Tomorrow, I will write a more detailed explanation of what happened yesterday as things sort out a bit, but for today, I have to write the following piece as this is amazingly arguably more important for the day trading world in my head (and Iâm not kidding) as the next two days are fraught with peril for day tradersparticularly in the afternoons ergo I must make the point: Louisville. UConn. Pitt. UNC. MSU. Memphis. Duke. Oklahoma. Should Memphis have gotten a 1 seed over Pitt? If MSU had won the Big Tournament, should they have gotten a 1 seed? A five loss Louisville team got the overall top seed in the NCAAâs? Of course, if Lâville did not get it, who would? Nope, I am not guest writing a column for ESPN or Yahoo Sports. Rather, I am making a point â particularly to those who are either new to day trading and/or those with a propensity to scalp. I donât have numbers in front of me, but it is safe to say that a high proportion of those who trade for a living also have an interest in the basketball tournament whether it be a rooting interest or a monetary interest. So what ends up happening on the first Thursday and Friday of the tournament? TVâs all across the great USA become tuned to CBS over CNBC and people want the score reports over the Faber Report. Thus, the bulk of the trading tends to be done in the first half of the day as the games typically starts just after 12:30PM ET. Furthermore, the tournament also typically occurs during quadruple witching for various expiring financial instruments (options, et al) thus most big players do what they have to do ahead of time in an anticipation of the expiration. Ergo, what it tends to set up is some extra volatility in the 1st half of the day, placid trading in the middle ¼ of the day, and illiquid trading in the last ¼ of the day. Now, of course, things can change, but what wonât likely change is that interest in the tourney will be very high today and tomorrow so be well aware of the aforementioned game plan as to how these two trading days tend to go flow-wise and trade accordingly. Markets in Asia were lightly mixed overnight with the bourses in Europe up about 1% on average. Gold and oil are both sharply higher (about 5% plus) in the early going with the dollar weaker. Futures are higher with notable strength in selected financials and tech (BAC, ORCL). Look for a slower much more choppy day today with prices on both sides of unchanged as the tug of war over the governmentâs actions along with those of C dominate the landscape. With that in mind, if C holds well, the âchoppinessâ will continue to be to the upside. Trade very nimblyâ¦and try to get most of your stuff done in the 1st half of the day due to the slowing pace this afternoon re the tournament. Reiterating- Please understand that if the ideas do not get to the hoped for set-ups cited below, more often than not, one should not blindly trade the symbol next to said idea. If the whole story is not there - If something is good, assume either a short thru unchanged or an A-B-A2 based on direction of the market unless specifiedIf something is bad, assume either a buy thru unchanged or an A-B-A2 (preferably to the downside in a downside market and the upside in an upside market) based on direction of the market unless specified- Good- The following stocks have good news and/or a strong technical pattern CETV- closed near a high CRBC, SBIB, FMER, BBX- among the small banks rallying hard on short covering XL- among the small insurers rallying hard on short covering MRX- very nice reversal after its poor Tues afternoon drug news GES- closed near a high after a major reversal DRI- up sharply after posting terrific earnings BXC- closed near high of day JPM, WFC, PNC, USB, STT, STI, BAC- all closed at or near highs of day I na continued surging banking sector AFL, ALL, PRU, MET, CB- among the big insurers closing at/near highs of day ORCL- beat earnings and raised guidance NEM, GOLD, GG, AEM, - among gold stocks which exploded higher yesterday afternoon WMI- on âMad Moneyâ last night SA- closed near a high NAK- closed near a high MPWR- closed near a high CREE- closed near a high DFS- good earnings ROST- good earnings Bad-The following stocks have bad news and/or a weak technical pattern C- provided more color on its plans; among other things ,they will be doing a reverse stock splitâ¦although stock is mildly positive pre-open NKE- beat on quarterly earnings, but warned on outlook CTAS- poor earnings CLC- terrible earnings PRGN- bad earnings FDX- bad earnings and warned Earnings: THURS MAR 19 BEFORE BKS DFS FDX PLCE ROST WGO THURS MAR 19 AFTER PALM TKTM Good luck today. Erik R. Kolodny
1) HOW ABOUT STARTING A SINGLE THREAD FOR YOUR THOUGHTS AND NOT A NEW THREAD FOR EACH DAY YOUR BRAIN FEELS IT MUST UNLOAD ON THE ET COMMUNITY? 2) YOUR POSTS ARE A JOURNAL AND BELONG IN THE JOURNAL SECTION. PLEASE KEEP THEM OUT OF THE TRADING SECTION
Because it's not a journal per se. If a mod tells me to go to the journal section, I happily will. I've thought about doing so, but again, I don't consider it a journal. But it is as the subject says 'day trading thoughts.' I not only want people to respond to my stuff, but to post their own 'day trading thoughts.' Also, it is not 'my brain unloading' and I don't appreciate the inference. A number of people asked me to post here because they felt I could be of help. So, I decided to do so; all I am trying to do is help. Period. Good luck in this market.
I think for it to be considered a journal he would have to post his actual trades not just ideas on possible trades.
Journal section inclusions: "The place for keeping a daily journal of wins, losses, and anything else related to your quest of becoming a better trader. " It is more than just a track record. And we certainly don't need a new thread for each day from one person under Trading section. That is the most annoying aspect of it. Just put a thread "my Day Trading Thoughts" and add to it daily.
Sure your idea is great, not arguing. But does it really annoy you that much? I think you need to lighten up a bit... Don't read the thing if it bugs you, problem solved.