Chat Highlights From 5/5/2011
Central Time Zone
14:59:58 MKing don’t stare at it too close. if you are, you probably bought too many shares
14:57:26 MKing Even though I might EVENTUALLY be right about the target price, you might not be able get that if you are forced out of the trade if it drops tomorrow but you won’t be forced out if you start small
14:57:25 MKing When you try to time the peak moment of despair in the market on a very fast moving stock that has dropped over 50% in 5 trading days like AGQ has, it is easy to be too early and it drops another $20 tomorrow. That’s what you have to be prepared for so that’s just one reason why I keep saying not to get leveraged.
14:56:41 MKing you need to understand this type of trade. it can have a lot of movement at the bottom, sharp moves, big swings and most people will be scared right out of the trade or they may SELL on a $5 or 7 profit on AGQ. But that isn’t what I’m looking for. We are looking for $240-250 a share on AGQ.
14:52:13 MKing ok, now guys. lets talk about tomorrow on this trade on silver.
14:50:17 MKing you guys might want to copy and paste these TSA comments on a word file to review.
14:50:02 MKing oh, your stops on this, well, make it bigger than normal.
14:48:27 MKing so if your planned position size is maybe $15,000, you could go in with $7500, half or so. and complete it tomorrow if it drops but my best guess, my strong feeling about this is today is the likely the low.
14:47:41 MKing back to the AGQ, Proshares Ultra Silver (2 to 1 leveraged ETF). it could easily go down more in the morning but the time it spends being down probably wont be too long. so thats why i start smaller than normal, sort of like dipping your toe in the water to test the temperature. you dont want to go in heavy early, just like a bullSHORT
14:45:53 MKing i am tell you guys this because this is a real time trading room and many of you are getting pretty proficient at trading. you also know there is risk in trading. but here is how I am thinking about this
14:43:00 MKing don’t get heavy in this trade, even though Mitch likes it
14:40:42 MKing you don’t make a decision about price unless you cannot BUY 1 share, like maybe BRKA, Berkshire hathaway class A
14:38:22 MKing i rarely stick my neck out this much, especially in front of a couple hundred people but this is a great long setup
14:37:00 MKing now the more conservative play is to see it stop dropping and that’s smart too
14:36:18 MKing wont even look at stoch or macd most of the time, just the volume and price.
14:35:59 MKing parabolic curve increasing volume and parabolic curve in price going down
14:34:58 MKing its the chart pattern, all Vegas seminar attendees, what is the best all time long setup on a chart.? Name the two most important things
14:34:17 MKing remember, it’s a different mindset, we are not scalping. get into the mode we have when bullSHORTing..... it takes days
14:33:27 MKing i feel more comfortable with owning the etf, its already 2 to 1 leverage on AGQ
14:31:42 MKing and then you SELL in a couple days that could easily make maybe 15% and you dont keep playing with it unless you are really really experienced
14:30:50 MKing this is a bullSHORT correcting hard and it is always dangerous to catch a falling knife but we should have a sharp rebound for at least 2 days, probably starting tomorrow. Its aggressive but you want to BUY when trading action is like this. increasing volume, panic SELL where price is going down faster and faster and the best price is when the stock or any instrument, has highest volume, and biggest price on the same day after it has gone down 3-4 other days just before
14:28:42 MKing yeah, i think this is the right day to BUY silver etfs to hold only 3-5 days. should be the right day and dont look at it like a scalp. tuck the chart away somewhere you cant see it easily and continue on with your normal scalping.
14:20:46 MKing this isnt scalping LisaS, this could easily rebound $60 in the next week.
14:19:59 MKing read this: Do NOT get leveraged, its already leveraged 2 to 1
14:19:37 MKing ease into it long in case it goes down more tomorrow but should have a very sharp rebound, AGQ, Proshares Ultra Silver. double long etf so its leveraged
14:18:50 MKing ok guys, I’m going to give you a swing trade on the fly here, aggressive, please don’t get leveraged
14:08:56 MKing not sure yet what entry but this is a panic SELL and you try to wait until you have the peak point of panic
13:59:01 MKing this SLV going to be a good long trade next 24 hours, maybe today
13:47:12 Kris I pass on REDF
13:22:23 Kris looks like .65 was the low. I didn't get it. will check back on it but going to scan for other ideas.
13:19:32 Kris I would take it long off 12.50 to 12.60 area troy. depending on how it acts with the bounce it could be a good flip candidate below 12.45
13:17:41 Kris REDF support around 12.50
13:01:39 Kris out all SVNT long
12:59:21 Kris stop rest under 8.97
12:59:12 Kris out half SVNT long
12:52:22 Kris need SVNT to break 9 soon
12:49:08 Kris stop under 8.73, looking for 9.20 target area
12:48:44 Kris small position
12:48:41 Kris SVNT long
12:45:43 Brent would like to see some acceration to the downside with this heavier volume on SVNT, I'm watching a 3min chart on this one
12:37:52 Brent watching SVNT
12:31:24 Kris I'll pass on MDAS not enough money for me
12:30:58 Kris watching MDAS for a long
11:15:45 Kris LINE coming into resistance if you got it long. look to take some profit soon and move up your stop
10:54:20 Brent VQ hitting some support here
10:50:00 Brent 18.60 area is next target on VQ
10:49:42 Brent not really breaking down as quick as I would like to see
10:49:27 Brent I would reduce some VQ in here
10:42:44 Kris watching for a long in LINE
10:42:07 Brent watching VQ
10:31:41 MKing that was over $2 bounce in oil. its all in the charts diadora, same with anything, stocks, futures, housing, tulip bulbs, all the same
10:14:36 MKing should be a bounce in oil
09:57:13 MKing pow, there was a big rebound in the USD on Monday and some carryover on Tuesday but I would think it resumes back on the downtrend its been on. For sure I think the SHORT trade on the USD is getting crowded so it could have these exposive rebounds on occasion.
09:51:03 MKing i do think silver has gone parabolic and is likely to go through a process of corrections pow, going to be a tougher trade
09:40:56 Kris out all ARO long
09:33:52 Kris out half ARO long, stop rest under 21.57
09:27:39 Kris stop under 21.43 ARO
09:27:30 Kris long half ARO
09:20:31 Brent seth, GMCR ran up during aftermarket hours so it just shows a gap on the daily chart
09:19:46 Kris next support NVLS 34.80
09:19:29 Kris stop rest NVLS over 35.62
09:19:12 Kris out half NVLS SHORT
09:18:41 Kris start slow on NVLS, stop over 36.07, first target 35.00 area
09:18:09 Kris NVLS SHORT
09:16:28 Kris no seth, but ask me later and I'll answer that
09:14:22 Kris guess I was a day early on the NVLS long
09:14:05 Kris watching NVLS for a SHORT
09:13:05 Kris it heard you truck and it's heading for 77.50
09:10:45 Kris I would give it about 10 to 15 minutes to go sideways or have a small bounce seth, yes you could stop over 75.00 but it could bounce just above that.
09:09:43 Kris looks like she put the weight back on
09:09:05 Kris good one scalpman, coming into resistance at 75.00 area
09:08:45 Kris you could SHORT it on a bounce seth, it does look good.
09:08:21 Kris I'll watch ARO for a rounded bottom to take it long with a tight stop
09:07:03 Kris not sure I would chase GMCR here seth on the SHORT side and I don't like it long with that reistance
09:06:30 Kris I was looking SHORT GMCR below 75 but that stock is manic, should have taken it.
09:05:19 Kris save some for another move higher
09:05:09 Kris this area is looking good scalpman
09:05:02 Kris look to take some profit if you got WTW long
09:03:53 MKing CYH looking toppy
09:03:44 Kris no secretaria but I should be. I see they are marketing to men now and it wouldn't hurt to lose a few pounds.
09:02:59 Kris don't chase WTW if you missed, it jumped fast resistance at .50
08:58:48 Kris watching WTW for a long
08:56:49 Kris I'll take ARO long over 22.05, if it fizzles I'll pass for now
08:54:45 MKing HUN toppy
08:54:20 Brent awesome Rockstar
08:54:13 Kris out all PAY
08:49:51 Brent trail your stop up on GGC, will hit some possible resistance here at 34, then 34.50 area
08:49:07 Kris stop rest PAY under 49.23
08:48:55 Kris out half PAY long
08:47:33 Brent consider reducing more GGC
08:45:54 Kris watching ARO for a long
08:44:55 Kris out all AKAM long
08:43:26 MKing watching CLF and HK for top
08:42:46 Brent you can trail your stop on FTO, running into resistance between here and 25.25 area
08:42:37 MKing FFIV toppy
08:42:24 Kris stop rest AKAM long under 34.95
08:42:15 Kris out half AKAM long
08:42:04 Brent reduce more FTO here
08:41:34 Kris stop pay under 48.65, first target 50.00
08:41:31 Brent next target 33 area on GGC
08:41:19 MKing watching HUN for a SHORT, advanced traders
08:41:10 Brent tighten stop on FTO
08:41:07 Kris PAY long
08:41:03 Brent next target 24.90 area on FTO
08:40:32 Kris watching MGA for a long
08:40:32 Brent consider reducing GGC
08:39:49 Brent consider reducing FTO
08:38:40 Brent watching GGC
08:38:35 Kris will add AKAM second half pullback to 34.50 area, stop under 34.27
08:38:16 Kris AKAM long half
08:38:09 MKing watching ANF, also late, want 72.50 area to SHORT
08:38:03 Kris out all BCSI long
08:37:36 Kris last target BCSI 26.50
08:37:17 Kris out another 1/4 BCSI long
08:37:00 Brent watching FTO
08:36:26 Kris stop rest BCSI under 24.95
08:36:17 Kris out half BCSI long
08:34:50 Kris BCSI long
08:34:48 MKing TSO bottoming, probably too late
08:33:58 Kris see if it can make a new low on a smaller position CBEY
08:33:46 Kris this CBEY is a little wild
08:33:37 Kris ok, take some profit, stop rest CBEY over 13.95
08:31:02 Kris CBEY SHORT
08:30:25 MKing stocks are going to open down and the drops that make the bottoms will likely take longer
13:15:07 Jsn13 im gonna call it a day.....ended the day with green in day trading but red in swing trade....anyway thanks guys for the calls....appreciate it....earned some money in svnt and jbl at the last minute....thanks alot...
11:03:31 ScalpMan Thanks to TSA for great training.
11:03:01 ScalpMan Since 4/6 I have had only two negative days...for a loss of of $38.02. Rest were in the green... I am consistent now for 1 month...
09:09:18 truck all out WTW,,,THanks Kris
09:08:30 ScalpMan All out WTW thanks Kris good one..
09:03:22 dasa Out FTO 2/3 .25 1/3 1.11 TY Brent
09:01:42 dasa Out MGA 2/3 .44 1/3 .65 TY Kris
08:54:28 qwert Wow great calls this am
08:53:34 rockstar Brent gr8 calls on GGC 2.05 and FTO .49.. TY