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Wednesday, December 17
The color-coded chart for those who like pretty pictures. See you tomorrow, guys.
 SSTI, 30-minute chart Posted at 4:09 PM, EST
Some pretty frenetic trading in SSTI at the close. Risking 7 cents to make 42 cents is what it's all about. Trade with the trend (All). Cut your losses short (PMCS and ATML). Let your profits run (SSTI). Manage risk (All).
 SSTI, 30-minute chart Posted at 4:03 PM, EST
Harken Energy was a nice set-up ... the scanner picked it up early on, but I rarely trade NYSE and AMEX stocks.
 HEC, 30-minute chart Posted at 3:51 PM, EST
Speaking of getting stopped out, I lost 16 cents in PMCS on that 3:30 bar, ATML was a scratch, and only SSTI made a few bucks today. Posted at 3:43 PM, EST
More from Gann, circa 1923:
"You must learn to trade so that there will be no hope and no fear when you enter the market. You enter it as the result of
deliberation and upon what you believe to be the proper basis for buying and selling. But you must remember that you can be wrong
and that the way to protect yourself against wrong judgment is to place a stop loss order at the time you make the trade.
Then you do not have to hope it will go your way or fear that it will go against you, for you will know that your loss is limited, and if
the loss comes, you will be in a position to make another trade later which will probably prove profitable."
Posted at 3:38 PM, EST
While looking over the Bargain Buys at traderslibrary.com, it struck me that many of the books, especially the day trading books, are still wildly overpriced at $0.98. Posted at 2:22 PM, EST
I'm reading W.D. Gann's book from 1923 called Truth of the Stock Tape and it's really wonderful. Gann strikes me as being something of a self-promoter, but it's OK because his general advice is good, solid stuff.
"If you have not the firmness, will power, and determination to protect every trade with a stop loss order, do not
start trading, for you will fail."
That was true in 1923 when Gann wrote it, and it's true today. I always shudder when I hear people talk about trading either without stops or with "mental" stops. Posted at 2:03 PM, EST
I'm a little higher at p-stop 9.95 SSTI... see you at the close, guys. Posted at 12:03 PM, EST
Jim Griffin writes about Greenspan's recent speech in Dallas, among other things.
"... the trade imbalance between the US and China, now seen by many as a profound threat to the dollar's value, has a
flip side, that it indicates an implicit demand for dollars on the part of China, just as was the case earlier with
other low wage labor-providing nations. The need to create jobs for millions of low wage workers mandates that
attractive terms of trade be offered to those willing to provide employment by purchasing the output of that
low wage labor. In this case, we have China as the ultimate source of such labor and the United States as the
buyer of last resort; ergo China is, in effect, a buyer of last resort for dollars. That's the deal, or the deal at
least until China and other low wage labor providers can find alternate markets for their output."
"So many are missing the expansion of the global economy that came sneaking in during the cyclical downturn of 2000-02,
one now beginning to reveal itself as cyclical recovery lifts the veil. As global demand reaches out to take advantage
of the huge expansion in global supply of recent years, it implies strong, non-inflationary growth for a 'considerable period,'
and I love it that this is not yet the consensus opinion."
Posted at 12:01 PM, EST
P-stop on PMCS is 18.93... on ATML is 5.70 ... waiting to see if SSTI triggers. Posted at 11:43 AM, EST
Hussein's Futures Pay Out After Arrest. I remember seeing that contract over at TradeSports. You can still bid on OSAMA.CAPTURE contracts of course. I follow how Bush and Dean are doing there... PRESIDENT.GWBUSH2004 is currently bid 68.6 and DEM.2004.DEAN is bid 65.4; betting on Dean to get the nomination earlier this year would have been a profitable play as you can see from the chart. Posted at 11:40 AM, EST
SSTI looking tasty but it has to give me a spot to act on.
 SSTI, 30-minute chart Posted at 11:17 AM, EST
The broad market tone has turned sharply positive and it looks like PMCS is hitting highs so I doubt ATML or SSTI will give a spot to get short this morning... I'll watch until lunch time then take off. Posted at 11:07 AM, EST
Caroline Baum explains why the output gap is a squishy concept. Posted at 10:58 AM, EST
Teresa wrote something about the CPI this morning... I looked at yesterday's release and it looks like inflation is extremely low, especially for vegetarians.
"The index
for meats, poultry, fish and eggs rose 3.2 percent, reflecting a sharp
increase in meat prices. Beef prices, which rose 3.8 percent in October,
increased 7.4 percent in November, their largest advance since a 7.5
percent rise in June 1978. The indexes for pork and for other meats
increased 0.3 and 1.6 percent, respectively; the index for poultry rose
0.9 percent."
Posted at 10:38 AM, EST
Some are already short ATML off the 15-min. but I'm going to hang back on the 30-min. and keep an eye on SSTI and PMCS especially. Posted at 10:18 AM, EST
Interested in ATML, PMCS, SSTI on the short side, but my quotes are running so far behind I can't really see what's going on. Posted at 9:54 AM, EST
Bonds jumped this morning so it may be a lackluster day for stocks, but we'll see. Posted at 9:28 AM, EST
Wanted to point out that Schlumberger (SLB) is coiling... 'slob' is the recommended name for this ticker.
 Schlumberger (SLB), 30-minute chart Posted at 9:18 AM, EST
Looks like old Bonso (BNSOZ) is going Bonkers, little else of interest pre-open, maybe CAMD will make the list. Posted at 9:13 AM, EST
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