Trading the markets with Alan Rich.

[TrendTracker]

KLAC looks very interesting today. Gap down and high volume. Let's see if it breaks lower.... We had a little flurry down and made a new low but that was short lived.

TT

 

[Mr. Charts]

Hi TrendTracker,
How nice to get some POSITIVE imput; it's always good when people contribute and don't just leave it to Alan or me.
The WSJ suggested that there were odd patterns of options grants and they might be investigated by the authorities.
That story put it on my radar and I did in fact trade it, but got stopped out for a scratch trade. I wouldn't be surprised if it breaks its range later. If it does, it will certainly be the highest volume YTD
Richard

 

[Mr. Charts]

I also find, TT, that it's worth keeping an open mind as to which direction it might break in.
I've always found that if I don't have an opinion, I trade what I see, not what I think might happen.
Richard

 

[TrendTracker]

Thanks. Here it goes now. I'm short when it moves and cover as soon as the move stops. Richard, without the Level2 skills that taught me this would not be possible. Thanks mate!

 

[BlackPanther]

Thanks. Here it goes now. I'm short when it moves and cover as soon as the move stops. Richard, without the Level2 skills that taught me this would not be possible. Thanks mate!

That's made a very nice move already

Yet again, I was not paying the attention it deserved - and when I finally got in I only managed to take out a 12 cent scalp. But anyway, profit's profit.

I'm really getting a bit annoyed with eSignal right now, take a look at this screenshot of when I was short 1000 shares and see if you can see a little problem:

Hmmm

 

[TrendTracker]

BRCM on the move.

 

[rols]

BRCM on the move.

Which way?

 

[TrendTracker]

Good question ROLS. At the time of my post the stock was trending lower and shorted it a couple of times but then NDX decided not co-operate. Now it has hit a resistance and might provide another opportunity. Let's see.

 

[rols]

Good question ROLS. At the time of my post the stock was trending lower and shorted it a couple of times but then NDX decided not co-operate. Now it has hit a resistance and might provide another opportunity. Let's see.

Hi TT
In my experience BRCM is a good day trading stock but she doesn't yield her fruits lightly and I myself have received a sound spanking from her gnarly branches on more than one occasion. Tread carefully my friend!

 

[TrendTracker]

I've been short SNDK from 59.15 and look for more.

 

[TrendTracker]

Hi TT
In my experience BRCM is a good day trading stock but she doesn't yield her fruits lightly and I myself have received a sound spanking from her gnarly branches on more than one occasion. Tread carefully my friend!

Thanks ROLS. This lady sure is quick in her turns. I tried to short a few times. Cathced some and then lost the same money again. BTW, has not been for Richard teaching me the L2 I would have made a lot of losses. Now, losing trades are around 2 to 4 cents.

 

[Mr. Charts]

Hello TrendTracker !
I have just read your posts 266 and 273 and seen the flag of Finland so now I realise who you are !
Thank you for your kind words and I feel honoured that you came all the way from Finland for my course.
Having taken on board my approach of minimum toleration of losses you are already well travelled down the road
I'll email you a set up situation later or in the morning.
Richard

 

[tricks]

:cheesy:

And just caught a nice short just before the cash close. All because of the squawkbox. It just tells you what's gonna happen before it happens!
TIP for you guys, that wanna know how marketmakers work. Take a trial at www.tradersaudio.com for the S&P 500 squawk from Ben/Tzvi Lichtenstein. (It's ben usually) and learn how to understand what they say. This explains you exactly how marketmakers work. Marketmakers are the locals in the pit.

-Dave.

Dave,

Currently listening to the squarkbox. Amazing! Thanks for the link. However, can you tell me what University I need to enrol with to even begin to understand these guys? He he! What are they actually talking about with all the numbers? I understand the word 'bid' but the rest is total confusion. Are they talking about a stock or the S & P? I can't relate to the numbers.

P.S. I'm not being rude here, I am genuinely interested in understanding this. Quite fascinating.

cheers - tricks

 

[dvdh]

He's quoting the S&P 500 futures in the Chicago Mercantile Exchange S&P 500 futures pit.
So right now we're trading 1274.80. Which is 4.80 (four eighty bid trades). That's what he says. He can't say the whole number cuz that takes too long.
So let's say it's: 1275.20 bid x 1275.50 offer. He'll say five twenty bid offered at five half offer. Or five twenty bid at a half. It takes some time before you'll here what he says fluently. But once you get it, you don't wanna trade without anymore.
He'll sometimes says: Paper coming in a buyer or paper a buyer or paper buys the four eighties. That means that there are institutions or banks buying. Paper = institutions or banks.
Or he'll say locals trying to get a bid going. Locals are the marketmakers in the pit. The daytraders. If they think paper or bank buyers will come in near the highs or that there will be stops. They'll try to bid up the market and then when they print a new high (print=trade) paper buyers will come in so they can sell to them.
Right now he's quoting, three seventy bid and now i'm offered at even offer here now. Which means 1273.70 bid x 1274.00 offer.

Hope this helps. If you have any other questions, please ask'em.

-Dave

Once again he's quoting the futures, they trade higher than the cash $SPX because of premium.

 

[TrendTracker]

Hello Guys, check out RMBS. It's been ticking higher for some time now.

 

[TrendTracker]

Hope somebody took advantage of RMBS. It's now up some 30cents from my earlier post.

 

[TrendTracker]

Dave, I downloaded the fomc1 file and listened to mr motor mouth for a mo. The quality of the file made it almost possible. I take that the sound quality is better in the live service?

 

[samtron]

dvdh

Just listened to the file and was wondering do they do a version in english?

 

[dvdh]

Dave, I downloaded the fomc1 file and listened to mr motor mouth for a mo. The quality of the file made it almost possible. I take that the sound quality is better in the live service?

It's better of course.

 

[dvdh]

dvdh

Just listened to the file and was wondering do they do a version in english?

No Samtron, only in American. LOL. but for me it's very clear though. I can understand every word he says. but it needs some time. I've been listening to him for about 1,5 years!

-Dave.