Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Larry: I've ben a moderator at Pristine. I teach traders ith my Trading Seminar. And I gotta tell you that plethora upon plethora, and more even, don't know that. Heck, many can't identify an uptrend, a downtrend, a bear-trap, an outside-day downside, a breakaway gap coming off a bottom. Yup, 'tis true. You could look it up.
justamother: You too hit it on the noggin, Sadly you came in second. You get a pizza box.
Finn: You win! Do you like mushrooms? Double cheese? Sausage?
Nq's 1066 now. A pizza to anyone who can tell me the significance of the number 1066.
Larry: The future? There's a future? My future ends every day at or before 4:00, fully in cash. Bad stuff tends to happen overnight. I like to sleep, gently.
;p
Train Guy: I must needs agree with Bald Mountain. Chart after chart has broken the mark-down phase...has exhibited a re-accumulaton bottom and has begun a new mark-up phase [higher hihs and higher lows.]
Hoi brainlessome: You might want to take a peek at the
Nq 3-minute chart.
Lary: I'll lay 6 to 5 [pick'em] that the Nq's drop to 1050.
The Nq's are close to rolling over. We shall see.
Hi JLK: Barb followed more charts than I could handle. One or two was my limit. Nor did I enjoy earnings plays. Barb did 'em well, I did not. I bought or shorted from chart patterns. It worked.
Hi John. The bears are not in control...YET. Patience boobeleh, patience.
The Nq's are making bear-flag noises. Volume is diminishing.The 10/20 m/a crossover not yet occured. I'm looking at the 5 minute chart for a trade: Will sell half when/if volume builds, will hold half.
Hi mlsoft: Run? Heck I'm galloping...shorted the QQQ's at 1:10 with a stringent stop in case the trade goes wrong. They do go wrong at times.
Hi Lane...Nice to find you. I too think Mr. Greenspan is doing a fine job.
Hi scanman: Volmme IS important [at times] but its's a bit overblown. Example: A stock closes as a new ALL-TIME high. All the stockholders are smiling. Why? Because they are ALL making money. Sure, occasionally some will take profits, but it's really hard to let go of a stock,, [or a lover] that gives you
pleasure. So volume tends to be low..and alright.
I've been trading for almost 40 years. I teach traders how to trade with a 6-hour one-on-one "Trading Seminar" spread over
three two hour sessions. I'll work with you. My e-mail is leekramer@rcn.com/...Lee
a stock rises to new all-time territory.
mlsoft: It usually takes a while to detect a discernible trend in the futures, or longer to detect a trading range. Better perhaps to just trade the charts you like, long and/or short.
mlsoft: up 5 isn't all that much, and volume of course is light. Housing Starts and Building permit #'s are due for release at 8:30 a.m. These are kinda important.
["Money"] cubed, You got it!
Whgo can get rest with you...It'll take me a fortnight to figure out your fekutah post. It's been fun; like a poke in the eye. Sleep well.
OHM? You mean OMMMM, as in meditation? A scientist I ran into. Terrific. Say, wanna know my mantra?
Your intransigence is driving me to "crisis," and I'll have to call my shrink, doc Kronkite, for a special crisis session. He's a specialist you know. Deals only with day-traders.
Bald Mountain: I don't need this mishegash. Come on will you, anyhow.
Bald Mountain. Ok, you get it. But I would like a clue, forthwith!
Bald Mountain: I re-read your initial post. You want a name before a clue is forthcoming. Ok, Levi Strauss.
Bald Mountain: Why do I feel as if I'm back in high school? I take it you mean "thermal" and not "thermo." Ok, thermal suggests heat. But knowing you, though slightly, I suspect the heat you refer to is not oil, gas, or wood. I'm thinking thermal underwear...and I just bought a pair, yesterday! Such a bargain I got. Now thermal underwear has been around a long time; they took it, wore it to the South Pole by the way. If Bill (I detest the chap) Gates were older I'd choose him. but it was not Billy. Ok, gimme a hint.
NTES, a nice chart. Ran from 2-10.16...today we saw an inside-day which suggests that the run is temnporarily over. Also is it well above the rising 10 and 20 day m/a's. I don't know how you trade so I'll tell you how I'll trade it tomorrow. Looking at the 5/15 minute charts I'll short it if it moves up toward 9.80-9.95....JAKK, after an 11 day consolidation subsequent to a 30+% move up looks looks higher...SINA ran approximately 40% in three days. Yesterday's action suggests that the stock be shorted on any bounce near 4.20 I'm a day-trader, end the day fully in cash.
You got it boobeleh...give me a moiment, and I'll post a trde.
<A foolish consistency......> But who penned the line? Give me the answer and I'll give you a nice chart to peruse.
Hi Kobi: It's not likely that you'll see Jenna, though that would be a shame as she is Very Good.
I suspect Barb,[Jenna] and Andy are in Israel.
Hi Hamvestor. Two Sir Realists!!!!??? A Jeckyl and a Hide(stet). A Frick and a Frack? A Multiple Personality? Hey, I'm confused enough. Anyway, thanks for the info on the Sir's. The Good Old Days were fun but a bit crazy and had to end. Seems we have 'em every generation. Takes that long to pull in a new bunch of "suckers?" to buy the stuff. I just finished Jim Cramer's "Confessions of a Street Addict." The fellow, whatever you think of him, is brutally, painful honest and tells how the game is played and and how the Street endeavors to take our money. It's a good read. I got it from my local library. I'm still writing the column on Trendsetters and Rangeriders. You might find Saturday's [11/16/02] column helpful. Nice rto hear from you.
DAYTRADING: The Highs and the Woes 11/16/02
Miss Tushbumper called last night. Distraught, she told me that Doc Kronkite was in a “ terrible state.”
“New Jersey?” I asked.
“No, no,” she cried. “An emotional state.”
“Oh,” I said.
“He badly needs your help. I think he’s in crisis,” she told me.
“Again in crisis?” I said.
“Yes,” she replied.
I’m a sucker, a sap, for damsels in distress. I told her I’d help.
“You are a wonderful, compassionate human being,” she cooed, in that whiskey-throated voice that I made my heart pound and my blood flow south.
I couldn’t disagree with her assessment.
“I shall be at your office. I’ll do my best for the doc.”
I heard a grateful sob just before disconnecting.
I walked into doc’s reception room this morning, early for my scheduled appointment. Miss Tushbumper rushed over, threw her arms around me, pulled me close. I melted.
Grabbing my arm she dragged me into the doc’s office. He was lying on his lumpy leather couch, head in hands, sobbing harder than a Red Sox fan after a loss to the N.Y. Yankees.
“Doc,” I began, “Talk on me.”
“I’ll never be a day-trader,” he moaned. “I shorted all week and lost on eleven consecutive trades.”
“Mmm. I’ll have to give you a test to see what you’re doing wrong,” I said authoritatively.
“A test?” he cried. “I don’t do well on tests.”
“No problem doc. This isn’t a pass-fail test. Just a way for me to identify the problem so I can help you. Kinda like the ink-blot tests you give me, or the free-association tests.”
He shrugged, said “OK.”
“Grab your pad, sharpen your Eberhard Faber #2.”
He did as I instructed.
“Ok, question number one: What are your favorite stocks?”
“That’s an easy one,” he said smiling. AMZN, DELL, PMCS, NVDA and IBM.”
“Wrong. A trader, especially a day-trader has no favorite stocks. Ever.”
“Question Two: You check around and are told that IBM is a great company. It gaps opens at 79. Do you buy it?”
“Of course I buy it,” he shouted.
“Wrong,” I said.
“But Meldelbaum-the-fund manager told me to always stick with good companies, to trade the strong companies,” doc insisted.
And how is Mendelbaum doing? I asked, knowing that his fund was down 70% in the past two years.
“Well, he’s living in Rio now. With his secretary.”
“There is the company and there is the company stock,”
I said. “I trade the stock, never the company. I suggest you do the same.
“Question Three: You buy a stock at 20.50. An hour later the stock is at 18.50. How many shares do you buy to average down?”
“Easy. I double my position, cutting my cost basis in half,” he said grinning.
“Wrong.” I said.
“Right,” he snapped.
“Wrong.”
“Right.”
Then he threw the Eberhard #2 at me. I pulled the missile out of my forehead, wiped the blood from my eyes.
“Wrong,” I hollered. A stock down two points is a trade gone wrong. Never average down, always average up.”
“Up? Why up?” he asked, a puzzled look on his countenance. “That just increases my average cost.”
“Exactly. It also tells you that you play is working, that your trade is going right, not wrong.”
“Enough already with the wrong. Another word you should choose.”
“Question Four: You buy 3,000 shares of LGTO at 5.12 off the 5 minute chart. How long do you hold it before kicking it out?”
“Two hours. Definitely two hours. Definitely,” he said, sounding an awful lot like Dustin Hoffman’s Ray in ‘Rainman.’
“Wrong. A stock bought off a 5-minute chart should be sold in 10-15 minutes at the latest. A stock bought off a 15-minute chart should be given more time. The shorter the time frame, the shorter the stock should be held. FDRY, last Wednesday, on the 15 ran from 7.22 to 7.61 in 30 minutes. An entry at 7.25, kicked out at 7.55 is 30 points. That’s a $900 gain…a nice day-trade.
“Question Five: We are in a new bull-market? Yes or no?”
“Yes, absolutely yes,” screamed the doc.
“Wrong. To a day trader bull-markets and bear markets have no relevance; they mean nothing. You flunk the test doc.”
Doc began sobbing, wailing. Miss Tushbumper scurried in, sporting a worried look. She put her arms are the doc, kissed his cheek, plopped a Prozac, followed by a Pez in his mouth.
“It’s ok,” I told them. “All day-traders make mistakes when first they sally forth. We shall prevail.”
Two smiles appeared. Miss Tushbumper walked me out. Once again she bear hugged me. Oh the rapture, oh the joy.
“You’ll help him? At next week’s session?”
I smiled. “Certainly,” I assured her. “We have much work to do of course. But for you, anything.”
Lee Kramer
Copyright 11/16/02
I've been trading for nigh (nigh?) onto 40 years. (I came to conclude that what works best for me is a chart with volume. I can look at a chart and detect in seconds if it is tradeable. Forgive me if I sound a bit arrogant. I spent some time withe the late John Magee, co-author with Mr. Edwards of the classic "Technical Analysis of Stock Trends." Back then, (1974?)we drew charts by hand after the market closed. The story is true: John boarded up up one his windows in his Springfield, Mass. office with plywood to symbolically shut out the noise and nonsense from Wall St. He'd be apoplectic today with Maria, the analysts and all the other craziness. He was a soft spoken gentleman and helped me a great deal.
I too was with Datek. I do not have the problem you mentioned. I would think that your problem is temporary. yo might give it a coule more days...Lee Lramer
Scanman: If you use Qcharts you can get block (10,000 shares) for any stock. If you don't have Qcharts and need block trades for any stock you can e-mail me at leekramer@rcn.com and I'll get back to you..or you can enter "Lee Kramer: Trading Room" on Paltalk (Bus. & Finance)...a free room if time is of the essence.
Sir Realist: gosh and golly. a fellow changed his mind 5 or 6 times? Shocking. I'm a trader and change my mind more than 5 or 6 times in a day. I remember you. And I'm so distressed that I'm gonna call doc Kronkite, my shrink, for an immddiate session as your posts have brought me to crisis.
Sir Rrealist. You sure HAVE been "sleuthing all day." You chose an innocuous, for you, word, in "sleuthing." Others come tomind. "Bashing," "Attacking," "Persecuting," "Disrespecting."There are more of course. But I suggest you lighten up. You've made your point to the border of obnoxiousnous. I have no idea what the contretemps is about...but we all make mistakes. Then again, perhaps you do not. To post a disagreement is fine; to post it all day long is absurd and says more about you than your attackee.
scanman: I suggest you ignore the "economic side of things" at the earliest possible moment, if you are a trader. 'Course, if you are a long term trader, read: "investor," ignore my prattle.
I agree that rates mean little other than to Government and corporations seeking to borrow at attractive rates. The market may well get hit on Monday, though I sure have no sense that this will be so...But, depending on your trading style, it may mean little. As a day trader if it turns into a down trend day in the Nq's I'll short the QQQ's. But there will be many tradeable charts, even on the long side. To me, every day is a new day...kinda like a baseball team that [my team is the Boston Red Sox, don't laugh] takes the field each day with thoughts of winning.
Federal Reserves: I offer a thought; government debt issuance and rollovers is being done was at rather low rates. Think back to when government rolled over debt at 8-10%...think about the interest payments on that debt. Alan Greenspan has gone about as low as he can, and if it doesn't help [pushing on a string] there are other things he can do. The cost of money has come sharply down, toss in availibilty of money/credit...and all doesn't look that bad. Add too the notion that Mr. Bush and the legisture that he controls now, will do their darndest to have the economy rolling/booming? coming into the '04 elections. The fellow wants to be president again. This may be the reason we're seeing wat we're seeing in the market. I'm seeing something I haven't seen for the past 18 months; many stocks that have broken their long-term (mark-down) downtrends, re-accumulation bottoms, and the beginnings(s)of a new mark-up phase, typified of course by higher highs and higher lows. I'm a day-trader so this is merely an "intellectual" exercise.