The market will probably open near the yesterday low. If the market breaks the yesterday low, stay short. Otherwise, it will try to close the morning gap and retrace back up.
stm, you are playing with the media. Before the last two days drop on the market, there were lots of upgrade on stocks. The airlines are very close to the top. The specialists want to squeeze the last retail investors in before it drops. LCC is on the verge of collapse.
Babu, keep your dollar amounts small until you get more experience. Better to lose small amounts while you learn. Also, trade the averages and not specific stocks to minimize your risk.
If you are new to the market, don't try to get too much involve such as options, ETFs, and others. The most important thing you need to learn to become a successful trader is to understand the market.
I will try to post my trades right away so that you can get the same price as I am. If you have got the same price as I do with AMZN, CLF and GOLD, you should be making money. We are here to help each other out to make money on the market.
Open a margin account with a online brokerage. The margin account allows you to short and sell put or call. But don't trade more than your balance. If you don't have margin account, you can only buy stock, call or put options.
Babu, one more thing. I think the most important part of trading is to practice extreme discipline. this is often times hard to do, but always have an exit strategy to limit your losses and stick to them. As GCL said, often times it is best to use mental stops so market makers can not "stop you out" unwillingly. But, mental stops take extreme discipline, and if you fail to get out...It will be an expensive lesson.
Well said, JDT. Discipline is important. Also money management is important. Most of the times I posted about trades or market conditions, I executed it. For example, when SPY broke down 106.60 area, I posted to get out and I did. Also I posted that I will short GOLD, AMZN, CLF on the pop and I did. Sometimes emotions can get in the way. Personally, it is more important to know when to get out than get in.
I hate to agree with Steve Grasso (as I do not care for him too much), but I think a monster trading opportunity in gold miners is setting up. I have not jumped in yet. GCL, how did you pick your price target for GOLD?
He is just a clown on NYSE floor who spouts off on CNBC. He was just talking about end of quarter markup stuff. So, no big deal.
I do believe they will run gold higher soon, as it has been under accumulation for weeks. I hope for a bit more of a wash out so I can get some decent entry points. I like AEM, GOLD, GG, and KGC
Matt, thnx for link. Is this guy any good???Predictions for gold are all over the map. I could see a huge rally in dollar developing off of oversold conditions that could hurt gold short term. I will read the link.
from earlier this morning, in spxu 46.16, out WAY too early 46.42.
then averaged into SPXU @ 125.48, was extremely nervous below 124, almost bailed.. then ~1:30 reversal hit, waited and the 2:00 pm power boost I ditched at 126.59 avg (took a while to find buyers?, my lot got split up on market order and took about 10-15 seconds to complete).
still not up for the week. QID from 2-3 weeks ago really hurt when I sold monday.
JDT, I believe gold stocks will run higher and break new high soon. Inflation will help gold stocks. In the short term gold stocks are in a pullback. I am expecting gold stocks will hit the bottom of the week of October option expiration. For the U.S. Dollars, I believe it will make new low because of inflation.
Thanks guys. I have been tracking visitors and hits on my blog site. I usually get 80 to 100 unique visitors everyday, but only a dozen of them posted on my blogs. So I guess that I don't have any fans or readers from foreign countries. For the west coast in California, I guess you have to wait up at 6:30 AM to trade the market and be done at 1:30 PM.
Don't quit your day job, unless you can profit from market consistently. If you can make the same money as your day job, go ahead and become a full time trader. If you have more than 25k in your account, you can trade in and out many times.
you say its being setup right now.. you mean for a move to down or up? I am 95% cash, you still holding those shorts into next week? thinking to add some SCO, what do you think?
Gcl and jdt, thanks for your input. GCL, I am from India, new in US. just 2 years. I am learning a lot from u guys. Especially love your sharing/helping attitude. GCL, I have a margin a/c, but have not upgraded to option trading. Will you suggest me to do so, in case a good opportunity comes our way? Your suggestion will be valuable. Thanks a lot, guys
Ok. This is exactly what I am looking for today action. We need the market to opened down a little and closed even lower than its opened to confirm a pullback. The last two days it opened higher in positive area and closed down negatively. Finally AMZN is going down. Yesterday AMZN was a laggard. GOLD is doing great. CLF down a little today. My projected targets on these stocks are still stand. I am expecting more downside next week. Today afternoon rally was to retest the yesterday low or opened area and it failed. Very good sign for the bears.
Bowie, Maryland - part time trader. I really enjoy the dialogue you guys have. I find it quite educational. So much better than anything else I've looked at.
I will stick with you. Everything I've seen you do has been good. I like options on QQQQ, SPY and DIA. I have to start small but I'm hoping for bigger and better things.
gcl, what are your thoughts on ENER here. I am looking at possibly going long.
ReplyDeleteJDT, don't get ENER yet. It could go back down to 11 level.
ReplyDeleteOk,thanks for input. I bought a small amount and will sell if it hits new lows today.
ReplyDeleteThe SPY closed the gap earlier. Now QQQQ closed the morning gap. Let's see how it play out from here.
ReplyDeleteGCL, are you still holding those shorts, i got out before close yesterday, you think its better to get back in on any bounce?
ReplyDeletejust got some LCC, seems like airlines are still flying and this got an upgrade this morning... will watch closely with a tight stop...
ReplyDeleteI exited all my positions. gonna sit tight
ReplyDeletestm, you are playing with the media. Before the last two days drop on the market, there were lots of upgrade on stocks. The airlines are very close to the top. The specialists want to squeeze the last retail investors in before it drops. LCC is on the verge of collapse.
ReplyDeleteI would like to know what kind of readers or fans out there reading my posts daily. Can you answer two questions for me?
ReplyDelete1. Are you full time or part time trader or investor?
2. Where are you trading from? city and state?
full time trade. Houston, TX. also, just went short SnP via SDS
ReplyDeletepart time day
ReplyDeletewash d.c.
short since this morning gap fill via spxu 46.16
part time, los angeles
ReplyDeleteDollar holding and VIX trying to breakout. Hmm?
ReplyDeletepart time, very new, and doing bad.
ReplyDeleteHow are you doing bad, Babu?
ReplyDeleteFor novice investors out there, let your profit run and minimum your losses. That is the only way to make money on the market.
Babu, keep your dollar amounts small until you get more experience. Better to lose small amounts while you learn. Also, trade the averages and not specific stocks to minimize your risk.
ReplyDeletePart-time, trading for a few years Port Orange, FL.
ReplyDeleteIf you are new to the market, don't try to get too much involve such as options, ETFs, and others. The most important thing you need to learn to become a successful trader is to understand the market.
ReplyDeleteI will try to post my trades right away so that you can get the same price as I am. If you have got the same price as I do with AMZN, CLF and GOLD, you should be making money. We are here to help each other out to make money on the market.
ReplyDeleteOpen a margin account with a online brokerage. The margin account allows you to short and sell put or call. But don't trade more than your balance. If you don't have margin account, you can only buy stock, call or put options.
part time, trading.. norfolk, va
ReplyDeleteJust sold half my SDS position, as SnP is now on 20 day average
ReplyDeleteBabu, one more thing. I think the most important part of trading is to practice extreme discipline. this is often times hard to do, but always have an exit strategy to limit your losses and stick to them. As GCL said, often times it is best to use mental stops so market makers can not "stop you out" unwillingly. But, mental stops take extreme discipline, and if you fail to get out...It will be an expensive lesson.
ReplyDeleteWell said, JDT. Discipline is important. Also money management is important. Most of the times I posted about trades or market conditions, I executed it. For example, when SPY broke down 106.60 area, I posted to get out and I did. Also I posted that I will short GOLD, AMZN, CLF on the pop and I did. Sometimes emotions can get in the way. Personally, it is more important to know when to get out than get in.
ReplyDeleteI hate to agree with Steve Grasso (as I do not care for him too much), but I think a monster trading opportunity in gold miners is setting up. I have not jumped in yet. GCL, how did you pick your price target for GOLD?
ReplyDeleteI have never heard of Steve Grasso. Who is he? What did he say about gold?
ReplyDeleteHe is just a clown on NYSE floor who spouts off on CNBC. He was just talking about end of quarter markup stuff. So, no big deal.
ReplyDeleteI do believe they will run gold higher soon, as it has been under accumulation for weeks. I hope for a bit more of a wash out so I can get some decent entry points. I like AEM, GOLD, GG, and KGC
http://cotstimer.blogspot.com/2009/09/gold-rally-over-trouble-also-seen-for.html
ReplyDeleteMatt, thnx for link. Is this guy any good???Predictions for gold are all over the map. I could see a huge rally in dollar developing off of oversold conditions that could hurt gold short term. I will read the link.
ReplyDeleteI closed my positions. I do not like trading friday afternoons lately. I am "feeling" a potential rally this afternoon. good luck
ReplyDeleteit's not so much the guy but the COT information that's valuable.
ReplyDeletethe ~1:30 EST reversal appears to happen quite a bit.
ReplyDeletethank you 2:00 pm EST power boost.
ReplyDeletefrom earlier this morning, in spxu 46.16, out WAY too early 46.42.
then averaged into SPXU @ 125.48, was extremely nervous below 124, almost bailed.. then ~1:30 reversal hit, waited and the 2:00 pm power boost I ditched at 126.59 avg (took a while to find buyers?, my lot got split up on market order and took about 10-15 seconds to complete).
still not up for the week. QID from 2-3 weeks ago really hurt when I sold monday.
done for the day.
JDT, I believe gold stocks will run higher and break new high soon. Inflation will help gold stocks. In the short term gold stocks are in a pullback. I am expecting gold stocks will hit the bottom of the week of October option expiration.
ReplyDeleteFor the U.S. Dollars, I believe it will make new low because of inflation.
JDT, I hope you got out of ENER. Today ENER rally was for the suckers.
ReplyDeletegcl, yep, I got out of ENER for small profit, see post #7 today. I agree with your gold comment and do not want to miss that one.
ReplyDeleteFrom Bay Area California. I have been doing it part time. Not reliable yet to go full time.
ReplyDeleteThanks guys. I have been tracking visitors and hits on my blog site. I usually get 80 to 100 unique visitors everyday, but only a dozen of them posted on my blogs. So I guess that I don't have any fans or readers from foreign countries.
ReplyDeleteFor the west coast in California, I guess you have to wait up at 6:30 AM to trade the market and be done at 1:30 PM.
1) full-time
ReplyDelete2) Chicago
The market is trying to close where it's opened today. It looks like it is being setup right now.
ReplyDeleteDon't quit your day job, unless you can profit from market consistently. If you can make the same money as your day job, go ahead and become a full time trader. If you have more than 25k in your account, you can trade in and out many times.
ReplyDeleteyou say its being setup right now..
ReplyDeleteyou mean for a move to down or up?
I am 95% cash,
you still holding those shorts into next week?
thinking to add some SCO, what do you think?
Gcl and jdt, thanks for your input. GCL, I am from India, new in US. just 2 years. I am learning a lot from u guys. Especially love your sharing/helping attitude. GCL, I have a margin a/c, but have not upgraded to option trading. Will you suggest me to do so, in case a good opportunity comes our way? Your suggestion will be valuable. Thanks a lot, guys
ReplyDeleteOk. This is exactly what I am looking for today action. We need the market to opened down a little and closed even lower than its opened to confirm a pullback. The last two days it opened higher in positive area and closed down negatively. Finally AMZN is going down. Yesterday AMZN was a laggard. GOLD is doing great. CLF down a little today. My projected targets on these stocks are still stand. I am expecting more downside next week. Today afternoon rally was to retest the yesterday low or opened area and it failed. Very good sign for the bears.
ReplyDeleteBowie, Maryland - part time trader. I really enjoy the dialogue you guys have. I find it quite educational. So much better than anything else I've looked at.
ReplyDeleteOh, by the way, I am from New Jersey.
ReplyDeletestm, yes, I still have my holdings on 3 stocks.
Cary.Krenk, stick with me and you will make money.
Sometimes other investors make their own picks and ideas.
Have a good weekend.
I will stick with you. Everything I've seen you do has been good. I like options on QQQQ, SPY and DIA. I have to start small but I'm hoping for bigger and better things.
ReplyDelete