[06:19 am] Brent : good morning
[06:20 am] Mitch K: Hi guys and gals.
European markets accelerated to the downside
so far and it looks like a climax is starting
to develop. The comment I made yesterday
that long bounces should be strong today
after an initial drop won’t be as valid today
yet because it looks like the market is still
pricing in for a big fallout soon. The
overnight lending rates bank to bank is
spiking and the first casualty of a bank
failure in Europe looks like it is focused
around Dexia. So the credit crunch is
clearly starting the same way ours did in
September 2008 with Lehman and Bear Stearns.
My guess is stocks dropping early this
morning will have a bigger and longer time
frame of falling prices than normal. But as
always, trade what you see, not what you
expect.
[06:25 am] Kris : good morning traders
[06:26 am] Kris : BMY, MCP, UBS, HGSI and XRX
on the long side.
[06:26 am] Kris : Today I’m watching BC, BP,
CRL, DHR, FFIV, TIBX and YOKU to the short
side
[06:30 am] Kris : AGNC short
[06:31 am] Kris : SODA long half
[06:32 am] Kris : out half AGNC short
[06:33 am] Kris : KSS long half
[06:34 am] Kris : OVTI long half
[06:35 am] Kris : SOHU long half
[06:36 am] Kris : NFLX long half
[06:36 am] Kris : out half OVTI long
[06:37 am] Kris : SPY trying for new
hod[06:39 am] Brent : watching WPRT for a
bounce
[06:40 am] Kris : out half KSS long
[06:41 am] Kris : looking for new hod in
NFLX
[06:42 am] Kris : TEVA short half
[06:43 am] Kris : IMAX short half
[06:43 am] Mitch K: looking for quick bounce
in LVS soon
[06:45 am] Kris : KMP short half
[06:46 am] Kris : SNDK short half
[06:48 am] Mitch K: consider selling that
quick LVS bounce long
[06:51 am] Kris : SPY new lod[06:52 am] Kris
: more sellers coming in here
[06:52 am] Kris : out another 1/4 OVTI
long
[06:55 am] Kris : out half KMP short
[06:56 am] Kris : out half IMAX short
[06:56 am] Kris : sellers still winning the
battle
[06:56 am] Kris : starting to watch TNA
[06:58 am] Kris : watching RRC for a long
[06:59 am] Kris : YUM long half
[07:00 am] Kris : coming into resistance
area
[07:00 am] Kris : if you got TNA long, look
to take some profit and bump up your stop
here in this area.
[07:01 am] Kris : SPY coming down to test the
lows
[07:01 am] Mitch K: Bernanke: Sluggish job
growth ahead. just released, caused
reversal
[07:03 am] Kris : sorry
[07:03 am] Kris : SRTY
[07:03 am] Kris : STRY long over 31.66
[07:03 am] Mitch K: watching for bounce in
AIG
[07:04 am] Kris : SNDK new lows
[07:04 am] Kris : TEVA still has fleas
[07:05 am] Kris : borderline
[07:05 am] Kris : KMP looking like a 3min
fade long
[07:05 am] Kris : out all KMP
[07:06 am] Kris : retailers strong against
the market
[07:06 am] Kris : RIMM coming into support
areas, start to look for profits and move
your stop if you’re still short.
[07:06 am] Mitch K: watching for bottom in
IOC,
[07:06 am] Mitch K: watching for bounce in
MON
[07:08 am] Kris : AKAM long half
[07:08 am] Kris : NVLS long half
[07:09 am] Kris : NTAP long half
[07:09 am] Mitch K: AIG bounce weak,
closing
[07:10 am] Kris : CREE long half
[07:10 am] Mitch K: watching ARO for
shortable top
[07:11 am] Kris : see if we can test hod in
SPY
[07:11 am] Kris : still seeing buyers hanging
in there
[07:12 am] Kris : NIHD long half
[07:12 am] Kris : set an alert on SPY at
107.50
[07:13 am] Kris : doji and skydiver should
team up. doji enters and skydiver manages
[07:13 am] Mitch K: consider selling MON
[07:14 am] Kris : OVTI making new highs,
anyone still long OVTI?
[07:15 am] Mitch K: Bernanke live on tv[07:15
am] Mitch K: expect gyrations in market
[07:16 am] Kris : getting more green coming
across the board, watch that trendline
resistance.
[07:17 am] Kris : out half AKAM long
[07:17 am] Kris : out half NTAP long
[07:18 am] Kris : out half CREE long
[07:18 am] Kris : out half NVLS long
[07:18 am] Kris : SPY holding up so far
[07:22 am] Mitch K: ARO is a trade that
should give repeated trades, mostly on the
short side
[07:28 am] Kris : SPY trying to bottom here
at support.
[07:30 am] Kris : I’m watching AMX, PBR, JEF,
AMED, SPLS and IGT for possible shorts if we
break lod in SPY
[07:31 am] Kris : buyers coming back here
[07:31 am] Kris : higher low in the SPY, see
if we can get another test of hod[07:34 am]
Mitch K: PCAR 2nd helping short
[07:36 am] Kris : AKAM new highs
[07:38 am] Mitch K: consider covering LULU
[07:39 am] Kris : watching ERTS, SIG, SWKS
and FNSR as possible longs if we break hod in
SPY
[07:39 am] Mitch K: consider cancelling 2nd
helping short on ARO, or covering, likely to
go higher
[07:39 am] Mitch K: getting some buying here.
probably get more after Congressional
hearings over with Bernanke
[07:40 am] Mitch K: cancel or close PCAR 2nd
helping short
[07:41 am] Kris : SPY about to test hod
resistance
[07:54 am] Kris : out all AKAM long
[07:55 am] Kris : out all CREE long
[07:55 am] Kris : yes, I was long doji[08:01
am] Kris : SPY resistance becoming support,
see if it can hold the low side of the
consolidation here.
[08:06 am] Kris : holding trendline
support
[08:06 am] Kris : TNA about to break new
hod[08:07 am] Mitch K: LONG SWING TRADES:
WYNN and LVS are excellent long swing trade
ideas that are giving buy signals today
[08:08 am] Mitch K: estimated hold time for
WYNN and LVS is 1-2 weeks
[08:16 am] Kris : no short fade on that
anthonyb[08:16 am] Kris : see that trendline,
too many support levels and the market is in
an uptrend.
[08:17 am] Kris : not a bad spot to close it
anthony, nice trade.
[08:17 am] Kris : that’s the way to do it.
textbook.
[08:19 am] Mitch K: two other LONG SWING
ideas: FMCN, BIDU
[08:38 am] Mitch K: looking for a bounce on
the indexes, will affect many larger popular
stocks
[08:59 am] Kris : this FMCN nice
consolidation
[09:03 am] Kris : yes qwert[09:03 am] Mitch
K: high of day on Nasdaq Composite
[09:04 am] Mitch K: new highs on SP 500
[09:16 am] Mitch K: CSE alert
[09:17 am] Mitch K: CSE halted
[09:40 am] Mitch K: looking for higher highs
on indexes
[10:00 am] Mitch K: it looks like we are
getting an important buy signal that many
stocks are moving up off the previous lows of
August 8th-9th. It seems odd that we are
getting a rebound with the Greece situation
still quite negative but this could also just
be backing and filling as well as a boost
from Bernanke hearings
[10:31 am] Brent : SFLY alert
[10:35 am] Brent : good one shark on AM
[10:42 am] Mitch K: on the announcement that
iPad ap greeting cards are sent digitally, at
much lower cost
[10:42 am] Mitch K: watching AM, American
Greetings fall
[10:51 am] Brent : careful with AM here,
consolidating
[11:54 am] Mitch K: I’d like to go through
those 4 swing trade ideas on a daily chart
here
[11:55 am] Mitch K: FMCN, Focus Media. had a
drop from around $33 to 17 in 2 weeks and
the drop slowed down yesterday, which got my
attention. The reversal today from around
$16 to a high of $20 was very big, 25% price
range but there is more upside to this. At
least a lot of the risk is out of it.
[11:56 am] Mitch K: what these do, as in the
case with this one, FMCN, is they can have a
big pop like this and then pullback, could
even go back under $18 and in the following
days its most common to see it work itself
out and move to higher highs.
[11:57 am] Mitch K: With the lower priced
stocks, or the lower you go in price, the
higher percentage of stop loss you need.
[11:59 am] Mitch K: just a min, one moment
[11:59 am] Mitch K: let me go back to FMCN
for a sec
[12:02 pm] Mitch K: is the stochastics
covered up?
[12:02 pm] Mitch K: so today’s move up on
FMCN helped move the stochastics up, see
that?
[12:04 pm] Mitch K: see that now?
[12:04 pm] Mitch K: the black line, which is
the stochastics %K is hooking up, even if i
change the settings, let me do that
[12:05 pm] Mitch K: oh this is esignal by the
way, you can use any charting, will look the
same
[12:06 pm] Mitch K: and that 10 days uses
more data from another days. 8 is more
sensitive and gives an earlier signal
[12:06 pm] Mitch K: ok, see how the %K
changed and is not hooking upward yet? I
changed the %K from 8 to 10, 10 uses the
previous 10 days, or bars. its days because
I’m on a daily chart setting
[12:07 pm] Mitch K: ok, so let me change that
back to 8,7,6 and see what happens
[12:07 pm] Mitch K: see that?
[12:08 pm] Mitch K: BIDU gave the signal at
that 108-109 level but has pulled back $5 and
the %K isnt quite hooking up yet so the swing
trade long call is a little premature.
[12:10 pm] Mitch K: what you will learn to do
over your career of investing or trading, is
to what extent you are willing to take risk.
if you want less risk, you wait for the
indicators to clearly be pointing up, even if
you wait until a stochastics cross from %K up
through a %D, it reduces your risk but also
reduces your reward. I personally don’t like
to wait for a cross of anything to confirm a
signal
[12:12 pm] Mitch K: Normally, what happens is
we don’t have this much of a pullback but
that was a strong rebound. But there is
nothing “normal” about today’s market
[12:12 pm] Mitch K: same thing with WYNN, we
had the %K pointing up earlier, but it pulled
back from the high of around $118.50 and now
pulled back $8 so the %K returned back to
pointing downward, although at a shallower
angle.
[12:14 pm] Mitch K: Just remember this lesson
as an ongoing usage of the principles I’m
teaching here for future use, well after we
get through this European situation, US
political gridlock,
[12:16 pm] Mitch K: LVS, Las Vegas Sands.
this is the company that owns 6-8 casino
properties, including The Venetian-Palazzo
where we had a 3 day seminar earlier this
spring. This indicator, the stochastics are
still slightly turning up, was pointing up
earlier when LVS was around 38.50 and
higher.
[12:16 pm] Mitch K: Same principle with any
stock, a reversal in price will move the
short term indicators, or oscillators to
point up.
[12:19 pm] Kris : retesting low support
[12:19 pm] Kris : similar chart on AGQ daily
as NFLX was last week.
[12:19 pm] Mitch K: Let’s look at this same
stock here but to your far left back in
March
[12:19 pm] Mitch K: what we are going to do
hopefully in January is give you fully
dedicated swing trade ideas and this little
short lesson is helpful for you to interpret
those long or short alert signals. Just
remember stocks have to “work themselves
out” during the bottoming or topping
process
[12:20 pm] Mitch K: see this here on the left
let me point to the exact bar (candlestick,
sorry) that is similar to today’s move and it
turned the indicators at least flat. There
are really two of them but teh first one I
will point out is similar to today
[12:21 pm] Mitch K: it’s the black one with
no body and all black wick
[12:22 pm] Mitch K: bars = candles in this
case
[12:22 pm] Mitch K: count how many bars over
to the right that gave the stronger, lower
risk signal
[12:22 pm] Mitch K: that moved up the %K just
slightly but the next one i will draw , well
let me ask you which one really turned it
up?
[12:23 pm] Mitch K: 3 to the right, that long
green candle
[12:23 pm] Mitch K: nobody knows answer,
?[12:24 pm] Mitch K: see that 3-21-2011
[12:24 pm] Mitch K: so let’s use a cross hair
to identify this
[12:24 pm] Mitch K: two more over is a red
down candle
[12:25 pm] Mitch K: ok, here is the next sell
signal, which you might suspect will be a red
candle, indicating a down day on a daily
chart right
[12:26 pm] Mitch K: hey look at that, it’s
one candle to the right of the cross of %K
from high to low down through the %D line
using 8 7 6
[12:26 pm] Mitch K: that candle turned the
indicators down, including the moving average
of 5
[12:27 pm] Mitch K: 4-8-2011
[12:27 pm] Mitch K: that’s the cross date,
but the candle I’m talking about is the next
day, one candle to the right
[12:28 pm] Mitch K: and you make the
difference between the buy and sell signal,
which is this distance between the two lines
i will draw now
[12:29 pm] Mitch K: how long did that take?
2-3 weeks to make 15%
[12:29 pm] Mitch K: make sense
[12:30 pm] Mitch K: some of your money can be
used on swings and if you are unfortunate
enough o drop below a day trading account
balance of $25, use this swing trading
technique I’ve just outlined here
[12:32 pm] Mitch K: and as I’ve said here
before to you, it is a trick to adjust your
mindset between day trading and swing
trading. it is a matter of lifestyle that
determines which you will use. there is a
place for both styles. It is very profitable
to be good at both approaches
[12:34 pm] Mitch K: now what your homework
assignment is to do today, yes today,
preferably right after im done is to flip
through many stocks, let’s say 50 or more.
using a daily chart and see how many buy and
sells you can identify with this approach.
Short selling applies as well, let me show
you a short
[12:34 pm] Mitch K: that candle right there
is your signal, a big one too, $2+ drop
[12:35 pm] Mitch K: your mindset should not
be trying to get exact tops and bottoms.
that’s not how this works, in anything in
life.
[12:36 pm] Mitch K: ok, you can wait until
the stochastics is above or below the 80-20
line, but you will find many good trades
using 75-25 reference line, which is the
black horizontal lines
[12:37 pm] Mitch K: the winning rate %
between using an 80-20% reference line or a
75-25% isn’t that big doji[12:38 pm] Mitch K:
accountant
[12:38 pm] Mitch K: try not to get hung up on
too many details, just get this concept down
and your account will be calling you up to
talk about a tax strategy
[12:40 pm] Mitch K: we have stochastics
turning up and we originally had a buy signal
here
[12:41 pm] Mitch K: but when we broke below
125, as i mentioned over a week ago, that was
your stop
[12:41 pm] Mitch K: ideally you want two
indicators to be in your favor at the same
time,
[12:42 pm] Mitch K: hope that helps you
guys
[12:42 pm] Mitch K: you can use stochastics,
moving average or there are many other
indicators you can use in combination. i
think two is enough
[12:44 pm] Mitch K: as well as LVS
[12:44 pm] Mitch K: new high of day with
FMCN
[12:44 pm] Mitch K: WYNN almost high of day
now
[12:45 pm] Mitch K: oh , i got another good
tip for you, sort of follows up on what i
talked about
[12:47 pm] Mitch K: now if you are day
trading a stock that has the beginning of a
move up on a daily chart? Just remember your
odds are much, much better to be scalping on
the long side for day trading. there is
buying pressure in that stock overall, it
says it in the daily chart.
[12:48 pm] Mitch K: it should make you feel
uncomfortable to be shorting a long swing for
very much time. Write it down on your yellow
legal pad LONG SWING trade next to symbol so
you dont forget which side to be on. Since
most of us have attention deficit problems,
including myself
[12:49 pm] Mitch K: good luck and you know
your mission, which you already decided to
accept
[12:56 pm] Mitch K: and now BIDU
[12:56 pm] Mitch K: new high of day with
FMCN, WYNN & LVS
[12:57 pm] Brent : I just uploaded chat with
Mitch’s lesson to documents folder
[12:58 pm] Mitch K: remember that there is a
natural tendency for these stocks posted as a
swing trade, those 4, to return to “neutral”
or what i always say with the analogy as a
bungee cord when someone jumps off a bridge
and it is stretched out, it wants to return
to a natural position, esp when it is hyper
stretched from a big person stretching it
out
[12:59 pm] Mitch K: talk to you guys
tomorrow
[01:00 pm] Brent : have a good night, see you
tomorrow
[01:00 pm] Kris : good night everyone. great
job today. see you all tomorrow morning.
[01:00 pm] Mitch K: later guys
|
[06:18 am] joeytsa : slight gap ups:
SODA,NFLX
[06:19 am] joeytsa : TZA gapping up
[06:19 am] shark : that’s the quintessential
“tell’ that this market has legs to the
downside as we lose the leaders: AMZN, AAPL,
CMG
[06:20 am] joeytsa : gap down:
CAT,GOOD,GMCR
[06:20 am] shark : GMCR great short. huge
PE
[06:20 am] shark : since NFLX “splat”, I
moved into GMCR short
[06:21 am] joeytsa : PCLN down 100 points
since that quad-top
[06:21 am] joeytsa : shark: as swings, i
like shorting high priced, high PE
stocks….
[06:21 am] joeytsa : when markets turn, they
fall out of favor quick usually
[06:22 am] doji : Gap ups MCP, YHOO, FST
[06:22 am] mikewd2 -: MCP discovered a large
source of rare earth material
[06:23 am] doji : Should MCP be dragged by
the market today?
[06:23 am] joeytsa : GS gapping down also
[06:24 am] doji : Gaps Down – HGSI, VHC,
ARUN, MS
[06:33 am] shark : GMCR alert
[06:33 am] shark : GMCR short, nice
[06:35 am] mikewd2 -: SINA
[06:37 am] skydiver : RIMM jumping
[06:37 am] skydiver : up
[06:38 am] junior : LVS
[06:39 am] skydiver : RIMM still climbing
[06:43 am] shark : GMCR new lod[06:45 am]
doji : RIMM S 22.14
[06:45 am] shark : AMAZING that GLD, SLV
down today
[06:47 am] rusty : AGNC radar
[06:48 am] garyb : lvs 36.76
[06:48 am] rusty : NLY radar
[06:50 am] doji : 2nd half RIMM sort 22.4
[06:50 am] garyb : sold lvs 37.03…thanks
Mitch! Quick scalp!
[06:53 am] skydiver : on RIMM
[06:54 am] anthonyb : new lows HON
[06:55 am] doji : All out RIMM, 0.28c
[06:55 am] shark : NFLX pooped out
[06:59 am] skydiver : Factory orders out in
one minute report
[07:00 am] mikewd2 -: factory orders down
0.2%
[07:01 am] garyb : wow……….sweat on my
head! lol..caught that big gap up on
tna..$500 in 1 minute! lol[07:02 am] skydiver
: Come on RIMM – keep coming down
[07:05 am] shark : nice drop RIMM, forgot to
put on its parachute
[07:05 am] skydiver : I totally mis-handled
but RIMM dropping saved me and in the green
now
[07:05 am] skydiver : RIMM Slowly coming
down – frosting on the cake
[07:06 am] doji : Me too Skydiver. I took
time to move down
[07:06 am] skydiver : I was sweating it out
for awhile – shorted it too early, but good
now
[07:06 am] skydiver : Thanks Kris — will
do
[07:07 am] shark : nice skydiver
[07:07 am] skydiver : Shorted RIMM 21.83 –
covered at 21.13
[07:08 am] doji : I had a good entry in RIMM
but closed too early
[07:09 am] mikewd2 -: that was a great pick
doji[07:09 am] shark : TNA at hod[07:09 am]
skydiver : and I did just the opposite doji
– came in too early and hung on and came out
okay
[07:13 am] doji : Good idea!
[07:14 am] skydiver : Okay!
[07:15 am] mikewd2 -: nice call on KMP
[07:16 am] mikewd2 -: in 65.16
[07:17 am] doji : ARO hod[07:17 am] rusty :
VHC hod[07:18 am] mikewd2 -: go TNA go
[07:19 am] doji : Watch out Mike, it could
reverse very quickly on what Bernanke may
say
[07:19 am] mikewd2 -: stop in place with nice
profit locked in
[07:20 am] mikewd2 -: dang all my KMP didn’t
get filled, in only 1/4 position – bummer
[07:27 am] doji : and move my stop below my
entry price
[07:27 am] doji : I’ll take 1/4 ARO here
out
[07:27 am] skydiver : beat me to it – yes
here good spot
[07:28 am] rusty : AA radar for
swingtrade[07:28 am] rusty : no rush but
oversold on daily
[07:29 am] mikewd2 -: could be a good one
rusty
[07:30 am] skydiver : Thanks Kris
[07:31 am] Mitch K: good swing trade idea
Rusty
[07:31 am] skydiver : L WPRT 23.28
[07:32 am] skydiver : out 1/4 of WPRT
23.91
[07:33 am] doji : Stopped ARO last 1/2, good
small profit
[07:33 am] skydiver : Moving stop up
[07:34 am] doji : Same as ARO
[07:34 am] skydiver : all out of WPRT
[07:35 am] skydiver : yes
[07:43 am] doji : SPY hod[07:46 am]
lightning : OVTI alert
[07:50 am] mhaus : OIS
[07:53 am] scalpman : PCAR S 32.95
[07:54 am] doji : That was a long trade
Kris
[07:54 am] scalpman : stop 33.15
[07:56 am] doji : As usual happen, it just
moved up after you closed it!…lol[07:59 am]
candelas : WYNN hod[08:00 am] mikewd2 -:
Bernanke: satisfied what the economy is doing
right now.
[08:01 am] doji : Yes…. that is what
everyone was expecting.. what would it be if
he was not satisfied?
[08:01 am] lightning : mike, in other words,
he has a job.
[08:01 am] rusty : AA hod[08:01 am] scalpman
: first target 32.62 PCAR S
[08:02 am] doji : Why not taking TZA
Scalpman?
[08:02 am] mbear : AU
[08:02 am] scalpman : TNA S @ 28.39
[08:05 am] scalpman : Lower price doji
better percentage
[08:07 am] scalpman : stopped….
[08:07 am] scalpman : TNA
[08:08 am] garyb : I guess Bernanke gave the
market a little boost today
[08:08 am] scalpman : stopped PCAR…too
strong…
[08:11 am] scalpman : L TNA from @ 28.80 out
3/5
[08:12 am] garyb : I just took a small LVS
SWING trade position Mitch…don’t
worry..it’s small! lol[08:12 am] topdogrex
: nflx hod[08:13 am] rusty : VHC new
hod[08:13 am] scalpman : OUt another 1/4 TNA
L
[08:14 am] scalpman : All out TNA L
[08:15 am] scalpman : TNS S @ 29.16
[08:16 am] anthonyb : now out KMP long
[08:16 am] anthonyb : OK I just closed my
long though.
[08:16 am] anthonyb : would any one consider
a 3min fade short on KMP? I’m still holding
1/2 long froom 3min fade long. Thoughts?
Brent?Kris?Mitch?
[08:16 am] rusty : Macau revenue report
boosts WYNN, LVS
[08:17 am] anthonyb : +1.01 on half
[08:17 am] doji : SINA new hod[08:18 am]
anthonyb : 1st 1/2 out at 65.92 2nd out at
66.35
[08:18 am] candelas : nice trade Anthony
[08:19 am] candelas : i bought wynn this am
for swing
[08:19 am] neuronx : LVS turning for 3
min
[08:19 am] scalpman : Out 3/5 TNA S
[08:20 am] candelas : and bidu[08:20 am]
candelas : i learned from the best
[08:20 am] Mitch K: good job candles
[08:20 am] scalpman : Last piece in the
green…TNA S
[08:20 am] scalpman : OUt another 1/5
[08:20 am] scalpman : Trailing stop down
[08:21 am] scalpman : All out TNA S
[08:23 am] doji : What about NFLX Mitch, I
has hold above the 107.63 so far
[08:25 am] anthonyb : ok guys, that’s it for
me. Like every other day, I’m leaving my desk
having learned a little more. Thanks Brent,
Kris, and Mitch. Have a great day everyone
and see you tomorrow
[08:26 am] Mitch K: NFLX looks very weak
still and hasn’t shown much bounce. once
NFLX went below that $125, it was look out
below as i posted last week when NFLX was
around 127-128
[08:27 am] Brent : have a good one anthonyb,
see you tomorrow
[08:29 am] mikewd2 -: TNA still tracking the
trend line
[08:37 am] mikewd2 -: so far for that
comment!
[08:40 am] garyb : lol…watching TNA too
Mike for bounce…starting to look good on 2
min
[08:42 am] doji : TNA L 28.28 [08:41 am]
garyb : yeh doji…I see that on the 3min
[08:42 am] garyb : me too
[08:42 am] scalpman : All out TNA s
[08:43 am] doji : 3min is too slow sorry
[08:43 am] doji : I use 2min Gary; 2min is
too slow for TNA, at least for me
[08:43 am] scalpman : TNA L @ 28.35
[08:44 am] garyb : I switch around
[08:44 am] garyb : I think we caught TNA in
a good spot doji[08:44 am] rusty : BAC
website having trouble again
[08:46 am] doji : Need to break 109.5 in the
SPY first
[08:46 am] scalpman : TNA S out even
[08:47 am] scalpman : bounces have no
gas…lunch time.
[08:50 am] neuronx : Mitch are you long on
FMCN already or waiting for some drop
[08:51 am] doji : out 1/2 TNA
[08:51 am] garyb : already?
[08:52 am] garyb : did you get in Mike?
[08:52 am] mikewd2 -: TNA just starting to
move?
[08:53 am] mikewd2 -: yeah, but at 28.80 at
the trendline – and it broke it.
[08:54 am] doji : Move stop right below
28.5
[08:54 am] garyb : yes…me too
[08:55 am] garyb : 28.49
[08:59 am] doji : stopped in TNA
[09:01 am] qwert : kris you going long on
fmcn on breakout over 19.10
[09:03 am] doji : Gary, we need to work in
our STOP management
[09:04 am] garyb : lol I got stopped and
immediately bought again lol[09:05 am] doji
: Good job GAry[09:06 am] garyb : yeh
doji…..I have a love hate relationship with
stops
[09:07 am] lisas : sold into this move
[09:07 am] lisas : Wow, TNA, pays to stay
away and keep hands off stop.
[09:07 am] mikewd2 -: out 29.80 TNA
[09:07 am] mikewd2 -: TNA is a money maker,
lisas[09:09 am] doji : I always have I stop
just in case in reverse very quickly!
[09:09 am] garyb : geez…if we keep going
up today…might be a good sign for the
market
[09:10 am] lisas : did pick up some of
Mitch’s swing recommendations though.
[09:12 am] doji : TZA L 57.03 [09:12 am]
doji : stop just below of lod[09:12 am]
mikewd2 -: i doubt that, I’ve done terrible
except in TNA last few days
[09:15 am] mikewd2 -: TNA over 30
[09:16 am] doji : TNA today’s winner; TZA
yesterday’s
[09:18 am] doji : now my revenge with
TZA!
[09:18 am] doji : This time I had a very low
stop
[09:19 am] garyb : I hate having to leave
now…maybe I’ll just put my stop at
$29.50
[09:24 am] scalpman : Time to go….a good
day…traded TNA mostly…see all at the
close
[09:25 am] doji : Adding to TZA here
[09:29 am] doji : Average in TZA is 56.78
[09:29 am] doji : out hal TZA
[09:29 am] doji : RUn TZA run
[09:33 am] doji : All out TZA, Long TNA
29.35
[09:33 am] doji : I’ll reverse TZA to TNA at
TZA’s sale signal
[09:34 am] doji : SPY at trend line
[09:37 am] doji : out 1/4 TNA
[09:39 am] junior : doji….you own TNA /
TZA today!!!!
[09:41 am] Brent : nice job doji[09:41 am]
doji : 6 out of 7 today’s; the loser was
just a small loss!
[09:42 am] doji : Thanks Brent, just
following S/R, the potential money and the
overall market’s trend
[09:44 am] doji : I have realized that if I
don’t look at the money, I perform better….
lol[09:48 am] doji : Closed all TNA
[09:48 am] doji : I’ll close TNA if it
doesn’t break the hod[09:49 am] doji : 7 out
0f 8
[09:49 am] doji : And that’s all for me.
Don’t want to overtrade. I know others have
done that before
[10:01 am] joeytsa : thanks Mitch…it does
seem odd, but it’s been kind of strange
anyways
[10:05 am] Kris : qwert did you take that
FMCN trade?
[10:05 am] qwert : yep thank you very
much
[10:06 am] Kris : hit that 20.00 resistance
and broke trendline[10:06 am] Kris : just
following up
[10:07 am] qwert : kris do you know when we
can get the pdf from webinar 6, wanted to
study it this weekend
[10:08 am] Brent : I have it qwert, I’ll
email it out tonight
[10:09 am] qwert : thanks brent, i studied
#5 this past weekend and it really helped
[10:10 am] Brent : there isn’t one for #1
Dan
[10:10 am] dan : brent, I didn’t get pdf for
#1
[10:25 am] Brent : Just sent out that webinar
6 pdf to attendees. You should have it
shortly
[10:26 am] joeytsa : be nice to compare it
with my chicken-scratch notes 🙂
[10:27 am] joeytsa : i took 12 pages of
notes during the web series
[10:28 am] joeytsa : actually got some great
notes during the series..has helped
big-time
[10:28 am] Mitch K: hey joey, you are a very
smart guy, you get the main points, lol!
[10:30 am] lightning : SFLY alert [10:30 am]
joeytsa : adding a few TSA ideas to the
arsenal has opened up a whole new world
[10:32 am] mhaus : SFLY alert
[10:32 am] mikewd2 -: so on SFLY we looking
for a breakout or a scalp
[10:33 am] sonorant : 3 minute fade?
[10:34 am] mhaus : got a scalp short. now
looking for a scalp long
[10:34 am] mikewd2 -: yeah, could be that
[10:34 am] sonorant : I just looked at the
daily and see why you said break out. Kris?
Mitch? Brent?
[10:35 am] mikewd2 -: correct sonorant –
seemed like a break to new lows
[10:35 am] shark : AM alert
[10:35 am] shark : AM and SLFY alert
[10:35 am] shark : SFLY
[10:36 am] mikewd2 -: Brent: could you
comment on how to play these?
[10:37 am] doji : Both are still dropping in
the 3min charts
[10:38 am] shark : news on AM/SFLY – new
iphone app allows users to create greeting
cards on their iOS devices
[10:39 am] doji : So they don’t need
AM/SFLY?
[10:39 am] shark : less needed – AM/SFLY
produce other products -video/books/mugs
w/pics, etc[10:40 am] doji : look at the
3min charts
[10:40 am] shark : still tanking both
AM/SFLY
[10:41 am] dan : SFLY support around 32
[10:41 am] doji : and the SPY is not helping
both
[10:41 am] mikewd2 -: should have shorted
them but wasn’t sure how to play them.
[10:42 am] apple : no need for paper
[10:43 am] mikewd2 -: Apple will stamp it and
mail it for you for $2.99
[10:45 am] doji : SFLY 34.26 3min fade
[10:45 am] mhaus : VPRT
[10:46 am] doji : 34.26 sorry
[10:47 am] doji : move stop above be
[10:47 am] doji : out 1/2 SFLY
[10:48 am] Brent : well played Doji[10:49 am]
junior : thx for SFLY brent!!!!!!!
[10:50 am] shark : great observation
Brent
[10:53 am] doji : 8 out of 9
[10:53 am] doji : all out SFLY at 34.91
[10:54 am] doji : Thanks Brent for SFLY
[10:55 am] mhaus : VRUS
[10:59 am] mikewd2 -: SFLY was a nice 3min
fade
[11:03 am] doji : NFLX lod….
[11:07 am] doji : at 59.12
[11:07 am] doji : I am going to take a small
piece of TZA just in case the market close in
a selloff
[11:10 am] doji : I have been looking at the
SPY trendline and made my trades around it
[11:11 am] shark : AAPl alert
[11:11 am] shark : AAPL alert
[11:11 am] shark : you still got that TZA,
doji?
[11:12 am] doji : closing another 1/4
here
[11:12 am] doji : only 3/4 Shark, close 1/4
in the spike
[11:12 am] rusty : AAPL radar
[11:13 am] doji : I’ll leave my stop below
59.5 (previous support)
[11:13 am] mikewd2 -: market expecting i5 and
i4S
[11:14 am] mhaus : Apple announces Iphone
4S
[11:14 am] mikewd2 -: SFLY still moving
[11:15 am] lisas : moving stop on last of
sfly[11:15 am] mhaus : no mention of Sprint
Iphone yet
[11:16 am] doji : SPY testing trending
line
[11:17 am] doji : out another 1/4 TZA
[11:17 am] mikewd2 -: nice job lisas – i was
too quick on that one
[11:17 am] victor51 : SFLY worked. Thanks
brent and Shark [11:17 am] mikewd2 -: that
second bounce got me
[11:20 am] doji : SPY broke below trendline
support
[11:20 am] mikewd2 -: SFLY is how the 3min
fade is suppose to work
[11:20 am] mikewd2 -: starting to turn on the
3min
[11:21 am] doji : I’ll trail my last 1/4 in
TZA
[11:25 am] mikewd2 -: TNA L 28.07
[11:26 am] mikewd2 -: hoping for 28.90
[11:27 am] doji : aggg missed TNA
[11:27 am] doji : all out TZA 60.58 (trail
stop)…
[11:27 am] garyb : I’d like to see 29. and
change myself
[11:27 am] rusty : OCR radar
[11:28 am] mikewd2 -: AGQ L 101.86
[11:29 am] garyb : nice I mean
[11:29 am] garyb : TNA looks like on 2
min
[11:30 am] doji : Yes Gary
[11:31 am] mikewd2 -: Apple details corporate
deployment of ipads, iphones – this is death
to RIMM
[11:33 am] rusty : high alert
[11:33 am] rusty : OCR lod[11:34 am] lisas
: Thanks shark, rusty for appl, just hit my
profit target
[11:34 am] mikewd2 -: out 1/2 TNA 28.90
[11:35 am] doji : TNA still moving up Mike
in the 2min
[11:35 am] mikewd2 -: took 1/4 at 29
[11:36 am] mikewd2 -: nice one garyb[11:36
am] mikewd2 -: out 29.05
[11:37 am] joeytsa : nice ones mike and gary
!!!
[11:37 am] mikewd2 -: bumped my entry shares
also
[11:37 am] Mitch K: you get OCR long rusty
[11:38 am] mhaus : ITRI
[11:38 am] mikewd2 -: i was stopped Mitch,
went in on first bounce
[11:39 am] garyb : no mike..I had some TNA
before the lunch meeting….I left..came back
there was big red number next to it…I
waited till the right time…bought..average
went way down…and ended up selling with
some profit…got myself out of the loss
[11:39 am] mikewd2 -: OCR was first 3min fade
that didn’t pan out for me today
[11:40 am] mikewd2 -: nice
[11:40 am] mikewd2 -: while playing TNA, my
AGQ profits evaporated.
[11:41 am] doji : AGQ to test 100.0
[11:41 am] garyb : ouch
[11:42 am] mikewd2 -: dang TNA almost back to
entry price
[11:42 am] mikewd2 -: i plan on carrying my
AGQ over anyway
[11:45 am] mikewd2 -: wonder what happened to
iphone 5?
[11:46 am] doji : AGQ testing 100.0
[11:47 am] mikewd2 -: bounced off last
time
[11:49 am] doji : Not sure this time
Rusty
[11:49 am] rusty : MELA radar
[11:50 am] doji : sorry, Mike
[11:50 am] rusty : OCR lod[11:51 am] doji :
Broke 100 AGQ
[11:52 am] doji : resistance at 96.75
[11:52 am] mikewd2 -: yep
[11:53 am] doji : as it did before it hit
96.75
[11:53 am] doji : I won’t take it long Mike,
it could open way lower tomorrow
[11:55 am] garyb : sounds good Mitch!
[11:55 am] shark : awesome, Mitch
[11:55 am] sonorant : I’m here Mitch!
[11:58 am] mikewd2 -: but you wouldn’t enter
the trade until tomorrow Mitch?
[11:58 am] sonorant : So this is from the
perspective of a swing trade?
[11:59 am] doji : Thatt is too much Qwert.
I’d used no more than 5%
[11:59 am] qwert : if you take the trade
long on fmcn the stop should be under
15.74?
[12:00 pm] mhaus : AGQ had an approximate
$73.9 million dollar inflow — that’s a
11.2% increase week over week in outstanding
units (from 5,800,014 to 6,450,014).
[12:00 pm] mikewd2 -: i think your right
qwert need to be below 16
[12:00 pm] mikewd2 -: that sounds positive
mhaus[12:01 pm] mhaus : yep
[12:01 pm] mikewd2 -: back in TNA 28.00
[12:01 pm] qwert : im not sure on the stop
on fmcn that’s why I’m asking
[12:02 pm] mikewd2 -: 28.05 sorry
[12:03 pm] mikewd2 -: there you go
[12:04 pm] frmendez67 : yes
[12:04 pm] hawaii : yes
[12:04 pm] joeytsa : yes
[12:04 pm] lisas : y
[12:04 pm] mikewd2 -: yes
[12:04 pm] qwert : yep
[12:04 pm] sonorant : good
[12:06 pm] doji : AGQ breaking down
[12:06 pm] qwert : okay
[12:07 pm] lisas : y
[12:07 pm] qwert : apple tanking
[12:08 pm] mikewd2 -: yes Mitch
[12:08 pm] qwert : yes sir
[12:09 pm] sonorant : That’s useful in terms
of seeing how it shifts as the price
adjusts.
[12:11 pm] qwert : apple parabolic
[12:14 pm] mikewd2 -: thanks Mitch
[12:14 pm] mikewd2 -: trying again on TNA L
27.5
[12:15 pm] joeytsa : great lesson Mitch
!!!
[12:16 pm] mikewd2 -: doji – this is also why
i like AGQ its also hooking and has crossed
on stochastics[12:16 pm] mikewd2 -: on the
daily
[12:17 pm] qwert : mitch can you comment on
stop for fmcn[12:18 pm] doji : In the Daily
the stochastics is trending down Mike =
AGQ
[12:19 pm] mikewd2 -: mine is set as per
Mitch
[12:19 pm] mikewd2 -: on my 100 day its
crossed and hooking up slightly
[12:19 pm] mikewd2 -: that would be great
Mitch, look forward to it
[12:19 pm] sonorant : I think it depends on
your stochastic settings — very tweaky right
as it is turning.
[12:22 pm] mikewd2 -: push TNA push
[12:23 pm] joeytsa : but I’m more
conservative
[12:23 pm] joeytsa : my buy would have
probably been the green bar that broke
through the 5ma
[12:23 pm] joeytsa : yeah me !!!
[12:23 pm] junior : gooooooo tna[12:23 pm]
mikewd2 -: for the cross over
[12:23 pm] mikewd2 -: two more Mitch
[12:23 pm] neuronx : 4
[12:24 pm] doji : yes %k crosses above %D
right at the green candle
[12:24 pm] doji : yes 3 before the green
one
[12:24 pm] mikewd2 -: out half 28.40
[12:24 pm] mikewd2 -: TNA still trading on
the trend lines for buy and sells
[12:24 pm] mikewd2 -: yes the 3rd
[12:24 pm] qwert : y
[12:25 pm] kent : yes
[12:25 pm] mikewd2 -: yes, Mitch
[12:26 pm] junior : out some more TNA
[12:27 pm] mikewd2 -: out last half 28.95
[12:28 pm] dan : Mking, may I ask you a
question?
[12:28 pm] doji : Mike now AGQ stochastics
in the daily is pointing up
[12:28 pm] junior : nice spike
[12:28 pm] junior : out all tna[12:28 pm]
mikewd2 -: broke the trend line on this
run
[12:29 pm] doji : Are taking it long as
swing Mike?
[12:29 pm] doji : I am looking at the daily
YTD Mike
[12:29 pm] kent : yes
[12:29 pm] lisas : y
[12:29 pm] mikewd2 -: and added to it at
97.5
[12:29 pm] mikewd2 -: are you looking at the
100day?
[12:29 pm] mikewd2 -: on the second little
pullback
[12:29 pm] mikewd2 -: yes
[12:29 pm] qwert : y
[12:30 pm] doji : Good job Mike, hope the
market don’t get crazy tomorrow
[12:30 pm] mikewd2 -: that’s nice profit
Mitch
[12:30 pm] sonorant : it’s good money
[12:31 pm] mikewd2 -: so Mitch, if your day
trade is 20K per trade, how much do you
recommend on each swing?
[12:32 pm] lightning : watching OVTI for
possible short
[12:33 pm] doji : I’ll take AGQ in a pull
back, preferably above 100
[12:33 pm] mikewd2 -: TNA running nicely
[12:35 pm] doji : But the drop is below the
80% in the stochastcis Mitch
[12:35 pm] mhaus : Mitch, does this go for
ETFs too or are ETFs different??
[12:37 pm] doji : NFLX – daily stochastics
have been pointing up since the stock hit its
low at 107.63
[12:37 pm] mhaus : 75-25 is true for any
stocks, ETFs or not
[12:37 pm] storage : Mitch on the next top
same candle?
[12:38 pm] doji : NFLX Mitch daily
stochastics[12:38 pm] lisas : with this push
up, on my platform, bidu is turning up
[12:38 pm] mikewd2 -: garyb, did you catch
that nice ride on TNA?
[12:39 pm] mhaus : 3 green bars
[12:39 pm] mhaus : Lisas, BIDU showed a buy
at 105.47
[12:39 pm] mikewd2 -: out AGQ 102.00 – still
have another half
[12:40 pm] doji : I thought you were taking
AGQ home Miki
[12:40 pm] lisas : I was looking at daily.
Good intraday scalp for sure
[12:40 pm] lisas : mhause, are you looking
at intraday or daily?
[12:40 pm] mhaus : 3 min
[12:40 pm] mhaus : switching to daily
[12:40 pm] mhaus : that too is showing the
3rd bar
[12:40 pm] mikewd2 -: i sold off the 101.86 –
for min gain and averaged down to 97.50
[12:41 pm] doji : Yes at 127
[12:41 pm] lisas : I picked up small swing
position earlier, was hoping to see a strong
finish
[12:41 pm] lisas : or might close before end
of day
[12:41 pm] mikewd2 -: yeah that turn up cost
me a couple k
[12:42 pm] doji : stochastics and volume?
[12:42 pm] mikewd2 -: and stochastics are
down
[12:42 pm] mikewd2 -: it does Mitch, thanks
for your help
[12:42 pm] mikewd2 -: now i wonder why i went
in????[12:42 pm] neuronx : but 5 MA was not
pointing up
[12:42 pm] topdogrex : thanks mitch[12:43
pm] hawaii : thanks Mitch
[12:43 pm] lisas : shark, that’s
impressive
[12:43 pm] mikewd2 -: TNA back over 30
[12:43 pm] neuronx : tks[12:44 pm] lisas :
Big help Mitch, sometimes I wondered why you
picked your swings in newsletter. Also having
same chart setting from webinar helps
[12:44 pm] lisas : of course, that was the
one swing I didn’t buy, lol[12:44 pm] lisas
: oh good, did get lvds[12:44 pm] mikewd2 -:
its all of us jumping on those swings!!!
lol[12:45 pm] sonorant : thanks Mitch —
good to understand what you are looking
at
[12:47 pm] mhaus : SFLY is back in 40s
[12:49 pm] lisas : Thanks Mitch
[12:49 pm] rusty : thanks Mitch
[12:50 pm] neuronx : A lot of stuff that we
know bun not follow it & That all becomes
from experience right Mitch
[12:50 pm] qwert : thanks mitch[12:51 pm]
garyb : Yeh Mike…..I was in that
[12:51 pm] mikewd2 -: what a bounce back in
TNA
[12:52 pm] garyb : I got out…then bought
in again and took another ride with a smaller
position
[12:52 pm] mikewd2 -: AGQ working out nice
also
[12:52 pm] mikewd2 -: i got out a bit
early
[12:53 pm] garyb : Mitch could you output
this conversation in a PDF so we can download
and learn
[12:53 pm] mikewd2 -: i sold off my 101.86
stock, and still hold 97.50 entry
[12:53 pm] mikewd2 -: not sure why it sold
off during Mitch’s talk but glad it did
opportunity!!!
[12:54 pm] garyb : Thank you!
[12:54 pm] mhaus : Garyb, you can right
click and select Copy All Chat
[12:54 pm] Mitch K: ok, let me try that right
now
[12:55 pm] garyb : Mine is all greyed out
[12:55 pm] Mitch K: right click in the gray
vertical bar to copy guys and save in Wordpad
or Microsoft word.
[12:56 pm] candelas : hod WYNN LVS
[12:57 pm] lisas : 🙂
[12:58 pm] lisas : There was a EU report
[12:58 pm] shark : anyone know what’s moving
the market?
[12:58 pm] terry : eu is looking better
[12:59 pm] candelas : have a great night
Mitch,Kris,Brent,Traders[01:00 pm] garyb :
Thank you Mitch!
[01:00 pm] lisas : Thanks Mitch, Brent, Kris
and all!
[01:01 pm] bullwind : thanks Mitch made
money today
[01:02 pm] doji : My best ever day Mitch…
I am holding some longs in addition to my 9
winers today!
[01:02 pm] Mitch K: bull, what is your
favorite style or technique for trading?
[01:02 pm] Mitch K: nice bullwind,
[01:03 pm] bullwind : today it was the
reversals that worked for me
[01:03 pm] doji : Fo me too bullwind[01:03
pm] garyb : Made money today too…..I’m
back baby!
[01:03 pm] Mitch K: wow nice doji[01:04 pm]
bullwind : both Mitch
[01:04 pm] bullwind : doji what are you
holding long/
[01:04 pm] doji : LVS and FMCN
bullwind[01:04 pm] Mitch K: ok nice bull, you
primarily a day trading or both swing and
day?
[01:05 pm] bullwind : yes made money on both
today but not long anything to day
[01:05 pm] doji : LVS at 37.12
[01:05 pm] doji : they are only 10% of my
total account as they are swings
[01:05 pm] garyb : I have LVS as well….and
TNA
[01:06 pm] doji : and FMCN at 19.1
[01:07 pm] bullwind : my best trade was F
all the way from 9.17
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