for real with a broker you will need to pay.
yoshef [19:36]: for all of this?
fwguyus [19:36]: IFLG loks like it going to jump tomm..
ortrade [19:36]: PA 8k is very good. You should definitely post trades with entries and exits and we can all learn from each other..
Andrew [19:37]: PA, your commissions look pretty high.
PA [19:37]: My conclusion for Day Trading:
It a rather save way to make money if I do not over extend myself because I don't loss very much relative to $ invested.
May be able to make more money if:
1. Trade with a broker with pay per share commission.
2. To buy in step within the buying range and to sell in step into the selling
range like Andrew's been doing.
Advantage:
Concern only daily trend or a few days trend, Market direction is not so important.
No worry after the market close.
Disadvantage:
You must glue yourself to the monitors or set large enough stop loss when you are
Andrew [19:37]: If you're using $8,500/position on avg. you should consider switching to a per-share broker.
PA [19:38]: That right
fwguyus [19:38]: PA i use Interactive Brokers, they have a very low per share commision...
PA [19:38]: that's right
yoshef [19:39]: thanks andrew for explain to me everything godbls.
PA [19:39]: My average is $10 with Etrade and Ameritrade
Andrew [19:39]: I don't like like IFLG. Total failure to hold its gap up today despite the strong market.
PA [19:39]: Anybody happened to read Technical analysis of Stocks and Commodities volume June 2010? The editor interviewed a successful day trader who makes $18 to $20 per round-trip by bucking the breakout (sound risky to me) and make $400 to $1000 a day, trading about 40 round-trips/day and only 1 out of 10 trades goes against him. He does not have problems with the market though but the problems with his fingers which constantly moving and develop arthritis at age 34. I also think that sitting still very long you could have thin bone unless you do enough exercise.
ortrade [19:39]: I also use Interactive Brokers to be honest my impression is when position goes against me the losses are 2 times then gains when it goes in my direction for shorts.
Andrew [19:40]: Maybe okay for an entry with small size or a tight stop.
Andrew [19:40]: IFLG's volatility is pretty crazy though so might be a good one to keep watching for some strength.
fwguyus [19:41]: its an extremly volatile stock
PA [19:42]: Andrew do you do Swing trading to
Andrew [19:42]: Not really. I've only tried it a little bit and didn't have much success.
fwguyus [19:42]: another one i m keeping my eye on is RCNI, as soon as the 10ma crosses above the 50ma, it may see a significant move up due to all the consolidation past few weeks..
ortrade [19:42]: IFLG on daily looks like it has further dtn till 5.5.
Andrew [19:43]: Whenever I'd have a few good days, eventually there would be some huge gap that went against me. Maybe it was just bad luck.
fwguyus [19:43]: surprisingly RCNI held up quite well the past few weeks as the market was taking a nose dive
Andrew [19:43]: I also had difficulty separating swing trading from day trading, so I started watching my swing trades too closely and finding stuff wrong with them.
PA [19:44]: That occured to me also just can not predict the next day One day you gain a lot and want to let profit run to morrow the gain are wiped out and more
Andrew [19:45]: This market makes it very difficult to keep holding winning trades for a long time.
fwguyus [19:45]: or i agree..it may swing down even further before it pops..
yoshef [19:45]: agua wher;s wowa?
fwguyus [19:45]: but there is a good surge up coming on RCNI
ortrade [19:46]: I need to check off line now.. will try to log in later.. have a good evening.
Andrew [19:46]: RCNI had an extremely tight consolidation today.
PA [19:47]: Especially FXI ( Chinese market) I was not be able to make money when it went from aroun 40 t0 200+( before split) to deep a drw down that you have to give 20-30% stop loss which I do not want to do
Andrew [19:47]: You can probably get a good entry in RCNi and only have to risk 2%-3% against you and try and hold out for a big move.
Andrew [19:48]: It's not too volatile though so might take lots of time.
fwguyus [19:48]: yea agreed..
fwguyus [19:49]: its one to watch for quick profit
Andrew [19:49]: What's your basis for "there is a good surge up coming on RCNI" and "quick profit"??
fwguyus [19:50]: sorry i meant that for IFLG..
Andrew [19:51]: I think just as likely would be a good sell-off coming with IFLG and quick loss, lol.
PA [19:51]: I have to go now for my Excercise good by every body Have a good trading tomorrow
Andrew [19:51]: You just need to make sure your losses are less than your profit targets with something like IFLG.
fwguyus [19:52]: i m working on my rist mgt. as we speak
fwguyus [19:53]: thats whats been killing me..otherwise my piks are preety good..
fwguyus [19:53]: I try to aim for higher profits and end up in a loss...
Andrew [19:53]: Its daily chart is really scary looking. Whenever it spikes it doesn't last too long and then there are hard sell-offs.
Andrew [19:53]: Like in Feb and May
fwguyus [19:54]: i agree its definitely not something that i would hold on to over night..
Andrew [19:56]: From its chart it actually looks heavily manipulated (maybe newsletter promotion?). I agree that it might be a better one to day trade.
fwguyus [19:56]: but you see on the 10th and 11th, how tight the consolidation was...
Andrew [19:56]: Yeah
fwguyus [19:57]: i wouldnt be surprised at all if is manuiplated
fwguyus [19:58]: but on those days, if an order was placed with a very tight stop, the reward on the 14th would have been nice...
Andrew [19:58]: Yeah definitely.
Andrew [19:58]: It probably would have come across the Traps tab.
fwguyus [19:59]: i think it did and a few traded and made huge gains..like 10 or 15 %
Andrew [19:59]: Lindo got 8% from it.
fwguyus [19:59]: I belive it was willie..who cought it right on time..
Andrew [20:00]: It reminds me a little of ABIO on 3/26.
fwguyus [20:01]: yea but these kinds of stocks are what will kill you..
Andrew [20:01]: Tomorrow I think I'll watch AIG for a possible short entry. It held lower today than yesterday.
Andrew [20:03]: There were also lots of sellers yesterday above 38.00.
fwguyus [20:05]: according to the daily chart and tredlines, it supposed to come down to about 31.75 in the next couple of days
fwguyus [20:06]: its also making an nice right triangle
Andrew [20:06]: Even if just 34.00, that would still be a nice 10% move.
fwguyus [20:06]: its kind of strange that it went up that much today..
Andrew [20:07]: AIG likes going back to 40.00 a lot though.
fwguyus [20:08]: actually i think it will go up much higher after it finsihes trading in its traiangular range..
fwguyus [20:09]: none of its major supports failed
Andrew [20:09]: Good point.
Andrew [20:09]: I need to get going. Have a good night.
fwguyus [20:09]: ok andrew..take care..
fwguyus [22:12]: HEY SWING
iswing64 [22:13]: Hey fw..how you doing?
fwguyus [22:13]: GOOD N U?
iswing64 [22:13]: Just fine thanks
fwguyus [22:14]: I TAKE IT THAT YOU SWING TRADE
iswing64 [22:14]: lol..both day and swing yes
fwguyus [22:15]: day trading is just too hard..unless i see a real good opp..
fwguyus [22:16]: I m looking at some swing trading potentials for tomm...u interested in disscussing
iswing64 [22:16]: for sure i'ts not easy..real hard to do from work
fwguyus [22:16]: well that makes it even harder..
iswing64 [22:16]: Ok what ya got in mind?
fwguyus [22:17]: RSO
iswing64 [22:17]: ok hang on.
fwguyus [22:18]: i like this one better..NR
iswing64 [22:21]: well rso could shoot for the gap 6.50 range or higher..has a parabolic buy on it...but sma 20 curve is not right yet..should pull back ..before i would consider entry..
iswing64 [22:21]: nr hang on..
fwguyus [22:23]: i ve never used that indicator..i just put it on my charts now..looks interesting
fwguyus [22:23]: i only use moving avg. only..
iswing64 [22:24]: i like psar on intraday charts too..for back up...
fwguyus [22:25]: usally i just use trendlines against ma's..that makes a preety good indicator for swing trading..
fwguyus [22:25]: ofcouse with tight stops..
iswing64 [22:26]: Nr too far ahead of daily ma's...gap up should backfill...i wouldn't chase it or consider it until price comes back to 10 or 20 sma...then take a look.
fwguyus [22:27]: can you show me a chart that you would like to swing trade
iswing64 [22:27]: hang on fw
fwguyus [22:27]: k
iswing64 [22:32]: Ok F would be a typical set up for me to swing trade...March 1...BB/Bands..4ema/9ema/13ema..parbolic sar..20sma curve up...should give you an idea of how i see them...
iswing64 [22:33]: daily chart.
fwguyus [22:33]: looking
fwguyus [22:34]: i have this app that supposed to find good swing trades..lets see if you like any of its picks..
fwguyus [22:35]: rmbs
fwguyus [22:36]: cpf
iswing64 [22:36]: hang on
fwguyus [22:36]: sure
fwguyus [22:37]: wow what a weard looking chart adg
fwguyus [22:37]: daily
iswing64 [22:37]: rmbs..fw not my kind of chart bud...
fwguyus [22:38]: lol
iswing64 [22:38]: but if it was.. would look at 60min for entry
iswing64 [22:39]: cpf....not me either...lol
fwguyus [22:39]: i guess its not such a program..lol
iswing64 [22:40]: i'm not saying there is no trades there...just not my style i guess..
fwguyus [22:40]: here is one you may like..TIBX
iswing64 [22:43]: yes better but no psar..and will prolly fall back some...hate buying at the high of the day
iswing64 [22:44]: almost always look for pullback on daily sma or 60 min sma...
fwguyus [22:44]: ok gonna run..gootta put baby to bed..
fwguyus [22:44]: ok good takn to you..
iswing64 [22:45]: OK. see ya
iswing64 [22:54]: FW..If you see this TIBX was also a sweet set up..around march 1st..as per 22.32 post on set up...
iswing64 [22:56]: for daily chart swing set ups..
iswing64 [23:39]: Also like UNG on some kind of pullback.
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