[06:08 am] Brent : good morning, had to
travel yesterday
[06:09 am] Brent : First time I ever saw Kris
not use a stop loss
[06:09 am] Brent : The wedding was good
[06:16 am] Brent : I’ll answer that later
Scalp, getting things situated
[06:26 am] Mitch K: hi guys, we cannot get
our projectors working so it will probably be
just a group chat here. We will be back to
normal on Monday
[06:33 am] Brent : watching LVS for a bounce,
support around 37.50
[06:35 am] Brent : watching LO for a short
[06:35 am] Mitch K: IR, watching for short
scalp on top of this bounce
[06:35 am] Mitch K: sorry, late post on IR,
already bouncing
[06:35 am] Mitch K: watching IR for bottom
[06:36 am] Mitch K: watching LVS for
bounce
[06:38 am] Brent : watching QCOM here, at
support
[06:39 am] Brent : SPY testing trendline
resistance
[06:39 am] Brent : watching HMIN for a
bounce
[06:40 am] Brent : careful with LO here if
you got it short, consolidating, needs to
lose $111
[06:41 am] Mitch K: MON, MOS, AGU, POT, all
these ag-chemical stocks moving together,
looking for a bottom to buy
[06:42 am] Mitch K: consider covering IR
[06:43 am] Mitch K: AGCO bouncing, argh, too
late to buy, so watch for a short on top of
this bounce
[06:45 am] Brent : KSS coming into
resistance
[06:45 am] Mitch K: LVS giving bounce
[06:46 am] Mitch K: watching WU for short
[06:48 am] Brent : SPY testing lod[06:49 am]
Mitch K: LO toppy
[06:50 am] Brent : consider reducing KSS if
still short
[06:50 am] Mitch K: LO will take more time
and patience for short
[06:52 am] Mitch K: LVS bouncing
[06:54 am] Mitch K: consider selling LVS
[06:54 am] Mitch K: watching HMIN for
short
[06:55 am] Mitch K: Try for 38.55 area for
selling LVS
[06:58 am] Mitch K: consider short on TSN
[07:00 am] Mitch K: MOS turning up
[07:04 am] Brent : SPY testing trendline
resistance
[07:04 am] Mitch K: watch for short on top of
BTU bounce
[07:05 am] Mitch K: watching for short on POT
soon
[07:07 am] Brent : SPY approaching hod[07:10
am] Mitch K: looking for quick short on
SLB
[07:11 am] Mitch K: watching for short with
AGCO soon
[07:12 am] Brent : INTU could be a nice
breakout over $50, probably won’t happen
today, but something to keep an eye on
[07:13 am] Mitch K: watching HIG for short
[07:14 am] Mitch K: COH is one of better
shorts I’ve seen this morning
[07:14 am] Mitch K: good one, short soon on
COH, Coach
[07:15 am] Mitch K: Looking for AGCO to drop
below 34
[07:16 am] Kris : getting more green coming
across the board, watch that trendline
resistance.
[07:17 am] Mitch K: ag-chemical stocks still
have good momentum: POT, MON, MOS
[07:18 am] Mitch K: monitor MGM for short on
top of bounce, tougher trade with lower
priced stocks
[07:19 am] Brent : SPY new hod[07:24 am]
Mitch K: we are getting good follow through
on the bounces, stronger than normal
[07:28 am] Brent : SPY at trendline
support
[07:31 am] Mitch K: consider covering BTU
short here 34.65 area
[07:31 am] Mitch K: KSS short here
[07:31 am] Mitch K: M turning over too, late
on this, try 27+
[07:33 am] Mitch K: repeated shorts in
HMIN
[07:38 am] Mitch K: I realize M isn’t big
percentage profit, I treat those as money in
the bucket.
[07:40 am] Mitch K: TJX turning over for
short
[07:41 am] Mitch K: VRUS already turned over
but still money on the short side; repeated
trades.
[07:49 am] Mitch K: 2nd helping in KSS
soon
[07:51 am] Mitch K: NIHD bouncing
[07:52 am] Mitch K: on this COH stock, you
just take the repeated short opportunities
when you can, i think another short coming on
top of this bounce, see if it goes to new
highs though, careful, did it before once
already
[07:55 am] Mitch K: VRUS at important price
level if it breaks below 83.40 or moves back
up
[08:18 am] Brent : SPY slowly trending up
towards hod[08:28 am] Brent : good morning
pow[08:29 am] Brent : acceleration into
resistance around 51.50 on KSS mike
[08:30 am] Brent : has resistance from mid
June consolidation, plus the 200ma
[08:35 am] Mitch K: missed the top in EDU for
a short but should give a long bounce and
possibly another short
[08:45 am] Mitch K: so you might have gotten
this long bounce in EDU but the bigger profit
potential will be in the short that follows
the long. Watch for the top to short into,
next 3-5 min. I will be back in 45 min
[08:46 am] Mitch K: I don’t think EDU will
hit new high, there is your top there
[08:46 am] Mitch K: VRUS looks like it is
going to trend down today for a while
[08:53 am] Brent : missed ATPG
[09:00 am] Brent : you hanging in there on
KSS derns?
[09:04 am] Brent : good interpretation on KSS
derns[09:09 am] Brent : nice trade
derns[09:11 am] Brent : you still have full
position derns?
[09:12 am] Brent : my only suggestion derns
is to trade it like it’s real.
[09:33 am] Brent : MDR at support
[09:55 am] Brent : it’s dead, scanner not
moving
[10:01 am] Mitch K: How did you guys do with
EDU short or VRUS short
[10:02 am] Mitch K: anyone short that KSS?
[10:12 am] Mitch K: that’s been the pattern
for weeks, probably 7-8 weeks
[10:12 am] Mitch K: when you think about what
the global markets are going through, it
makes sense that these stocks that ran up
today are getting some selling, especially on
a Friday
[10:17 am] Brent : SPY testing trendline
resistance
[10:20 am] Mitch K: I’d monitor SINA for
another short and it probably resumes to the
longer term short scalp pattern
[12:00 pm] Mitch K: i still think there is
more money on the short side with some of
these stocks next hour like SINA
[12:01 pm] Mitch K: FSLR spiking
[12:01 pm] Mitch K: was anyone ready for that
SINA top? maybe hard to do on Friday
afternoon after a full week of trading, is
tough to keep attention span to the end
[12:04 pm] Mitch K: $65 and higher
[12:04 pm] Mitch K: there is a short here in
FSLR on this bounce
[12:07 pm] Mitch K: I wouldn’t try for a long
bounce, might work but risk management says
odds not so good
[12:07 pm] Mitch K: if anyone got that short
on FSLR last few minutes, consider covering
half or more here 64.88
[12:10 pm] Mitch K: Brent, Kris and I were
commenting last night at Kris’ wedding that
this is a really good group of people in the
Trading Room. Makes it very enjoyable and
rewarding for us. And nobody was drunk
either, lol!
[12:12 pm] Mitch K: of course my wife says
“Are you guys supposed be talking about
work?” I said yes, the markets never
sleep
[12:14 pm] Mitch K: if you are tempted to buy
FSLR long, it has to go down close to $63 to
stack odds in your favor
[12:16 pm] Mitch K: latest SINA short scalp
acting as expected
[12:22 pm] Mitch K: sheesh, look at that EDU,
went all the way back to the bottom
[12:24 pm] Mitch K: what I do at the end of
the session everyday is scan really quickly
all the stocks that I looked at that day.
that’s why I write them down on a yellow
legal pad so I can review quickly. this
process gives you reinforcement what it did
and you can compare what your forecasts were
earlier in the day
[12:58 pm] Mitch K: you guys have a great
weekend. Review, study and rest this
weekend. plus have a little fun too!
[12:59 pm] Mitch K: put this in your head,
the more you study, the more you know, the
more you know, the more you make
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[01:00 pm] dano : U rock TSA family…peace
out
[01:00 pm] Mitch K: ok, i see that reading
now on RSI
[01:00 pm] rusty : FSLR has about a 25 rsi,
sector 20
[01:01 pm] bullwind : Bye see u Monday
Thanks Mitch
[01:01 pm] Mitch K: bye bull
[01:01 pm] Mitch K: good comments today
bullw[01:01 pm] Mitch K: hey rusty, do you
use RSI very much? Does it work for you?
[01:03 pm] lisas : bye all, have a great
weekend, thanks Mitch!
[01:04 pm] bullwind : Heads up watch TNA and
TZA Monday for a reversal
[01:04 pm] rusty : I use it as a general
indicator. Have better “feeling” for it at
rsi & 80 but it works similarly for rsi
& 20 esp if waterfall kind of chart
[01:05 pm] Mitch K: do you use it like an
oscillator, extreme oversold or overbought or
does it work that way? i have not used RSI
much in my career
[01:05 pm] rusty : i like to use it on
sectors to judge the sentiment
[01:06 pm] Mitch K: look at the RSI on August
8th-9th on indexes, way low
[01:06 pm] Mitch K: ok, like the AUgust
8th-9th bottom RSI readings were very low
[01:06 pm] neuronx : Mitch you got some
positions opened today for gold and
silver>?
[01:06 pm] neuronx : Short swing&?
[01:06 pm] rusty : especially when multiple
up/down days in a row
[01:06 pm] rusty : works best for me in
extreme overbought and oversold
[01:07 pm] Mitch K: no neuro, i didn’t follow
through on that. on the road with Kris
wedding, my main laptop died after opening
virus email.
[01:07 pm] rusty : e.g when the SPY was 80
rsi[01:07 pm] rusty : very rarely seen
[01:07 pm] rusty : yes, works particularly
well on indices and sectors
[01:08 pm] Mitch K: you mean the July 7th SPY
was over 135 and RSI was top?
[01:09 pm] djoyner57 : KI have recently
started really paying attention to what all
goes on in the Trading Room, and I recently
took all your webinars. I feel I have really
turned the corner with what I am learning.
Thanks
[01:09 pm] Mitch K: good to year joyner, keep
studying on follow up with the webinar
learning
[01:09 pm] rusty : yes, also works well with
VIX
[01:10 pm] Mitch K: ok, you use RSI on the
daily charts primarily?
[01:10 pm] rusty : as an indicator of
extreme sentiment so to speak
[01:10 pm] rusty : mostly daily….I’ll scan
for stocks sub 20 and >80
[01:11 pm] Mitch K: right, ok,
[01:11 pm] Mitch K: so that list is a
starting point after a type of “filter”
applied to a large group of stocks
[01:11 pm] rusty : put an rsi on the vix and
back up the truck when everyone is selling
[01:11 pm] rusty : to get a list
[01:12 pm] Mitch K: and at first glance, also
works well on leveraged ETFs
[01:12 pm] Mitch K: i see that RSI on VIX,
[01:12 pm] Mitch K: seems to show more
extremes on VIX
[01:12 pm] rusty : happens rarely but if you
have the cash at that point buy and hold for
72 hours
[01:12 pm] rusty : or more
[01:12 pm] rusty : yes i notice that also
[01:13 pm] Mitch K: I’m sorry, what rarely
happens?
[01:13 pm] Mitch K: right, ok, the default on
the reference lines of the RSI appears to be
around 75-25, hardly see RSI at those
extremes, sometimes months and months on the
daily
[01:13 pm] rusty : but I notice these e
signals coming more often lately with the
advent of high freq trading
[01:13 pm] rusty : high vix rsi[01:15 pm]
Mitch K: i’ll start playing around with RSI,
start noticing it. Maybe it is the cute girl
in the dark corner of a party that never got
noticed
[01:15 pm] Mitch K: well, RSI looks like a
quick and dirty indicator to get a snapshot
picture
[01:15 pm] rusty : and then buy the etf or
the best stock in the sector
[01:15 pm] rusty : rsi is good with
swings….find a down beaten sector with a
low rsi…
[01:16 pm] rusty : and advises to buy them
when & 80
[01:16 pm] rusty : CNBC routinely declares
sectors and stocks DEAD when their rsi is
less than 20
[01:16 pm] rusty : you can’t make this up if
you tried
[01:17 pm] Mitch K: finding a downbeat sector
is using a ETF that represents a sector and
then applying RSI to it?
[01:17 pm] rusty : GS often adds stocks to
their conviction buy list when rsi is near
80
[01:18 pm] Mitch K: i think it’s good to buy
stocks when the chart is in the upper right
hand corner of the chart but we haven’t seen
that for a while
[01:18 pm] Mitch K: that seems opposite of my
intuition. they are buying strong stocks but
assumption is it will keep moving up. that
only happens in strong bull run or bull
mkt[01:18 pm] rusty : yes
[01:19 pm] rusty : it gets tricky at high
rsi’s….the computers seem to be pushing
higher than an individual would
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