| (05:55 am) Mitch King:05:30 *(US) INITIAL
JOBLESS CLAIMS: 315K V 313KE; CONTINUING
CLAIMS: 2.579M V 2.56ME – 4-week avg claims:
315.0K v 314.50K prior – Source
TradeTheNews.com
(05:55 am) Mitch King:05:30 *(US) JUN CHANGE
IN NONFARM PAYROLLS: +288K V +215KE (5th
straight month above 200K); CHANGE IN PRIVATE
PAYROLLS: +262K V +215KE – Change in
Manufacturing Payrolls: +16K v +10Ke –
Two-month Net Revision: +29K v -6K prior –
Birth-Death Adjustment: +121K v +205K prior –
Prior Change in Nonfarm Payrolls revised
higher from +217K to 224K – Prior Change in
Private Payrolls revised higher from +216K to
+224K – Prior Change in Manufacturing
Payrolls revised higher from +10K to +11K –
Source TradeTheNews.com
(05:56 am) JoeyTSA :early gap down:
BIND,TKMR,RGDO
(05:57 am) JoeyTSA :early gap up: PETM, DRL,
LULU, CREE
(06:00 am) Mitch King:Premarket UP: DRL,
PETM, RAD, LULU Premarket DOWN: TKMR, NQ,
RGDO WATCHING: BIND, CREE,
(06:27 am) JoeyTSA :eye on GPRO
(06:30 am) Mitch King:watching USU drop, let
it drop a lot, tiny float of 4.59 mil shares
(06:31 am) Mitch King:watching AFOP, moving
up
(06:32 am) Mitch King:watching GILD for top,
no hurry
(06:32 am) Mitch King:DRL new high
(06:32 am) Mitch King:watchign CREE for top
to short, no hurry
(06:32 am) Qwert :watching CMI
(06:33 am) Mitch King:watching USU, closely
for bottom, down 18%
(06:33 am) Mitch King:life insurance
companies moving: MET, PRU, HIG,
(06:33 am) Mitch King:watching CMA for top to
short
(06:34 am) JoeyTSA :ey on WUBA for bottom,
lower vol
(06:34 am) Mitch King:USU could drop to low
8s on this drop here
(06:37 am) JoeyTSA :eye on /CL pullback
(06:41 am) Qwert :monitoring DSW
(06:41 am) Mitch King:microshort on GBX soon
(06:43 am) Mitch King:watching DRL, dropped
below this mornings premarket open, support
lost
(06:44 am) Mitch King:CBAK moving, 2nd big up
day, low priced
(06:45 am) Mitch King:careful with USU and
DRL if you go long, bottom could and should
fall out under
(06:45 am) Mitch King:06:45 *(US) JUN FINAL
MARKIT US SERVICES PMI: 61 V 61.0E –
Composite PMI: ## v 61.1 prelim – Employment
Index: ## v 55.4 prelim – Source
TradeTheNews.com
(06:51 am) Qwert :monitoring FEYE
(06:52 am) Mitch King:RAI moving
(06:52 am) Qwert :LO moving
(06:52 am) JoeyTSA :LO spike
(06:54 am) Murano :watching TSLA
(06:59 am) Mitch King:DRL starting downtrend
(07:00 am) Mitch King:07:00 *(US) JUN ISM
NON-MANUFACTURING COMPOSITE: 56.0 V 56.3E Sub
Indices: – New Orders: ## v 60.5prior –
Employment: ## v 52.4 prior – Inventories: ##
v 55.5 prior – Prices Paid: ## v 61.4 prior –
Source TradeTheNews.com
(07:03 am) Mitch King:im not getting on long
side of DRL or GPRO unless bigger drop first
(07:05 am) Mitch King:realize that if you do
take any long trades in USU or DRL or GPRO
that you are in a countertrend trade and your
profit targets should be much lower because
you are going against the trend. must be
nimble, flexible mentally
(07:06 am) Mitch King:example is if your
normal profit target is 50 cents, then a
countertrend trade should be 20-25 cents a
share and is a quicker trade
(07:11 am) Mitch King:GBX breaking out higher
highs
(07:12 am) Mitch King:long way to drop on
DRL, could hit $7.25 today. USU could easily
go under $8 today
(07:28 am) Mitch King:GMCR strong, new high
of day
(07:29 am) Qwert :monitoring PCG
(07:30 am) Mitch King:07:30 *(US) WEEKLY EIA
NATURAL GAS INVENTORIES: V +100 BCF VS. +
99BCF TO + 103BCF EXPECTED RANGE – Source
TradeTheNews.com
(07:31 am) Mitch King:monitoring FEYE for
bottom to buy, not ready, more downside, low
priority, countertrend trade
(07:31 am) Mitch King:new low of day on USU
(07:33 am) Mitch King:GMCR topping action
(07:33 am) Mitch King:chart in background is
natural gas futures after weekly report 3 min
ago
(08:27 am) Mitch King:GPRO short here
(08:35 am) Mitch King:profit target reached
on the GPRO short
(08:55 am) Ed :Hey gang, you all been staying
discplined??
(08:58 am) Ed :Well have a wonderful 4th of
July weekend, be stopping by again soon
(09:38 am) Mitch King:USU dropping
(09:42 am) Mitch King:GPRO new low, high
flyers selling off, 17 min left to closing
(09:49 am) Mitch King:DRL, GPRO, USU at low
of day, i would not expect much short
covering
(06:07 am) Mitch King:NQ 9-14 steady uptrend
this morning, Nasdaq futures
| (05:28 am) toby1115 :gm
(05:49 am) JoeyTSA :Good morning
Murano,Qwert,traders
(05:50 am) JoeyTSA :final services@ :45 I @
7, nat gas @ 7:30…markets close @ 10pdt and
its also opx
(05:50 am) Murano :good morning
(06:00 am) JoeyTSA :/ES testing R2 res
(06:01 am) Qwert :Good morning everyone
(06:28 am) Mitch King:yeah joey, should be
good trades both directions on GPRO, needed
to rebound from yesterdays drop, backing and
filling type of action
(06:28 am) JoeyTSA :yep
(06:29 am) Mitch King:there is usually good
trading on shortened holiday trading days,
volatile, one-sided toward the bullish side
(06:29 am) Mitch King:like day after
thanksgiving, christmas, etc.
(07:00 am) JoeyTSA :thx Mitch
(07:04 am) Qwert :thx for advice Mitch
(07:12 am) Murano :reduce TSLA if long
(07:14 am) Mitch King:when you do try to go
long a stock like USU and DRL, you should
feel like you are on thin ice in a spring
thaw cycle
(07:14 am) Mitch King:realize we are on the
correction cycle of the trade, not the upside
momentum part of move which was a day or two
ago
(07:15 am) Mitch King:you can buy on the dip
of a big mover on Day 1 of the cycle. most
people make money on that day. Trading for
Dummies make money on that day
(07:16 am) Mitch King:now a chart like PETM
that was up $10 this morning or 20% is now on
a downtrend, you short the tops of rebounds
(07:19 am) Mitch King:the 1 min chart pattern
you want to see on a stock like USU is an
accelerating down vol and sharp price drop
before considering buying. this current
trend is a sustainable downtrend. the
accelerated price and vol pattern is when you
tend to get sellers exhaustion on a drop.
that is most reliable chart pattern i know of
in a stock, in short term day trading
(07:36 am) freitag8 :Volume in both USU and
DRL has really dropped off
(07:39 am) Mitch King:yeah frei, plus market
closes in jsut over 2 hours from now
(07:40 am) JoeyTSA :cant imagine any huge vol
swell
(07:40 am) Mitch King:me neither, feels like
11am pacific time already
(07:40 am) Mitch King:its basically a 4 day
weekend
(07:41 am) JoeyTSA :yeah, im calling it a day
@ 9pdt at the latest
(07:41 am) Mitch King:right, i was thinking
earlier
(07:41 am) freitag8 :what time are the
Futures closing?
(07:42 am) Qwert :Yeah im going to the gym in
45 minutes
(07:42 am) JoeyTSA :not sure
(07:42 am) Mitch King:only thing im watching
is a short on FEYE on top of this rebound
(07:42 am) JoeyTSA :same here Qwert, then
heading to Fremont St later today 🙂
(07:42 am) Mitch King:whats at fremont,
horses?
(07:42 am) Qwert :whats fremont
(07:43 am) JoeyTSA :Fremont St is old Vegas
(07:43 am) Mitch King:we better not ask
qwert
(07:43 am) JoeyTSA :binions, golden nugget
etc
(07:43 am) Qwert :lol
(07:43 am) Qwert :what do you do there?
(07:43 am) Mitch King:i was just going to say
dont ask qwert
(07:43 am) Qwert :hahaha
(07:44 am) Mitch King:joey, just tell him
horses
(07:44 am) JoeyTSA :wife and I are going to
get a draft beer at the Main St brewery,
then grab some pizza atthe PLaza
(07:44 am) Mitch King:good idea before 110
degrees
(07:44 am) JoeyTSA :lots of entertainment
down there
(07:44 am) Qwert :pizza ? do they have a
vegan option?
(07:44 am) Mitch King:joey, im surprised you
eat pizza, gluten, wheat,
(07:44 am) JoeyTSA :yeah, they have 1 vegan
pizza
(07:44 am) Qwert :nice
(07:44 am) Mitch King:spelt?
(07:44 am) JoeyTSA :also vegan soft serve ice
cream
(07:45 am) freitag8 :They have a few good
Gluten free pizza’s out there
(07:45 am) JoeyTSA :i eat gluten and wheat
(07:45 am) Mitch King:bad for you, terrible
on digestive system.
(07:45 am) JoeyTSA :some people have issues
(07:45 am) Mitch King:makes you feel
sluggish
(07:45 am) Qwert :we have been going to
Pieology and just getting no cheese or meats
very tasty with all the veggies
(07:46 am) JoeyTSA :lots of pizza places now
offer diaya cheese as an option
(07:46 am) freitag8 :I go Gluten Free… my
GF has Celiacs so I try to accomidate
(07:47 am) JoeyTSA :freitag, next time in
town check out Pop Up Pizza @ the Plaza, you
can get it by the slice
(07:48 am) freitag8 :by the Slice? That’s
very rare
(07:48 am) JoeyTSA :yeah, esp for vegan
pizza. Slice of Vegas at Mandaly Bay is good
too, but you have to buy the whole pizza
(07:49 am) JoeyTSA :Qwert: at your gym do
they have battle ropes?
(07:49 am) Qwert :no its just a spin place
today
(07:50 am) freitag8 :MY GF best friend lives
there so we travel to town a lot and my
trading partner has a couple spots at the Las
Vegas RV Resort off the road to Purpump…
across from target and Famous Daves… we
should be coming to town soon
(07:50 am) JoeyTSA :oh ok, i ordered one,
came on tuesday and worked out with them last
night outside in th heat..talk about sweat
hah
(07:51 am) JoeyTSA :shoot me message any time
you arein town
(07:51 am) freitag8 :will do
(07:54 am) Qwert :Joey is it a big heavy
rope. If so I have donre that
(07:55 am) JoeyTSA :yeah , usually wrapped
around a pole
(07:55 am) Qwert :arms out front up and down
motion?
(07:55 am) JoeyTSA :just like how i found my
ex-gf hahahaha
(07:55 am) Qwert :hahahha
(07:56 am) JoeyTSA :yep up/down, side to
side etc
(07:57 am) freitag8 :/ng gonna retrace the
entire move you think?
(07:57 am) rayeh :have a great holiday
weekend traders!
(07:58 am) regatta :watching URS
(07:58 am) freitag8 :u too rayeh
(07:58 am) JoeyTSA :enjoy rayeh
(08:27 am) JoeyTSA :ok, calling it a week
(08:27 am) JoeyTSA :Thanks
Mitch,Murano,Qwert, everyone
(08:27 am) freitag8 :enjoy youre holiday
(08:27 am) Mitch King:later joey
(08:28 am) JoeyTSA :have a great and safe
holiday
(08:28 am) freitag8 :your help is always
greatly appreciated
(08:28 am) Qwert :SAme here bye everyone off
to the gym, enjoy your long weekend cya all
on Monday
(08:33 am) freitag8 :Bye Q… Be well
(08:34 am) freitag8 :Short GPRO into this
bear rally
(08:36 am) freitag8 :I have my target at 50
cents
(08:38 am) freitag8 :Nice trade on GPRO
Mitch!
(08:41 am) Murano :done for the day, have a
good 4th and weekend, see you Monday
(08:42 am) Mitch King:see you monday murano,
thanks for your help
(08:42 am) freitag8 :Have a stellar weekend
Murano
(08:43 am) freitag8 :covered GPRO short
(08:44 am) freitag8 :DRL set new LOD
(08:48 am) freitag8 :no shares available to
short at IB for DRL
(08:58 am) Mitch King:hey ed, how is it
going?
(08:58 am) Mitch King:you dirty no good
trader!
(08:58 am) Mitch King:lol
(08:58 am) freitag8 :Hiya Ed
(08:58 am) Mitch King:ed, everyone left
(08:59 am) Mitch King:hey ed, everytime
someone asks about you, we just say you are
counting your money
(09:01 am) Ed :going good Mitch, hey there
freitag8
(09:02 am) Ed :Yea figured many took off
early
(09:03 am) Ed :USU and GPRO have been some
nice trading stocks
(09:03 am) Mitch King:no kidding, and DRL
too
(09:04 am) Ed :oh forgot about DRL
(09:05 am) Mitch King:also KING this week,
was ipo few months ago
(09:05 am) Ed :yea another great trading
stock
(09:06 am) Ed :they sure help with the
lackluster summers
(09:06 am) Mitch King:lot of good movers
lately even though quieter conditions. the
quantity is down but the few hot ones are
high quality
(09:07 am) Ed :Makes it alot easier to focus
on those
(09:14 am) regatta :just watching GBIM
(09:15 am) Mitch King:80 cent spread on GBIM
reg
(09:15 am) Mitch King:= NO-GO
(09:15 am) regatta :yeah, just
observing/learning
(09:15 am) Mitch King:you got the pattern
down though
(09:19 am) pirate :Hi Ed…Good to see your
still around
(09:19 am) Ed :hey there pirate, likewise
(09:43 am) regatta :mitch, your swing short
USU looking very good from 12
(09:49 am) Mitch King:yeah, there were some
shares to short for brief moments last few
days but disappear quickly
(09:49 am) Mitch King:GPRO seems to have
shares available to short last 3 days no
problem
(09:50 am) Mitch King:DRL had some day before
yesterday and a few yesterday
(09:50 am) Mitch King:should be decent
trading on these on Monday, both ways,
smaller profits than what we have been seeing
but still decent
(09:50 am) Mitch King:both ways means both
directions
(09:51 am) Mitch King:you remember that “thin
ice” word picture i gave earlier?
(09:51 am) Mitch King:during a spring thaw
cycle? this is what bullshorts do, there is
an underlying pressure to sell off
(09:51 am) Mitch King:it isnt obvious unless
you think about the overall picture
(09:52 am) Mitch King:im sure there are
principles that must be followed in your
field of medicine of what you shouldn’t do as
an overall practice
(09:53 am) regatta :of course
(09:55 am) Mitch King:and if those rules are
ignored on a consistent basis, the results
will eventually be patients getting sick or
dying. I like flying airplanes my whole
life and parameters of what you can do in
flying have immediate consequences that are
obvious. but in trading, not so obvious,
even thin ice in spring isnt obvious to the
ignorant person.
(09:56 am) regatta :rules and guidelines are
usually in place for a reason
(09:58 am) Mitch King:what i find in life, as
an observer, is that the reasons why people
ignore these rules and guidelines are caused
by personal flaws that may be temporary or
permanent. such as egotism, fear, greed
(09:58 am) Mitch King:some of which i have
personally experienced at various times in my
own life.
(09:59 am) regatta :i agree
(09:59 am) Mitch King:what is most helpful in
any endeavor is when the student is always
evaluating if something they are doing is
working or is not working.
(10:01 am) Mitch King:without sounding like a
psychiatric expert, Obama appears to have
such a intense desire to be recognized as
someone important in history, that prevents
him from seeing really what should be done
(10:02 am) Mitch King:and that is blinding
(10:02 am) freitag8 :what does “Top and
Bottom of Book”? Interactive Brokers is now
charging for quotes and calling it Top &
Bottom of Book…
(10:02 am) Mitch King:add to that a whole lot
of emotion, people cannot be highly
successful
(10:03 am) Mitch King:thats probably level3
info with some more features to depth
(10:03 am) Mitch King:you agree doctor?
(10:04 am) regatta :i concur with your
assessment
(10:04 am) Mitch King:have a great long
weekend, should be good trading action this
next week, esp on Monday
(10:05 am) freitag8 :Thanks every1
(10:05 am) regatta :i also think that he has
very rigid thought process
(10:05 am) Mitch King:I’d focus on GPRO the
most,
(10:05 am) freitag8 :Have a great Holiday!
(10:06 am) Mitch King:yeah, i think so reg.
he is really indecisive on the important
decisions. he is too concerned about what
people think of him and his decisions he
seems to get locked up. maybe similar to
putting on the green when everyone is
looking, that can be uncomfortable for new
golfers. any military decisions, he really
cant handle that
(10:06 am) regatta :he is unwilling to
accept or consider any opinion that differs
from his
(10:06 am) Mitch King:right,
(10:06 am) Mitch King:to an extreme
(10:07 am) regatta :and the the detriment of
the country
(10:07 am) Mitch King:yet there are really
highly qualified people around him that he
seems to be discarding. if they disagree
iwth him, he fires them, revolving door
really active
(10:07 am) Mitch King:not a good management
model
(10:09 am) Mitch King:see you guys monday
(10:10 am) freitag8 :Now that’s pegging a
number… Mitch called out $7.25 on DRL…
LOD = $7.17…. that’s pretty awesome
(10:12 am) freitag8 :07:12 am Mitch K: long
way to drop on DRL, could hit $7.25 today.
USU could easily go under $8 today
|
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