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I follow CNBC for up to date news, and use their ticker when possible since
it is RT. I also follow a few stocks via non-RT tickers on the Internet. I
always trade at the market price, and use my broker for a RT quote just
prior to trading.
I was lucky hitting the bottom, not always so lucky... It really has a lot
to having a feel for the market. I sold when I made a profit I found decent.
I usually only want one point a day, unless the market is really moving .
For CPQ I wanted to get out before the market closed...
I would have traded MSFT short after the news, but it is too pricing for my
trading level. Love trading on BAD news. NEWS moves the market.
By the way, this morning I took a quick trade of 1000 shares of CNOT for a
quick 1 point profit, bought at 1250 est and sold at 1315. Look at the chart
and try to figure out why I bought it... strong upside after strong
downside..I guess you can call me MR. BOUNCE!!!
Regards
Don Green
-----Original Message-----
From: Dick Crotinger <richinger@xxxxxxxxxxxxxxxx>
To: reen@xxxxxxx <reen@xxxxxxx>
Cc: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Date: Monday, October 20, 1997 10:20 AM
Subject: Re: GEN: SOD
>Don Green wrote (Friday 10/17/97, around 1500EST):
>>I like to play short covering and now is the time..
>>So I bought 1000 shares of Compaq at the market price
>>68.75 with 1 hour to go... This is dangerous, but
>>since I had $2k of profit to play with will see..I
>>won't be in long... Market seems to be turning up..>
>
>and then...
>> Well, is has been a wild day I sold Compaq CPQ at 70 for a 1.25
>> gain...based on short covering move.
>> with 25 mins before the close.
>>
>> I will try to explain my madness later.
>> Regards
>> Don Green
>
>Hi Don,
> You've been making some interesting trades I have a few questions
>about. Your sense of the market seems astute, and I for one feel like
>I'm getting some badly needed non-tech education by listening to your
>dialog.
>
> Seems like a while back, you indicated that your source of data and
>market info is CNBC. My questions have to do with how you were able to
>peg the numbers on CPQ so well on Friday... to wit, your entry price was
>the exact low of the day. How did you enter? Market order? Limit at
>that price? And how did you decide to exit at the price you did (within
>3/16 of the high of the run)? Since the CNBC stock quotes are delayed,
>I'm a little incredulous at your using that info to peg the CPQ
>pricing. You indicate that you use breadth and sentiment numbers, which
>are in fact realtime on the tape... were these enough to find the "turn"
>in CPQ that worked so well for you?
>
> Finally, others have also asked about your use (or not) of options.
>Certainly, those would offer a different and less equity-stressful way
>to effect the trades you've discussed. Why would or wouldn't you choose
>to use options for trades like these?
>
> Congrats and keep up the good work!
>
>Dick Crotinger
>
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