| (05:37 am) JoeyTSA :levels /CL 104.35-104.75
; /ES 1940-1950 ; /NQ 3780-3790
(05:39 am) JoeyTSA :early gap up:
ULTA,SYNA,INFY,AMZN,RMBS?
(05:39 am) JoeyTSA :early gap down:
OREX,BIDU
(06:17 am) Qwert :TBBK gap down
(06:23 am) Mitch King:Premarket UP: BIOF,
SYNA, ULTA, MONT, NWBO, RMBS, INO, OSUR,
PSEC, MU, TVIX Premarket DOWN: NBG, VOD,
ACHN, AUXL, OREX, TBBK Watching: AAPL, SBUX,
OREX, TAP, MY, RMBS, QCOM, CBSO, CBS, AIG,
ULTA, DNKN, BA, BAC, AMZN, TWX, IBM
(06:24 am) Mitch King:SYNA guided higher
yesterday after market
(06:31 am) Mitch King:consider ACHN for swing
trade short
(06:31 am) Qwert :watching MPEL
(06:32 am) Mitch King:LVS trendign up
(06:33 am) Mitch King:watching CBSO for
bottom, low priority
(06:33 am) Mitch King:watching NKE for bottom
to buy
(06:33 am) Mitch King:AMZN breaking out
(06:34 am) Mitch King:excellent trades with
SYNA today both ways
(06:34 am) JoeyTSA :tighten SYNA if long
(06:34 am) Mitch King:watching HXL for
bottom
(06:36 am) Mitch King:ACHN still good short
for day and prob overnight
(06:38 am) Mitch King:monitoring LULU for
drop
(06:39 am) Mitch King:watching NMBL for short
on top of bounce, micro short, let it run up
more
(06:42 am) JoeyTSA :eye on ULTA $97
(06:45 am) JoeyTSA :/NQ into pp, decent
little breakout there
(06:46 am) Mitch King:watching EMES for short
on top of this run, no hurry, take time,
(06:47 am) Mitch King:ACHN shortable here
again, should get into $6’s
(06:48 am) Mitch King:watching ISIS for short
soon, micro trade short
(06:52 am) Mitch King:monitoring GME for top,
no hurry,
(06:52 am) Mitch King:expecting ACHN to break
below $7
(06:53 am) Mitch King:don’t forget about
SYNA
(06:54 am) Mitch King:ACHN below 7
(06:54 am) Mitch King:RDEN buyout rumor
(06:54 am) Mitch King:SWKS interesting for
small short
(06:55 am) Mitch King:if you are swing
trading ACHN short, ok to cover and re-short
(06:56 am) Mitch King:BIDU high of day, too
strong to short, more upside
(06:59 am) Mitch King:FSLR high of day
(07:07 am) JoeyTSA :AMZN ito $340 now
(07:11 am) Mitch King:speculation of takeover
last 30 min
(07:11 am) Mitch King:APC
(07:15 am) Mitch King:6/11/2014 7:14:39 AM
Anadarko Petroleum Corp Strength attributed
to continued M&A speculation following
Tronix settlement earlier this year- Todays
chatter suggests Exxon is a plausible suitor
– Earlier today CNBC’s Faber and Cramer
discussed recent aggressive out of the money
call buying. – Source TradeTheNews.com
(07:15 am) Mitch King:APC moving higher
(07:16 am) Mitch King:thats related to APC,
the news below
(07:24 am) Mitch King:FSLR high of day this
candle
(07:30 am) Mitch King:CLX approaching low of
day
(07:30 am) Mitch King:6/11/2014 7:30:05 AM
*(US) DOE CRUDE: -2.6M V -2ME, GASOLINE: ## V
+0.5ME, DISTILLATE: ## V +1ME- Utilization: %
v 90.9%e – Distillate demand K to 4.xxM bpd –
Gasoline demand K to 9.xxM bpd – Cushing
crude stocks K at 21.xxM bbl – US Gulf Coast
oil stocks M barrels to 207.xxM barrels –
Source TradeTheNews.com
(07:55 am) Mitch King:CLR breakout
(08:04 am) JoeyTSA :AZN spike pe regatta
(08:23 am) JoeyTSA :CTRP vol spike
(10:57 am) Mitch King:6/11/2014 10:55:04 AM
Jive Software, Inc Chairman discloses
purchase of 100K shares at $7.55 per share on
6/10- Chairman Zingale holds 1.74M shares
directly and 322K indirectly – Source
TradeTheNews.com
(10:57 am) Mitch King:that is news on JIVE
(11:41 am) Mitch King:just saw NQ, news was
chatter in Chinese press a report that their
auditor resigning, but rumor is that company
may deny that
| June 11, 2014, Wednesday
Live Trading Room User Chat
(05:25 am) JoeyTSA :Good morning
Qwert,running
(05:25 am) JoeyTSA :crude inv 7:30, 10yr
auction @ 10, fed budget balanc @ 11pdt
(05:27 am) toby1115 :gm from FL
(05:33 am) Qwert :Good morning Joey,
everybody
(05:48 am) regatta :gm joey, qwert, et al
(05:56 am) skydiver :gm all
(06:15 am) regatta :just watching ACHN from
yesterday
(06:17 am) klas :Gm morning
(06:20 am) skydiver :11 Jun 05:43 [TBBK]
Entered into a Stipulation
(06:22 am) skydiver :TBBK – entered into a
stipulation and consent to the issuance of a
consent order with the FDIC over compliance
with the bank secrecy act
(06:24 am) JoeyTSA :keeping ACHN on radar
again too
(06:26 am) skydiver :thnx Mitch and klas
(06:27 am) skydiver :and joey 🙂
(06:27 am) Murano :Eric Cantor was defeated
in his primary race in Virginia
(06:27 am) JoeyTSA :he got crushed
(06:27 am) skydiver :victory for Tea Party
(06:31 am) skydiver :monitoring TSLA drop
(06:34 am) skydiver :SYNA strong
(06:35 am) JoeyTSA :SYNA spread gets wide at
times
(06:36 am) JoeyTSA :eye on INFY
(06:42 am) JoeyTSA :missed NFLX, watching
$430now
(06:47 am) Qwert :ULTA over 98
(06:47 am) skydiver :monitoring ULTA –
missed long
(06:49 am) skydiver :shorted SYNA earlier .
. may be too strong to hold short?
(06:51 am) skydiver :RDEN – take over
chatter
(06:53 am) JoeyTSA :/NQ into 3800
(06:53 am) skydiver :SYNA -taking 1/2 off
the table my short
(06:53 am) Murano :monitoring AER
(06:54 am) Qwert :Great call on ACHN Mitch
(06:56 am) skydiver :thnx Mitch – was
watching BIDU to short sometime
(06:57 am) Mitch King:BIDU too strong sky,
look at SWKS for short instead
(06:57 am) JoeyTSA :BIDU great long so far
(06:57 am) Mitch King:right, BIDU is a strong
trending stock most of the time, not
something you can do quick turn around
trades
(06:58 am) Mitch King:hey sky, this ACHN
short is a good one, even though already
dropped, short it on a bounce if poss
(06:58 am) JoeyTSA :watching $84 on SYNA,
having troubles holding level at th moment
(06:58 am) skydiver :ok Mitch
(06:58 am) Mitch King:prob goes under $6 in
a few days
(07:01 am) Mitch King:ok see this rebound
here in ACHN, this is where you fill a short
on something you want to hold overnight, or
even a day trade
(07:03 am) Mitch King:SWKS still not ready to
cover short yet
(07:03 am) skydiver :stilol short in SYNA –
been tough on old SKY holding this long 🙂
(07:03 am) Mitch King:don’t look at your
profits, watch where the stock is going
(07:03 am) Mitch King:syna
(07:03 am) skydiver :ok
(07:04 am) Mitch King:ok now SYNA is a stock
that is likely to rebound. totally different
sentiment on SYNA than let’s say SWKS short
scalp.
(07:04 am) Mitch King:the sentiment on ACHN,
is down down down. so you can be more
aggressive with filling short orders with
ACHN
(07:05 am) Mitch King:sky, i think its ok to
take profits on SYNA as it drops, not a trade
to have mentality to maximize the short
profits, any short porfits is fine
(07:05 am) JoeyTSA :/NQ dbl top at 3800
(07:05 am) Mitch King:i’d be looking for a
bottom in SYNA to go long
(07:05 am) skydiver :okay – thanks Mitch –
was kind of thinking the same
(07:06 am) JoeyTSA :sky: keep eye on these
round #’ too
(07:06 am) Mitch King:right
(07:06 am) skydiver :ok
(07:06 am) Mitch King:esp on the bigger stock
prices
(07:06 am) JoeyTSA :if $83 fails, next
logical is 82/81 area
(07:07 am) skydiver :gotcha
(07:07 am) JoeyTSA :81.0 is approx the 50%
retracement
(07:07 am) JoeyTSA :81.50
(07:07 am) Mitch King:im seeing early signs
of buy signals on SYNA
(07:09 am) Mitch King:when you see early
signs of buy signals, lot of times you get
false signals, best to get confirmation
(07:09 am) skydiver :ok Mitch
(07:10 am) Mitch King:ok now see this further
drop here in ACHN, this candle?
(07:10 am) Mitch King:wants to turn over
again, my guess odds are lower lows coming
(07:10 am) JoeyTSA :decent short on ULTA off
lower high, i missed it though
(07:10 am) Mitch King:this is different style
of trading than scalping. i am overall short
ACHN but picked uner $7 to cover, then
reshorted on that 4 candle bounce to fill
shorts again
(07:11 am) Mitch King:this is excellent
real-time lesson of working a position on the
short side
(07:11 am) Mitch King:when you know the
overall pressure is onthe sell side
(07:11 am) skydiver :great teaching Mitch —
🙂
(07:11 am) Qwert :thx Mitch
(07:11 am) Qwert :Will you cover any at
retest of lod
(07:12 am) regatta :watching CXDC
(07:12 am) Mitch King:im watching it but
look at daily chart on ACHN
(07:12 am) Mitch King:thx reg
(07:12 am) Mitch King:my way of looking at
ACHN, i see mid $5’s coming
(07:12 am) Mitch King:maybe by Friday
(07:13 am) Mitch King:but thats overall
thought, also good to day trade it if you got
good supply of short
(07:13 am) JoeyTSA :great trades, back in 20,
crude inv in 15min
(07:13 am) skydiver :enjoy joey
(07:15 am) Mitch King:if you see ACHN go
above 7.15 on this bounce, i treat it as a
“double bottom” and it prob goes higher. but
i still look for short entry again later.
but to me, it looks real weak
(07:17 am) Mitch King:you have to understand
what the traders are thinking on ACHN, still
some enthusiasm, but as it drops further,
that enthusiasm turns to fear, despair, and
selling occurs
(07:17 am) Mitch King:came from $3 a few days
ago so there are lot of people still in
profits that are starting to wonder about it
(07:18 am) Qwert :Sky SYNA a beauty
(07:18 am) skydiver ::)
(07:22 am) Mitch King:remember SYNA came from
67.80 yesterdays close, then at 1301pm had
guided higher
(07:26 am) Mitch King:WBAI still trending up
(07:33 am) Mitch King:qwert, i covered ACHN
around $7.05, looking for higher prices to
short
(07:34 am) Mitch King:covered first time just
under 7, shorted again around 7.12, covered
around 7 second time, shorted again 7.21,
covered again 7.06, on sidelines now, see if
i can get higher prices to short
(07:34 am) Mitch King:so at the moment the
shorts arent working in last 30 minutes, but
still think overall pressure is on the
downside for ACHN, overall
(07:36 am) Mitch King:we have been seeing
this pattern quite abit lately on stocks
like SYNA, big runup either premarket or
after opening and then hours of selling down
(07:36 am) regatta :watching BDSI
(07:37 am) Mitch King:thx reg
(07:41 am) JoeyTSA :SYNA just beautiul
(07:44 am) skydiver :yes SYNA been great –
closing out SYNA now — have to head to the
office – thanks again — great calls — been
awesome day 🙂 See you all arouind closing
later
(07:45 am) JoeyTSA :great job sky !!!
(07:46 am) skydiver :thanks to you guys
:)!!! 🙂
(07:46 am) JoeyTSA :that macd stayed down the
whole time
(07:48 am) Mitch King:nice trading on APC
(07:48 am) JoeyTSA :yeah another good one
(07:54 am) Mitch King:FSLR upside momentum
gone
(07:59 am) regatta :watching SC
(08:00 am) JoeyTSA :decent bouce on TSLA off
tht $200 area
(08:00 am) Qwert :was just looking at it
Joey
(08:01 am) Mitch King:APC bouncing again
(08:03 am) Murano :QIHU on a nice run
(08:03 am) regatta :AZN spike up
(08:03 am) JoeyTSA :nice one regatta
(08:06 am) Mitch King:new high on APC
(08:10 am) Mitch King:some good moves today
(08:10 am) Qwert :Some really good moves
today
(08:11 am) JoeyTSA :yep
(08:12 am) Murano :QIHU looks like it is
forming a head and shoulders bottom on the
daily chart
(08:15 am) Mitch King:i dont use Head and
Shoulders, I use Tea Tree shampoo
(08:15 am) JoeyTSA :tea tree deoderant is
nice too
(08:16 am) Murano :haha
(08:16 am) Mitch King:i dont use deodorant, i
live in the country so nobody can smell me
(08:16 am) Qwert :hahaha
(08:16 am) Qwert :helps keep away the
critters Mitch?
(08:17 am) Mitch King:but my wife closes my
office door so that might be a clue
(08:17 am) Qwert :lol
(08:17 am) Mitch King:you on sidelines with
ACHN qwert?, i have short orders high just to
reserve shares
(08:18 am) Qwert :yes on the side with ACHN
(08:18 am) Mitch King:im going to look for
another bottom in APC but this is 3rd time
long, odds start shifting against further
moves up
(08:19 am) Mitch King:remember you asked
earlier if ACHN retests low should you buy?
that was your instinct right?
(08:19 am) Mitch King:it turned out to be a
money trade type of bounce
(08:19 am) Murano :GME a great short
(08:19 am) Mitch King:we sure are getting
that pattern alot murano, GME same as SYNA,
been happening a lot last few weeks
(08:22 am) regatta :ACHN near hod
(08:24 am) Murano :monitoring SC
(08:28 am) Murano :SC close to 19 with more
volume may be a good long
(08:37 am) Mitch King:good eye murano
(08:39 am) regatta :mitch, are you short
ACHN or just on side
(08:40 am) Mitch King:i had a bunch of orders
between 7.50 to 7.60 to short ACHN, the
brokerage firm took teh shares away
(08:41 am) Mitch King:i have been on
sidelines since $7.14, waiting for good short
entry
(08:41 am) regatta :i went short at 7.46,
kind of late
(08:41 am) Mitch King:i dont usually like to
buy long the bullshort model, lot of times
they break down hard
(08:41 am) Mitch King:no, thats ok price,
probably can day trade it short to 7.30 area,
maybe little lower
(08:41 am) Mitch King:thats 2%
(08:42 am) Mitch King:APC probably going to
move up again toward high. im taking
exercise break now
(08:43 am) Mitch King:hey regatta, your clue
to short, was those three candles from 820am
pacific time, 821am, 822am
(08:43 am) Mitch King:plus increasing volume,
i like to fill on those if possible
(08:44 am) Mitch King:on 3rd higher candle i
click Sell Ask and get filled as it goes up
(08:44 am) Mitch King:you can have orders in
and drag them down to the rising price
(08:44 am) Mitch King:bb in 30
(08:46 am) Murano :reduce SC if long
(08:51 am) Murano :looking for 20.15 on last
1/4 SC stop at 19.49
(09:04 am) Murano :stopped last 1/4 SC
(09:23 am) regatta :watching CNAT
(09:23 am) Mitch King:reg, you still short
ACHN from that 7.46
(09:23 am) regatta :yes, still short
(09:23 am) Mitch King:ok look at daily chart
on projector, came from around 2.75
(09:24 am) Mitch King:to almost $8
(09:24 am) Mitch King:on what kind of news?
(09:24 am) Mitch King:clinical trials
(09:24 am) regatta :FDA lifted hold on
hepatitis drug
(09:24 am) regatta :drug trial
(09:24 am) Mitch King:ok, thats it hepa
(09:25 am) Mitch King:hey you guys, regatta
is an MD
(09:25 am) Mitch King:it got a bunch of
upgrades, price targets higher. etc.
(09:26 am) Mitch King:but odds are still good
it goes to mid or low $5s. so thats overall
a selling pressure on the stock. no more
news comes out and most stocks, high
percentage of stocks like this drift lower
(09:26 am) Mitch King:it might be tomorrow is
the main moving day but odds are high that
any price you short today will be profitable
(09:26 am) Mitch King:its one of the only
times you can get sloppy on day one of
correction cycle and still make money
(09:27 am) Mitch King:sloppy meaning the
prices you fill on shorting
(09:28 am) Mitch King:i’d guess $5.25
sometime next week and that approaches 40%
profit
(09:28 am) regatta :you mentioned earlier
the signals for the short, but i did not look
at my screen until 3-4 min later then
shorted
(09:28 am) Mitch King:still ok, anytime on
day one of the correction cycle of a
bullshort
(09:29 am) Mitch King:the mindset here isnt
precision like a day trading scalp. the
mindset is get the shares to short, short
some near open, wait for other moves with
better pricing, fight the other short sellers
who are taking your shorts you reserved, or
try to keep getting more shares, etc. thats
your task for today, which is day one of
correciton cycle
(09:31 am) Mitch King:odds are very very high
it ends down toward end of day. if you day
trade in and out in and out, you risk losing
shares, which is what happened to me on my
last set of shorts between 7.50 and 7.60.
(09:31 am) Mitch King:so you sort of decide
should you day trade it and get 3-5% or do
you ride it out and try for 30-40% in a few
days
(09:32 am) Mitch King:6/11/2014 9:00:25 AM
(US) USDA World Agricultural Supply and
Demand Estimates (WASDE)WHEAT: Projected U.S.
wheat supplies for 2014/15 are lowered this
month as an increase in beginning stocks is
more than offset by a reduction in forecast
winter wheat production. Beginning stocks are
raised with a 10-million-bushel reduction in
2013/14 food use and offsetting
5-million-bushel reductions in 2013/14
imports and exports. Projected production for
2014/15 is down 21 million bushels as reduced
prospects for Hard Red Winter (HRW) wheat in
the Southern and Central Plains and White
Winter wheat in the Pacific Northwest more
than outweigh higher forecast Soft Red Winter
wheat production across the South and
Midwest. Projected food use is lowered 10
million bushels for 2014/15 – Source
TradeTheNews.com
(09:32 am) Mitch King:sorry, was exercising
during crop report, look at wheat, nice drop
(09:32 am) Mitch King:ZW 07-14
(09:33 am) Mitch King:ZC is corn
(09:33 am) Mitch King:i think ZS is soybeans
(09:36 am) Mitch King:hey reg, or anyone
shorting ACHN, you use rebounds like this one
to fill more of a planned position size on
ACHN
(09:47 am) regatta :i almost added to order
at 11:57 est at that rebound
(09:48 am) Mitch King:yeah, there also was a
little double top there too on 1 min chart
reg
(09:48 am) Mitch King:it wouldnt stay above
7.50 there
(09:48 am) Mitch King:and when you go back to
1123am eastern time, you see the area you
were going to short is a lower high reg
(09:49 am) Mitch King:which is a excellent
sign its weakening
(09:49 am) Mitch King:what challenge for this
technique for most people is it is so violent
of moves, hard to handle emotionally when you
are normally day trading, not swing trading
(09:49 am) regatta :at my initial short i
watched it rebound and then fail
(09:49 am) Mitch King:what time was that
(09:50 am) Mitch King:opening? also use
premarket as valid data on something like
thsi that had high premkt vol
(09:51 am) regatta :i initially shorted at
~11:25 est, not at opening
(09:51 am) Mitch King:ok, that was high,
thats good pricing area
(09:52 am) Mitch King:remember shorting ACHN
today is a “positioning” move for a swing
trade. not a precision trade entry, just
sort of “get the job done” mentality
(09:52 am) Mitch King:day trading requires
precision, swing trading has more of “entry
somewhere in here” mentality
(09:53 am) Mitch King:and shorting
bullshorts, you can’t stress when it moves
against you
(09:54 am) Mitch King:your risk tolerance for
bullshorts has to be quite a bit higher but
also higher reward. risk to reward is a
relationship that is always valid, never can
get divorced
(09:56 am) Qwert :Mitch so using ACHN as
example would you just stop if it broke
yesterdays high?
(10:00 am) Murano :I have a meeting this
afternoon, see you tomorrow
(10:00 am) Qwert :have a nice rest of the day
Murano
(10:00 am) regatta :YOKU moving
(10:38 am) Mitch King:well thats a tough
question qwert. yesterday ACHN had about 73
mil shares traded and today’s volume isnt
even going to be half of that. the highest
vol day is the high price of the cycle, most
of the time, probalby 80% of the time thats
true.
(10:40 am) Mitch King:the second clue that we
were not likely going to hit new highs is it
already was selling down during premarket and
it went down within 5 minutes of regular
opening. so i didnt even think about the
idea of a new high
(10:40 am) Mitch King:but proper trade
management is you would be correct to stop on
new highs
(10:42 am) Mitch King:if that occurred today
over yesterday but im very reluctant to stop
out a bullshort that acted like ACHn today.
Plus, another point is I would have been much
more cautious if ACHN had gapped up today
during premarket and was really bullish at
market open as well
(10:45 am) Mitch King:i traded over 2,000 of
these setups in the 90’s and the average hold
time was 4.2 days as i recall. the model is
still valid today but doesn’t occur too
often. its much easier to handle these today
because the markets are relatively tame
today
(10:45 am) Mitch King:basically, you can’t
make a living doing this setup today because
the frequency of occurrence is too low.
(10:47 am) Mitch King:so look at the left
part of this chart on a 2 min on ACHN
(10:47 am) Mitch King:what controls the left
side of this chart is greed, pure greed,
speculation. people are happy right?
(10:48 am) Mitch King:let me move it further
left
(10:48 am) Mitch King:or i’ll make it a 3 min
chart
(10:49 am) Mitch King:this is 3 days worth of
trading
(10:49 am) Mitch King:first day, i never saw
it moving, it was moving from $2.75 to 4.50,
my scanners are not set for that low priced
stock
(10:50 am) Mitch King:next day, gaps up from
$4.40 to over 5 and it moved up at premarket
open
(10:50 am) Mitch King:people really happy,
greed, good news, price targets being moved
up by analysts, any type of news is good
news
(10:51 am) Mitch King:so now, today, we are
starting the down cycle, just beginning
actually.
(10:51 am) Mitch King:greed starting to
chnage to concern. not outright fear yet
(10:51 am) Mitch King:tomorrow, Friday,
Monday. fear
(10:52 am) Mitch King:by Monday, those who
went long and still hold will be despondant,
past fear
(10:53 am) Mitch King:because they didnt
understand this is normal pattern of a stock
like this with this type of news and they
were overwhelmed by so much greed
(10:54 am) Mitch King:i think today’s trading
action so far, isn’t show a fulll mode of
fear yet but its only 11am pacific time, so 2
more hours, it could easily move to 6.50,
then gap down tomorrow, more selling at open
and the charts will really start breaking
down
(10:54 am) Mitch King:thats usually what
happens
(10:55 am) regatta :watching low priced
JIVE
(10:58 am) Mitch King:without sounding like a
smart ass about this, you want to be covering
your short when nobody is looking. its like
the battle is over, people have come and
gone, dead bodies everywhere, and you quietly
pick yoru price and cover in an area where
the stock isnt moving down much anymore and
you start weighing if your money can be more
profitable in another trade. that could be
even below $5, hard to tell
(11:00 am) regatta :SPY lod
(11:00 am) Mitch King:this compressed 3 min
chart is not a bad chart to have up so you
get an overall perspective where the stock is
at in the cycle
(11:36 am) Mitch King:another good spot to
short ACHN as entry
(12:15 pm) regatta :thanks for your help
mitch, leaving to take family to the beach
for a few days
(12:18 pm) Qwert :Have a great trip regatta,
what beach you going to?
(12:25 pm) JoeyTSA :thanks Mitch, Qwert,
everyone..have a great day, see you all
tomorrow
(12:25 pm) Qwert :bye Joey enjoy your day
(12:28 pm) Mitch King:later jo
(12:34 pm) Mitch King:FEYE had another good
day of trades today, nice tight spread
usually too
(12:57 pm) Mitch King:see you all tomorrow
(12:57 pm) Qwert :Good night everyone great
calls today cya all in the am
|
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