TheRumpledOne
6,411 posts
msg #52542
- Ignore TheRumpledOne |
6/26/2007 10:53:33 AM
Hey Niko:
There's not constant chatter in the room.
We're all looking at pretty much the same thing.. the TRO BUYZONE and following AAPL and the 4 major pairs.
All we need is one or two good trades a day.
In fact, I ENCOURAGE people to be done with trading by 11:30 am EST. One reason to trade is so you can ENJOY life instead of working it away.
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nikoschopen
2,824 posts
msg #52543
- Ignore nikoschopen |
6/26/2007 10:59:25 AM
msummer2007
SPY and DIA are ETFs for the S&P500 and the Dow Jones, respectively. Hence, they're mirror-images of the major indices. When they either move up or down, not only will XOM move in tandem, but a lot of other stocks will do so as well.
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nikoschopen
2,824 posts
msg #52544
- Ignore nikoschopen |
6/26/2007 11:12:34 AM
TRO,
Your point is well taken. Yet for some people trading is more than just "work".
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alf44
2,025 posts
msg #52549
- Ignore alf44 |
6/26/2007 12:19:45 PM
"Where's alf44 ?"
-------------------------------------
I be rat hee-uh !!!
:8^)
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msummer2007
129 posts
msg #52551
- Ignore msummer2007 |
6/26/2007 12:36:36 PM
Niko Your right they are ETF's, I have noticed they move before XOM does. I have been pounding the call options for 20-50 cents a whack. Sure would like to see this continue. Bob Happy Trading
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maxreturn
745 posts
msg #52552
- Ignore maxreturn
modified |
6/26/2007 12:36:52 PM
msummer2007...question on your method. Just to clarify. You make your commitment when today's price trades near the low of yesterday, which happens to be the low which touches the ma50? Here's your filter in clickable form. With some indicators I like to use :)
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msummer2007
129 posts
msg #52554
- Ignore msummer2007 |
6/26/2007 1:26:39 PM
Thanks Max You are correct, that is how I trade these stocks. You have a built in support at the 50. Many times during the day I have had the opportunity to take profits on these option plays. Funny thing is when the stock is getting near the low, you would think the sky was falling. Panic sellers (I guess) that is when I enter. Also Max, frequently you will see on a 1 minute chart long bars down that is a pretty good sign the bottom is very near. Thank you for the filter, I will incorporate it in my trading. Thanks. Bob
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nikoschopen
2,824 posts
msg #52563
- Ignore nikoschopen |
6/26/2007 3:35:42 PM
msummer2007,
You made a good point about "panic selling". This market has shown to be one hell of a resilient MOFO and it really did some major damage to the psychology of the perennial bears like myself. However, now I'm starting to think otherwise. I believe the tide has turned in earnest. Here's a clue. Pay special attention to whether panic selling will be absorbed by the bulls. At the outset of a bearish rally, what you'll witness is the market slowly taking out the last vestige of eternal optimists like MARY4MONEY before going any lower in full force. The last thing we want is for any weak hands to hamper our bear raid.
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msummer2007
129 posts
msg #52564
- Ignore msummer2007 |
6/26/2007 4:01:22 PM
Niko You have made a salient point. This market is definitely turning. Normally I trade on the long side, and I will admit it has been very tough on the long side to scalp a few bucks from it. Your time is now, being a perennial bear. Make your lions share over the next few months. Good Luck
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