(05:28 am) JoeyTSA :levels /ES 190-1907;/NQ
3687-3695;/CL 104.00-104.40
(05:44 am)
JoeyTSA :gap up: BCRX,HSH,AAPL,SAP
(05:45
am) JoeyTSA :gap down: DRTX,PF,AZN
(06:05
am) Mitch King:5/27/2014 6:04:11 AM
*(US) MAR FHFA HOUSE PRICE INDEX M/M: 0.7% V
0.5%E; Q/Q: 1.3% V 1.3%E- Prior MoM revised
XXX from 0.6% to % – Prior QoQ revised XXX
from 1.2% to % – Source
TradeTheNews.com
(06:11 am) Mitch
King:Premarket UP: BCRX, HSH, ARO,
NWBO, NADL, VRNG, ODP, PPC, KNDI, GTAT, NBG,
DDD, AAPL, Premarket DOWN: TVIX, PF,
DRTX, JKS, EONC, LIVE, AZN, Also
WATCHING: PPC, AZO, SPLS, HD, ICE, JWN,
INTU, BAC, GM, PFE, AMGN
(06:17 am) Mitch
King:27 May 03:20 [BCRX] Announces Positive
Results From OPuS-1, a Phase 2 Trial of
BCX4161 for the Prophylactic Treatment of
Hereditary Angioedema – Source
TradeTheNews.com
(06:30 am) Mitch
King:watching ENBL
(06:30 am) Mitch
King:watching CPHD
(06:30 am) Qwert
:watching
&nb;
sp; CAVM
(06:31 am) Mitch
King:watching PCAR
(06:32 am) Mitch
King:watching JKS for top to short, no
hurry
(06:32 am) JoeyTSA :watching
FB
(06:32 am) Mitch King:watching ENOC for
top to short
(06:32 am) Mitch
King:watching ISIS for uptrend
(06:33 am)
Mitch King:Z trending up
(06:33 am) Mitch
King:watchign DDD for top, big
spread
(06:34 am) Mitch King:watching TRLA
for trades, next one a short on top
(06:34
am) Mitch King:monitoring RXN
(06:35 am)
Mitch King:PCAR strong
(06:35 am) Mitch
King:watching TIF
(06:35 am) Mitch
King:watchign AMT for short
(06:35
am) JoeyTSA :eye on NFLX $400, LNKD
$160
(06:36 am) Mitch King:watching
EXC
(06:36 am) Mitch King:watching NAV for
top to short, no hurry
(06:37 am) Mitch
King:watching PTCT for short
(06:38 am)
Mitch King:DATA trending up
(06:39 am)
Mitch King:watching ENOC closer
(06:39 am)
Mitch King:OPEN trending up, watching for top
to short though
(06:40 am) Mitch
King:watching BCEI for quick bounce
(06:40
am) Mitch King:microtrade on CAR
(06:40
am) Mitch King:watching CAR
(06:41 am)
Mitch King:expecting more downside on BCRX,
still shortable
(06:41 am) Qwert :Watching
AAL
(06:41 am) Mitch King:watching GMCR
for top to short
(06:42 am) Mitch
King:watching BAS
(06:42 am) Mitch
King:watching SYNA for top to short, take
time
(06:42 am) Mitch King:JAZZ
strong
(06:43 am) Mitch King:IRBT trending
up
(06:43 am) Mitch King:watching
SYNA
(06:44 am) Mitch King:watching AKRX
for trades, first one short on this
top
(06:45 am) JoeyTSA :putting KORS on
radar
(06:45 am) Mitch King:watching
N
(06:46 am) Mitch King:TRIP new
high
(06:46 am) Mitch King:watching RGLD
for bottom to buy
(06:47 am) Qwert
:monitoring FE
(06:47 am) Mitch
King:watching PCYC for short on top of this
bounce, may take a while, no hurry
(06:52
am) JoeyTSA :tighten FB if long
(06:54 am)
Mitch King:watching EXP for short
(06:54
am) Qwert :monitoring DRTX
(06:56 am)
JoeyTSA :eye on /ES 1907
(06:57 am) Mitch
King:BCRX under 10, watching for small
bounce, then another short
(06:59 am)
Mitch King:watchign YY for bottom to
buy
(06:59 am) Mitch King:5/27/2014
6:59:10 AM *(US) MAY RICHMOND FED
MANUFACTURING INDEX: 7 V 5E- Shipments: ## v
+6 prior – Volume of new orders: ## v +10
prior – Order backlog: ## v -9 prior – Number
of employees: ## v +4 prior – Wages: ## v +6
prior – Source TradeTheNews.com
(07:00 am)
Mitch King:5/27/2014 7:00:04 AM *(US)
MAY CONSUMER CONFIDENCE: 83 V 83.0E-
Expectations index: 84.9 prior (revised from
84.9) – Present situation index: 78.3 prior
(revised from 78.3) – Those saying jobs are
“plentiful”: % v 12.9% prior (revised from
12.9% prior) – Those saying jobs are “hard to
get”: % v 32.5% prior (revised from 32.5%
prior) – Source TradeTheNews.com
(07:10
am) Qwert :monitoring SALE
(07:22 am)
Mitch King:CAVM, MOVE new high
(07:24 am)
Mitch King:watching BITA,
monitoring
(08:43 am) Mitch King:TOUR
short idea
(10:09 am) Murano :monitoring
THRM
(10:23 am) Qwert :monitoring
gtat
(12:07 pm) Mitch King:5/27/2014
11:50:15 AM Teva Pharmaceutical Industries
Ltd Receivess Favorable European Patent
Office Ruling i – Source
TradeTheNews.com
(11:51 am) Qwert :TEVA
spike
(12:07 pm) Mitch King:that came out
at 1150am pt
| (05:26 am) JoeyTSA :Good morning Qwert,
traders
(05:27 am) JoeyTSA :flash services
@ 6:45, cb consumr confidence and
richmondmanu @ 7pdt
(05:43 am) Qwert :Good
morning Joey, Murano, everyone
(05:43 am)
JoeyTSA :hey Murano, i see yuo guys have some
big storms in your area
(05:49 am) Murano
:storming right nos
(05:49 am) Murano
:now
(05:49 am) JoeyTSA :yeah, saw lots of
“red” heading your way
(05:51 am) Murano
:got back to the house just before the rain
last night
(05:51 am) JoeyTSA :hopefully
it wont mess with your internet
today
(05:53 am) Murano :the major part of
the storm looks to be about 5 minutes away
looking at the internet pictures
(05:54
am) JoeyTSA :oh ok
(05:54 am) Qwert
:Murano I forget where are you at?
(05:55
am) JoeyTSA :houston
(05:55 am) Qwert :ah
thanks
(05:58 am) skydiver :gm all –
PPC proposes to acquire HSH for $45 per share
in all cash deal
(06:17 am) skydiver
:BCRX – BioCryst announces positive results
from OPuS-1, a trial of BCX4161
(06:18 am)
JoeyTSA :/CL lot $104
(06:18 am) JoeyTSA
:lost
(06:29 am) skydiver :Here we
go
(06:35 am) Murano :internet back
on
(06:36 am) JoeyTSA :eye on TSLA if it
hits $210
(06:52 am) Qwert :there it goes
joey
(06:53 am) JoeyTSA ::)
(06:53 am)
JoeyTSA :it jumped, i didnt do an early entry
on TSLA
(06:53 am) JoeyTSA :see if $210
holdson retest
(06:57 am) JoeyTSA :AAPL
pushing tru $620
(06:57 am) JoeyTSA
:through
(06:59 am) JoeyTSA :thx
Mitch
(07:02 am) harlen444 :mitch i
went long on bcrx at 10.75 as you didnt
indicate short
(07:06 am) Qwert
:Harlen both the posts Mitch made on BCRX
were for short, one at 6:41 and then again at
6:57
(07:11 am) Mitch King:hi harlen,
thats a big drawdown to take on a short, 7%.
i like to see what trend is and stay with
that as much as possible, except for quick
countertrend trades like YY
(07:12 am)
Mitch King:if you take a trade against the
trend, you have to be flexible to quick and
nimble and get back on the trend after that
quick trade
(07:13 am) Mitch King:when a
stock like YY drops from 65 to 60.50 like
this morning, a long is a quicker small trade
and after selling that long i look for a
short to resume that downtrend it has been
on
(07:13 am) Mitch King:TRLA is same
thing too
(07:15 am) Mitch King:see how
BCRX bounce has ran into trouble last 12-15
minutes? i like to sell any long when
it struggles like this,cant stay above 10.25
easily
(07:17 am) Mitch King:the biggest
profits are on the short side of YY, and
longs are about 1/3rd to 1/4th as much
shorts. so when you see whatever side a
stock is giving the most profits is the side
you want to be on, general rule that keeps
you on the right side of trade
(07:18 am)
Mitch King:guy on tv was jetblue founder,
went to Brazil
(07:18 am) Mitch King:Azul
means blue doesnt it? he founded
Jetblue and sold out
(07:20 am) Mitch
King:ok now Harlen, or anyone, see YY how it
bounced and then has turned over? i had
a small long then shorted that top when it
started turning over. there is plenty
of time to make that decision and not be that
late.
(07:21 am) Mitch King:generally, its
better to be on the late side of a trade, so
in my mind, i know i have plenty of time to
make that decision as i mentioned earlier
about a short on YY to watch for the stock to
resume its trend
(07:22 am) Qwert :thx
Mitch
(07:22 am) Mitch King:TRLA is a lot
more bullish of a stock as you can see on the
daily chart as well; its pattern the last
week on day trading chart, 1 min, has also
been very bullish stock
(07:22 am) Mitch
King:so the YY short is over now,
(07:24
am) Mitch King:ok so now on YY, i am done
with it, i might put it on chart, not high
priority to watch anymore, its given me a
couple trades, its worth watching
(07:25
am) Murano :VRX trying to find
bottom
(07:25 am) Qwert :Beautiful money
trade on /CL
(07:26 am) Mitch King:now the
VRX chart is clearly a downtrend, from the
very first trade
(07:27 am) Mitch King:any
long trade must be approached from the
beginning of a small trade, what is called a
countertrend trade. you have to expect
that a bounce will fail quickly and
resume its downtrend. until after some
point it has gone down so much it gets buyers
that outweight the sellers. After a
bigger drop like it has had, many sellers are
“exhausted” so the balance of power will
shift to buyers. that depends upon the
news and what the stock has been doing over a
longer period of time as well
(07:30 am)
Mitch King:BITA has been strong for three
days, a breakout on the daily chart.
For whatever reason that exists, people are
buying much more than selling and this
pattern can continue until, the same concept
as i described above, the balance shifts
toward sellers as buyers get “exhausted” and
sllers step in. its like a teeter
totter at the playground when they existed
many years ago.
(07:32 am) Mitch King:ok
now explaining now VRX is acting, you can
expect this bounce will get some selling, i
like to sell any long while there is still
some momentum left on the upside instead of
chasing a bad price as it goes down, esp
being long on a downtrending stock
(07:34
am) Mitch King:now i post a lot of stocks,
cant trade them all. i like to find
stock ideas because i know they will dry up
quickly, probably within 30 min of
opening. if you trade just one stock
correctly, anything that is moving like what
Murnao posted on VRX, you can make a great
living. 3 trades on VRX is a good day
in itself. an initial long on first
bottom, sell long for small profit, it turns
over and proves a long is not continuing.
then short, which had $2 profit over next 40
minutes, a small long again and thats
actually a decent day. after you get
proficient you can manage 2 or even 3 stocks
of thsoe at a time, and ignore all the other
posts that we give as ideas
(07:35 am)
Mitch King:this pattern repeats over and
over, and has since i’ve traded full time
since feb 1993
(07:36 am) skydiver
:thanks Mitch — great lesson 🙂
(07:37
am) Mitch King:when a stock drops early
from opening or soon after, my general rule,
very general, is that it continues down for
quite a while. on down days in the
market, most everything has been selling,
negative headlines, bad earnings, bad
economic data, surprised the market, you can
be short for 2-3 hours and i tend to ignore
any bounces because the sentiment has changed
or is overwhelmingly negative. its not
negative today but im talking about those
really negative days.
(07:38 am) Mitch
King:ok back to VRX, its selling for 3 red
candles, 1 min chart. its telling you
1) the long trade is over 2) a short is
likely to resume
(07:39 am) Mitch King:if
you started to short after the first 2 red
candles in the last 3-4 minutes, you start
with a smaller position size and not commit
all your position size at once, unless you
are only trading $8,000 position size for
example, its hard to get any advantage by
breaking that up in 2 or 3 orders
(07:39
am) Mitch King:lets talk about BCRX
again
(07:40 am) Mitch King:this is a 2
min chart on projector and it went from $9 to
11.50 during premarket on news of some phase
2 data. did you notice the market this
last week or two, months actually.
biotechs are hot again
(07:40 am) Mitch
King:what was the hot one last week? anyone
remember
(07:40 am) Mitch King:was big
mover on Friday or thursday
(07:41 am)
Qwert :i cant remember
(07:41 am) Mitch
King:PTCT
(07:41 am) Mitch King:premarket
went from 15 to $40,
(07:42 am) Mitch
King:ok so here is a 2 min chart.
headlines were PTCT reports positive Atluren
Phase 3 trial results
(07:44 am) Mitch
King:what has the market been doing for
months? it has responded to biotech
stocks, look at btk-x index, very volatile,
favorite sector to trade. it has been
this way for many many years, on and
off, goes in cycles but biotech has
been a favorite sector for traders from last
2 decades, really popular right now. so
you should know that is happening
(07:44
am) Mitch King:this is what you write notes
on after market
(07:44 am) Mitch
King:night time, sort of like memo for next
day and week, biotechs are popular trading,
both long and short, not one-sided
(07:45
am) Mitch King:so this PTCT, common sense, at
first glance, my thoughts were “hhmmm, 15 to
$40, interesting short”
(07:46 am) Mitch
King:so you should say to your self, it has
been going down premarket, dropped $14 during
premarket, that should tell you something,
common sense: it probably will continue
its downtrend
(07:47 am) Mitch King:so you
look for evidence either way, with a logical
bias that odds are it drops more.
(07:47
am) Qwert :new low on VRX
(07:52 am) Mitch
King:now on the lower left chart on projector
with BCRX, you can see from 700am area, it
hard a hard time going above the red and
black dashed lines, which are 200 sma and 200
ema movign averages. it has also made
new low of days since i started writing about
trading.
(07:53 am) Mitch King:so evidence
came in that the downtrend is still not over
and all this evidence is like road signs
while driving, traffic lights, stop signs,
etc.
(07:54 am) Mitch King:if you ignore
all these signs and lights, eventually you
are going to get into an accident, if you
drive long enough
(07:55 am) Qwert :i have
been in quite a few accidents
🙂
(07:55 am) skydiver :too funny
qwert 🙂
(07:55 am) Mitch King:lets go
back to BITA, what is one thought you should
or may have now looking at BITA?
anyone, answer
(07:56 am) Mitch King:my
thought “is it going to have a double
top?”
(07:56 am) Qwert :possible double
top there
(07:56 am) Mitch
King:right
(07:57 am) Mitch King:i put the
daily chart on background chart. it
tells me it has rebounded from $7.25 area to
now $11 this morning
(07:58 am) Mitch
King:it has been rebounding up from $7 to $9
before todays jump, so we know it has been
strong right? getting higher highs on
daily chart, so the odds are being on the
long side is better in the last week or more
right? write that down on your trading
diary, make notes of stocks. if you are
going ot trade full time, you have to be as
professinoal as you would having a job, a
career. that time you put in, pays off
a lot
(08:00 am) Mitch King:i write
symbols with a few notes, such as STAY ON
LONG SIDE. or watch for spike to short
early, whatever it is. this is what we
get paid for. the more I “wing it” the
more problems i have during
trading.
(08:01 am) Mitch King:sorry had
wrong background chart, didnt match lower
left chart
(08:01 am) skydiver
:Thanks Mitch for awesome lesson calls
etc. My time is up unfortunately —
copying chat history — see you all later
🙂
(08:02 am) Murano :see you
sky
(08:02 am) skydiver
::)
(08:02 am) Qwert :cya sky
(08:04
am) Mitch King:headlines that Foxxconn to
begin building apple 4.7 inch iphone 6
production in July, 5.5″ models coming out in
few months later
(08:17 am) Murano
:monitoring NFLX
(08:37 am) JoeyTSA :JAZZ
strong today
(08:37 am) JoeyTSA :eye on
/CL $104.20 level
(08:42 am) Qwert :back i
a few gonna eat breakfast
(08:44 am) Mitch
King:TOUR ipo 2 weeks ago, might be hard to
find shares to short
(08:46 am) JoeyTSA
:enjoy Qwert
(08:46 am) JoeyTSA :nice move
on TOUR
(08:51 am) JoeyTSA :TOUR on the T
list at lightspeed
(09:02 am)
regatta :watching low priced
HIMX
(09:10 am) Murano :reduce NFLX if
long
(09:13 am) Murano :are you short HIMX
regatta?
(09:14 am) regatta :no, was
just watching for possible bounce
(09:15
am) regatta :wish i had it
short
(09:15 am) Murano :interesting
around 7.15/7.20
(10:29 am) JoeyTSA
:really quiet
(10:32 am) Qwert
:Zzzzzzzzzzz
(10:32 am) JoeyTSA
:yep
(10:33 am) JoeyTSA :only10:30 and ts
already 95 outside
(10:48 am) Qwert :u
have a pool Joey?
(10:49 am) JoeyTSA :i
used to, got rid of it about 10yrs
ago
(10:49 am) JoeyTSA :was too hot to go
out and swim actually
(10:49 am) Qwert
:Would think it would be nice to have there
at times
(10:49 am) JoeyTSA :we do have a
community pool here though
(10:49 am)
JoeyTSA :pools are a pain in the butt to take
care of
(10:50 am) Qwert :when its to hot
to swim its just too hot period
(10:50 am)
JoeyTSA :and now, i only swim in salt water
pools
(10:50 am) Qwert :I know I have
one
(10:50 am) JoeyTSA :so i dont swim
much
(10:50 am) Qwert :We had a salt water
pool, much nicer than the standard
chlorine
(10:51 am) JoeyTSA :yeah, got rid
of my jacuzzi also
(11:42 am) JoeyTSA
:Thanks Mitch,Murano,Qwert, calling it a day,
enjy the rest of the aftenoon
(12:46 pm)
Murano :done for the day, see you
tomorrow
(12:46 pm) Mitch King:thanks
murano
(12:58 pm) Qwert :Bye everyone have
a great night
(12:59 pm) Mitch King:LATER
GUYS, see you tomorrow
|
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