| (05:12 am) JoeyTSA :levels /ES 2027-2036; /NQ
4185-4195; /CL 44.50-45.00
(05:42 am) JoeyTSA :early gap down: ECOM,
JUNO
(05:42 am) JoeyTSA :early gap up: PCYC, BLCM,
AMZN
(06:25 am) JoeyTSA :/ES testing R1 res
(06:31 am) Qwert :watching TWX
(06:33 am) Mitch King:watching JUNO for
trades
(06:33 am) Mitch King:watching GILD for
bottom to buy
(06:33 am) Mitch King:watching ASPS
(06:33 am) Mitch King:AMZN moving
(06:34 am) JoeyTSA :watching ECOM
(06:34 am) Mitch King:WHR trending up
(06:34 am) Mitch King:watching ALGN
(06:34 am) Mitch King:FEYE gave good trades
yesterday, shold watch
(06:35 am) Mitch King:watching AGIO for
short
(06:36 am) Mitch King:watching IHS, big
spread though
(06:37 am) Mitch King:CL, crude oil stong
move last hour, low was 44.20 now 45.69
(06:38 am) Mitch King:VRX trending up
(06:38 am) Qwert :watching KBH
(06:38 am) Mitch King:SAVE moving up from
last two days drop
(06:39 am) Mitch King:NQ near high of day, up
75 pts from yesterdays low
(06:40 am) Mitch King:watching HLSS
(06:41 am) Mitch King:HLSS has been dropping
hard from 20 to 14.50 last 10 days
(06:43 am) Mitch King:HLSS is some sort of
Home loan servicing, dont know why drop
(06:46 am) Mitch King:watching GT, news
below
(06:47 am) Mitch King:watchign ACOR for short
at some point, uptrending right now
(06:56 am) Mitch King:HALO ticking up on
Cramer mention on tv
(06:58 am) Mitch King:ADHD low priced stock
moving
(06:59 am) JoeyTSA :AMGN trying to push thru
$160
(07:01 am) Mitch King:07:01 (US) Nov JOLTS
Job Openings: 4.972M v 4.85Me – Prior revised
XXX from 4.834M to M- No revisions – Source
TradeTheNews.com
(07:08 am) Qwert :monitoring DNKN
(07:18 am) Mitch King:watching HLSS for
pullback downward
(07:23 am) Mitch King:speculative buy on HLSS
this pullback to 11.25 area
(07:24 am) Mitch King:monitoring VC
(07:24 am) Qwert :monitoring SUNE
(07:28 am) Mitch King:cancel idea on HLSS
long around 11.25, already did that pullback,
not worth trading it now
(07:36 am) Mitch King:CL moving up
(08:08 am) Qwert :watching CTXS
(08:39 am) Qwert :monitoring KBH
(08:45 am) Mitch King:other home builders
such as DHI, TOL PHM, BZH also dropping
besides KBH
(08:45 am) Qwert :08:41 [KBH] Exec: Q1
housing gross margin seen lower significantly
on y/y basis; Not expecting to reach margin
goals in 2015 though margin will improve
through the year – conf call comments –
Source TradeTheNews.com
(08:45 am) Mitch King:PCYC giving decent
trades today still
(08:46 am) Mitch King:LOCO breaking out on
upside
(09:22 am) Mitch King:indexes at low of day
(09:26 am) Mitch King:watcing SPWR for short,
no hurry, 30 cent target
(09:52 am) Mitch King:use limit order, 14
cent spread
(09:52 am) Mitch King:watching CLVS for
short, maybe 40 cents, same pattern as SPWR
was
(10:05 am) Mitch King:watchign GPRO for
microshort, maybe 50-70 cents next hour or
so, strong downtrend
(10:15 am) Qwert :monitoring MHFI
(10:21 am) Mitch King:watchign NQ for small
rebound, maybe 5 pts, NQ index futures
(10:28 am) Qwert :covering some MHFI here
(10:31 am) Mitch King:this drop in NQ index
is a 70 pt drop, erased the 75 pt gain
(10:43 am) Mitch King:looking for bounce in
indexes, should get a bottom fairly soon
(10:52 am) Mitch King:excellent long setup
for NQ index
(10:54 am) Mitch King:should get a bounce in
NQ, no specific news
(10:55 am) Mitch King:that is 100 point drop
on NQ index futures
(11:00 am) Mitch King:thats what is driving
this drop
(11:00 am) Mitch King:11:00 (US) Fed Discount
rate minutes: Dallas, Kansas City, and
Philadelphia again vote to bring rate to 1.0%
– Source TradeTheNews.com
(11:00 am) Mitch King:11:00 *(US) DEC MONTHLY
BUDGET STATEMENT: $1.9*B V $3.0BE – Receipts:
$B v $285.04B y/y- Outlays: $B v $231.8B y/y
– Source TradeTheNews.com
(11:14 am) Mitch King:watching 2000 for ES
support
(11:18 am) Mitch King:watching BITA for
bounce
(11:33 am) Mitch King:getting ebola story on
military person found dead who came back from
West Africa, just hit news
(12:38 pm) Mitch King:oil stocks moving
higher with rebound of crude oil
| (05:11 am) JoeyTSA :good morning toby
(05:13 am) toby1115 :gm Joey
(05:28 am) Qwert :Good morning Joey, toby
(05:29 am) george :GM all.
(05:53 am) klas :Good morning
(06:07 am) skydiver :gm and thnx for gappers
joey
(06:12 am) skydiver :SNDK – Federal court
confirms halt to sales of chips used by
SanDisk, IBM, others
(06:13 am) taco :gm all
(06:38 am) skydiver :monitoring TIF
(06:39 am) doji :ECOM just sick dump…
(06:39 am) JoeyTSA :yeah
(06:40 am) JoeyTSA :had been over $20
recentl…didnt see the news though
(06:40 am) Mitch King:12 Jan 13:02 [ECOM]
Lowers Q4 Rev guidance to $23.7M v $25.9Me
(pior $25.6-26.1M) – CEO: We saw an unusual
shift of gross merchandise volume (GMV) to
larger customers this holiday season at the
expense of smaller customers. Because larger
customers enjoy volume discounts in the form
of lower take rates, – Source
TradeTheNews.com
(06:41 am) JoeyTSA :thx Mitch
(06:46 am) Mitch King:05:39 [GT] Now see
FY14 SOI slightly below prior +10-15% range
due to challenging Europe situation, global
volumes flat – conf slides – Impact on Q4
earnings to be $0.15-0.20/shr, lower than
prior expectations – Source TradeTheNews.com
(06:46 am) Mitch King:HLSS acting like MBIA
did when int rouble 2008
(06:46 am) skydiver :ECOM – would love it to
bounce . . . but weak for sure
(06:49 am) Mitch King:sky, when companies
guide lower, rarely a bounce, i dont try to
buy those, too many mutual funds have mandate
to sell, no questions asked, just sell
(06:49 am) skydiver :gotcha Mitch – good
lesson thnx
(06:49 am) Mitch King:something really bad
happening with HLSS, cant find news
(06:50 am) Mitch King:HLSS acting like fraud
the way its trading
(06:50 am) skydiver :no news on fly on the
wall on HLSS
(06:50 am) JoeyTSA :ugly drop on HLSS
(06:51 am) Mitch King:yeah, 30% so far but
look at daily chart joey
(06:51 am) Mitch King:its the kind of trade
that wipes out last 2 months of profits,
havent traded it but watching closely
(06:51 am) JoeyTSA :ugly
(06:52 am) Mitch King:the last 1 min is
highest vol so far today
(06:52 am) Mitch King:as well as on daily
chart, today highest vol, usually thats best
time to buy
(06:54 am) Mitch King:i have not had cnbc on
yet but anyone seen any news on it
(06:54 am) taco :surprised its not halted
(06:55 am) skydiver :halted now
(06:55 am) skydiver :HLSS
(06:55 am) Mitch King:ECOM on cnbc by Cramer
(06:56 am) skydiver :ECOM – closing long
here – just glad to be in green
(06:57 am) Mitch King:odd HLSS is not having
any news for that kind of move
(06:57 am) skydiver :agree Mitch
(06:58 am) JoeyTSA :HLSS halted
(06:59 am) doji :It’s not Joey….
(07:01 am) Mitch King:hey sky, can you
monitor CNBC for HLSS news
(07:02 am) skydiver :ok will do
(07:03 am) Mitch King:HLSS has had a 40% drop
today
(07:03 am) Mitch King:acts like some sort of
office raid by FBI, fraud, etc. but no news
(07:03 am) Mitch King:or accounting fraud,
somethign of that magnitude
(07:06 am) skydiver :taking 3/4 off table on
HLSS long
(07:10 am) JoeyTSA :back in a little bit,
nice calls
(07:11 am) doji :HLSS halted…
(07:11 am) skydiver :Do no likegetting stuck
in a Halted stock HLSS
(07:11 am) Mitch King:thats funny
(07:11 am) Mitch King:its really stressful
for sure
(07:12 am) Mitch King:i still dont see news
do you guys?
(07:12 am) Qwert :i cant find any
(07:12 am) Mitch King:even fraud has selling
exhaustion like HLSS
(07:12 am) Mitch King:name of company is Home
Loan Services
(07:13 am) skydiver :no news on CNBC news
(07:14 am) Mitch King:the type of halt is
Limut Up, Limit Down
(07:14 am) Mitch King:save this on your
favorites to access latest halts:
http://www.nasdaqtrader.com/Trader.aspx?id=Tr
adehalts
(07:14 am) Mitch King:no resumption time yet
(07:15 am) skydiver :thnx Mitch
(07:16 am) Qwert :hlss open
(07:16 am) Mitch King:pretty cool trade HLSS
turned out to be,
(07:17 am) skydiver :Yes – made more on my
last piece than the first for sure — all out
now HLSS
(07:18 am) skydiver :got nevous after
getting stuck in that halt – may keep going
up but . . .
(07:18 am) Mitch King:looks toppy here sky
(07:18 am) Mitch King:it has moved up over
30% from bottom
(07:19 am) Mitch King:odds are its going to
be choppy, and toppy
(07:19 am) skydiver :agreed Mitch – I got
out entirely here
(07:19 am) Mitch King:and your type of
trading, shouldnt stay in it long
(07:19 am) skydiver ::)
(07:19 am) Mitch King:i’d not trade it now
sky, you got the sweet spot of move
(07:20 am) skydiver :ok – agree
(07:20 am) Mitch King:only thing i can think
of is some blog posting with negative news
but thats still unusual not to see news
(07:20 am) skydiver :yeah – still have not
heard a thing on CNBC news
(07:20 am) Mitch King:ok let me know, i have
cnbc on mute
(07:22 am) Mitch King:now if HLSS goes down
to $11.25 quickly like this, would be worth a
small long, small
(07:28 am) skydiver :thnx Mitch
(07:39 am) skydiver :gotcha
(07:39 am) skydiver :gotcha Mich
(07:47 am) JoeyTSA :only HLSS news i see is
them announcing an 18c dividend
(07:48 am) skydiver :interesting joey . . .
. on HLSS
(07:54 am) skydiver :Thanks for great calls
and teaching . . . out of time . . see you
all in the morning 🙂
(07:55 am) Mitch King:bye sky
(07:55 am) skydiver ::)
(07:55 am) taco :cya sky
(07:55 am) JoeyTSA :bye sky
(08:24 am) Mitch King:CTXS next support on
daily chart is 59.30 area
(08:25 am) Mitch King:12 Jan 05:00 [CTXS]
Acquires technology firm Sanbolic; financial
terms undisclosed Citrix announced today that
is has completed its acquisition of Sanbolic,
an innovator and leader in workload-oriented
storage virtualization technologies. Sanbolic
technology enables customers to
software-define storage to optimize the
delivery of application-specific workloads, –
Source TradeTheNews.com
(08:38 am) Mitch King:i think i found the
news related to the HLSS drop
(08:40 am) Mitch King:there is another
company OCN and APS, and a few others related
to mortgage servicing firms. looks like New
York regulators looking at OCN founder, story
is attached HLSS. no news yet so far today
but it looks like regulars are finding
violations and it is spreading into other
mortgage related companies
(08:40 am) Mitch King:HLSS is listed as
related to AAMC, ASPS, RESI, OCN
(08:42 am) Mitch King:look at ASPS chart
today as well as its daily chart, looks same
as many mortgage disaster stocks, remnds me
of MBIA company, i think symbol is MBT from
2008
(09:43 am) doji :GPRO long
(09:59 am) Mitch King:try to buy CLVS to
cover short at bid price
(10:23 am) Mitch King:there is no drop in CL
to cause index drop but daily charts on index
is today is a “headfake bounce”
(10:40 am) taco :i’m trying so hard to trade
correct, so frustrated
(10:42 am) skydiver :Back online for a few .
. . take deep breath taco . . . emotions will
mess your head every time – I know . .
(10:42 am) Qwert :agree take a step back
(10:42 am) Qwert :We have all been there
(10:43 am) skydiver :yes — for sure
(10:43 am) taco :make a bit lose a lot, get
in green and white knuckle trades then go way
in red
(10:46 am) skydiver :understand taco . . .
today is a challenge for sure with market
doing head fakes etc. I had tough morning
on a couple of trades . . . few weeks ago had
two days in red . . .lost pretty my whole
weeks green trades . . . had to step back on
that one . . . I don’t share my losses always
– seems negative to other traders . . but . .
.
(10:47 am) taco :thanks sky, sorry for
dumping but can’t keep it in
(10:47 am) taco :and qwert
(10:47 am) skydiver :understand qwert – no
problem – we’re here for each other 🙂
(10:48 am) Qwert :for sure what are you
trading
(10:48 am) taco :/NQ
(10:48 am) taco :and /CL
(10:48 am) taco :stocks
(10:49 am) Qwert :are you struggling with
all
(10:49 am) taco :yes
(10:49 am) skydiver :be back in a few . . .
have to meet someone for 10 minutes . . .
sorry taco to leave right now, but will be
back
(10:50 am) taco :i go sim for months and
months then go live and make a bit then lose
a lot
(10:50 am) Mitch King:on what stock
(10:50 am) Mitch King:index?
(10:50 am) taco :sim for everything
(10:51 am) taco :then think i’m doing ok and
find out i can’t do it
(10:51 am) Mitch King:too big of positions?
(10:51 am) skydiver :taco – can you trade
one share only on your trading platform?
When I would do sim I would do great, then
live lousy – maybe live with smaller position
– even one stock for awhile — Ed shared that
one with me and it helped me a lot
(10:52 am) taco :yes i can
(10:53 am) Qwert :same here traded really
small to gain confidence, also i only trade
futures with the trend never against
(10:53 am) skydiver :ok — at least in my
case, sim was wins big tilme, then live –
I’d lose big time . . I started live on one
share – built up confidence – then 10 – the
50 – then 100 – etc. Reallly helped me not
get messed up being live
(10:54 am) skydiver :ok – be back in a few
–
(10:54 am) Qwert :i did the same way would
trade position size like 5k or less
(10:55 am) Qwert :like to do the same size
every time I mean dollar amount wise
(10:56 am) JoeyTSA :big drop, what was the
news if any just getting back to computer
(10:56 am) Mitch King:no news joey
(10:57 am) Mitch King:when i look at daily
chart on indexes i see a headfake long today,
moved up initially and resumed the downtrend
that started a few days ago
(10:57 am) JoeyTSA :thx
(10:57 am) Mitch King:i would guess a bounce
in NQ could get to 41.80 next 2 hours into
close
(10:58 am) Mitch King:and maybe 2022 for the
ES, both the March 2015 contracts
(10:58 am) JoeyTSA :watching that 2017 /ES
level
(10:58 am) Mitch King:go with the trend on
indexes, really difficult to try reversals on
them
(11:01 am) JoeyTSA :/ES touched 2050
earlier, big move
(11:02 am) JoeyTSA :lots of headfakes, just
saw taco’s posts…some days are dogfights
(11:02 am) taco :it’s been more than a day..
🙂
(11:03 am) JoeyTSA :lots of humbling days in
this biz
(11:04 am) Qwert :wow thats for sure
(11:07 am) Mitch King:what are you in now
taco?
(11:08 am) taco :nothing
(11:08 am) taco :pile of losses
(11:08 am) Mitch King:what were you in
(11:08 am) Mitch King:what stocks, indexes
(11:08 am) taco :/NQ
(11:08 am) Mitch King:what time and price
(11:08 am) Mitch King:lets work this out
(11:09 am) taco :4176 at 1:45 ny time
(11:09 am) Mitch King:that was a long entry?
(11:09 am) taco :yes
(11:10 am) Mitch King:how many contracts and
when did you sell
(11:10 am) Mitch King:and price of sell
(11:10 am) taco :1:51 at 4169.25 three
contracts
(11:11 am) JoeyTSA :this is strictly
hindsight, but on my chart, price is below
the 200ma which is trending down, the 20/50
were flat
(11:11 am) JoeyTSA :much easier to see after
the fact though
(11:11 am) taco :i am trying to make my
losses back but making them worse, need to
stop
(11:11 am) Mitch King:the news that drove it
so extremely down was this vote of raising
discount rate to 1%
(11:12 am) Mitch King:with indexes you have
to stay on the side of the trend and look for
previous days lows or that days lows
(11:12 am) Mitch King:if price busts below
those and you are long you have to leave
(11:12 am) Mitch King:right now we have sort
of a panic sell condition going on
(11:13 am) taco :i seem to be able to do
alright under normal conditions then the
market changes and i lose all my profits and
then lots more
(11:13 am) taco :i buy the dips on uptrends
etc.. and look for pullbacks
(11:14 am) taco :but when the dips aren’t
dips then…
(11:15 am) Mitch King:dips are not dips when
the most recent dip is lower than the
previous one
(11:15 am) Mitch King:uptrends have dips that
are higher lows
(11:15 am) Mitch King:should get a pretty big
sharp bounce in indexes though,
(11:19 am) Mitch King:also taco, if you have
been sim trading stocks, and been practicing,
don’t go into futures right away
(11:19 am) Mitch King:stocks is much easier
to work with
(11:20 am) taco :ok
(11:20 am) taco :back to basics
(11:23 am) skydiver :ok – back
(11:28 am) Mitch King:ok taco, the loss you
took on 3 contracts of NQ and loss of 7 pts
is abourt $430 loss. put that in
perspective, that isnt a big loss
(11:28 am) taco :that was just one of the
trades
(11:28 am) Mitch King:if you still have a day
trading account of over 25k,
(11:28 am) Mitch King:ok what are other ones
(11:29 am) doji :/CL ripping
(11:29 am) taco :4157 at 2 pm
(11:29 am) taco :stopped 4146 at2:08
(11:29 am) Mitch King:ok you are still trying
to buy long in a downtrend of an index that
is made up of hundreds of stocks
(11:30 am) taco :and a bunch higher up too
(11:30 am) Mitch King:you are trying to do
countertrend trades in a downtrend, thats
very difficult to do
(11:30 am) Mitch King:same pattern,
countertrend trades in indexes is a losing
battle
(11:30 am) Mitch King:it can be done in
stocks much easier but market is in a
downtrend for days
(11:30 am) Mitch King:look at index daily
chart like SPY
(11:30 am) Mitch King:you buy the dips in
uptrends and you sell the tops in downtrends
(11:31 am) Mitch King:thats a standing rule,
only thing you should be allowed to do
(11:31 am) Mitch King:i’d write that down on
paper and tape to monitors
(11:31 am) Mitch King:downtrend is lower lows
and lower highs over couple hour period of
time
(11:31 am) taco :right, i was getting ok at
that then went bottom picking
(11:31 am) Mitch King:stay with that
strategy, write that down
(11:32 am) taco :ok
(11:32 am) Mitch King:forget the futures
indexes, stay with stocks. you can have 2-3
trades per week, a few good ones and make
plenty of money
(11:33 am) taco :ok Mitch
(11:34 am) Mitch King:have you been
practicing index futures trading in sim?
(11:34 am) Mitch King:or mostly stocks?
(11:34 am) taco :both
(11:34 am) Mitch King:and what are results of
each
(11:34 am) taco :i really like futures
(11:34 am) Mitch King:but how are the sim
results
(11:34 am) Mitch King:i know we all like them
but whats the PnL, profit n loss
(11:35 am) taco :i have good runs then make
lots of mistakes
(11:35 am) Mitch King:i like futures too but
my skillset shows i win at stocks more than
futures
(11:35 am) Mitch King:ok if you dont
definitively know your numbers and results
you are not ready to go live, that i is for
sure
(11:36 am) taco :with sim sometimes i make a
mess of it because i can stack the odds or
just make a mess of it
(11:36 am) Mitch King:you should know you are
80% win rate last 90 days, drawdown
percentage, etc.
(11:36 am) Mitch King:then you are not ready
to use money
(11:36 am) Mitch King:real money
(11:36 am) taco :ok
(11:37 am) Mitch King:that practice time must
be quality practice, not just practice for
sake of it. have to learn skillset there
(11:38 am) taco :right i understand, just
sometimes i make unrealistic trades in sim
(11:38 am) taco :but i understand
(11:38 am) Mitch King:have to be same size
(11:38 am) taco :i am not ready
(11:38 am) Mitch King:sim can lie adn give
you false sense of security
(11:38 am) Mitch King:it is more relaxing for
sure
(11:51 am) Mitch King:i find that successful
trading is based upon good practices but
mostly emotional discipline, i think thats
alwasy going to be the case
(11:52 am) Mitch King:when you read the book
written in 1940
(11:52 am) Mitch King:he talks about same
thing
(11:52 am) Qwert :Which book Mitch?
(11:53 am) Mitch King:what is the guys name
who made 100 mil on 1929 crash in one day
(11:53 am) Mitch King:Jesse Livermoore
(11:53 am) Mitch King:he talks constantly
about emotional control and he admits himself
the 2 or 3 times he went broke is he didnt
control himself, he saw only one thing when
he was trading and it blinded him
(11:56 am) Qwert :How to Trade in Stocks :
The Livermore Formula for Combining Time
Element and Price (Revised Ed)Jesse L.
LivermorePublished by Traders Press, 2001
(11:56 am) Mitch King:yeah thats it
(11:56 am) Qwert :Is that the book?
(11:56 am) Mitch King:the highest odds
trading is shorting the tops in a downtrend
and buying dips in an uptrend. that in
itself is a great living in trading
(12:11 pm) Mitch King:my hunch is market
indexes will have some selling pressure next
few weeks
(12:26 pm) JoeyTSA :thanks
Mitch,Qwert,traders…enjoy the day, see you
tomorrow
(12:55 pm) Mitch King:see you guys tomorrow,
more volatile trading tthis whole week
|
Web Special
