Saturday, May 9, 2009

Two Things





Update: Another you might want to look at as well.

10 comments:

ryan said...

Should I have explained?

mvw said...

You pegged JPM as a short target, no? If so, did you get any? If not, then yes please explain lol.

ryan said...

Yep, a short. Actually, all of these charts made me feel short the market (and they still do, but I'm not too strong about it given the last month+).

I didn't get any JPM (at school and my mind was on other things in the morning) but I did short some GS in the last hour for a decent return.

I want to say we get a little more of a pullback here with the spx, but I could be wrong (doubt we will get a retest of the lows, like so many permabears want, unless something in the banking system falls apart and makes headlines).

ryan said...

Oh. I wouldn't be surprised to see 875.

mvw said...

Nice on the GS trade.

You have a pretty good grasp of what's going on. They've been slowly distributing since last week, all they have to do now is pull the bid. 875 is a good number.

Let's get some. :D

mvw said...

Hey Ryan, does trading the ES help with your stock trades? I'm starting to look at stocks more closely.

ryan said...

I would say definitely. Each entity has a different feel to it, but following the S&P500 gives me insight into how individual stocks/sectors may or may not react.

Sometimes you'll find leading indicators that will give you the heads up (they can change, but a good one to follow is financials; if the S&P is rallying and they aren't, then I'd consider looking for a nice short position on the ES).

Sort of like when you follow the financials and the 500 at the same time.

Wish I had more time to dedicate to it; I'll have more time this summer. Also, I'm going to try to setup my schedule next semester so that i have more time to follow the markets during the day.

mvw said...

That's cool that you trade while in college. While others work at the Gap, you are mastering the market. Pretty awesome.

I have a 3 monitor setup and dedicate 1 whole monitor to leading stocks/sectors. I've been getting a good feel for the big players like GS, JPM, GOOG, etc.

I hear a lot of scalpers take signals off the ES and vice versa so I figure I'd give it a shot. I'll probably paper trade it for a week or so, then start really light and see how it goes.

Thanks for the insight.

Charlie G. said...

Finals over yet Ryan? Ace 'em like you do your charts!

Talk to you soon,
Charlie

ryan said...

Haha. One more week!

Thanks, Charlie =)