Stock Market

[NemesisX]

Calling all people here on Prime who work, or have questions, or analysis of the stock (or other) markets...

How well are people doing in the markets???

Any thoughts about where the markets are going???

Please respect other peoples opinions!!


ME?? I am a S&P index futures trader (and commodites too) and have been doing it on and off for over 5 years (some days better than others, but im still here). I would like to hear about peoples experiences in working with the markets....

 

[blknsxnoc]

stocks

I have stocks that I purchased about 2 years ago and I am going to dump them as soon as I reach what I am willing to take as an "acceptable" loss.

The markets have dinged me pretty bad but that's what it's all about I guess.

 

[O-Ace]

You trading the big contract or ES? I trade ES part-time (still learning). Also looking into trading European futures. Tried trading the DAX and ESTX50 as well...DAX trends pretty well and has really good range. Too bad Eurex opens at 2 AM central time

-Awais

 

[Dtrigg]

The wife and I have done very well in the past 12 months. I am a former Morgan Stanley guy and she is a former Smith Barney gal. I also ran the national Investor Relations practice for one of the largest IR/PR agencies in the world so I understand sh** floats because I did tons of IPOs in 1999/2000.

I subscribe to several computer based research firms so I am able to follow thousands of stocks and also look at timing issues. I do mostly option work.

As a former broker I would ALWAYS tell my clients to set their targets in term of when to sell, on the way up as well as the way down. Ninty nine percent never did. I can't imagine doing a trade without stops and limits in place.

BLKNSXNOC - The question to ask yourself is, "Would I buy that stock today?" If not, sell it.

 

[steveny]

I swing trade equities and options, and day trade both as well. Took in $1172.00 today day trading ICOS calls. WOO HOO.
I am not a broker and have no formal experience or schooling background in finance. I watch the market everyday and trade almost everyday. I am eagerly awaiting FDA approval of ICOS' new drug CIALIS. I believe it will be a block buster drug.
What is anyone opinion of today's late day recovery? Short covering or buying on dips?

 

[NemesisX]

You trading the big contract or ES? I trade ES part-time (still learning).

I trade both.....sometimes when Im not as confident in my position I will only trade the ES....When Im very confident and have a very small stop loss (and the market is slow) I will trade the Big contract, cause that slippage will KILL you!

O-Ace, How does that effect your sleep?? I traded the market while I was in Australia last year and I absolutely got KILLED!!! (1am till 8am Oz time)

 

[NemesisX]

Dtrigg,
I would love to pick you and your wifes brain about all you learned (and realized) working at those big firms....What made you both strike out on your own??

CONGRATS Steveny!!! Thats very good to hear!! I had a VERY good day today but im not going to jinx myself (oh those humbling markets!)...cause im still DOWN for the month.

As for the market....I saw some intermarket non-confirmations last week that may not bode well......but ive been wrong before ......(ok more than 50%, but thats what stops are for!!!)LOL

Does anyone have the GOLD BUG fever???

 

[steveny]

Does anyone have the GOLD BUG fever???

Three other friends and I email our trades and recommendations back and fourth everyday as we all trade the market. About 2 months ago one of my friends emailed that he was buying 10k in gold mining. I passed on the advise. Sure wish I had made that trade now.

 

[Sig]

I swing trade equities and options, and day trade both as well. Took in $1172.00 today day trading ICOS calls. WOO HOO.
I am not a broker and have no formal experience or schooling background in finance. I watch the market everyday and trade almost everyday. I am eagerly awaiting FDA approval of ICOS' new drug CIALIS. I believe it will be a block buster drug.
What is anyone opinion of today's late day recovery? Short covering or buying on dips?

Steve-

Do you know anyone who has taken Cialis?

I have spoken to some folks that did. A husband and wife that spoke about it mentioned that after they each took it...... they spent the next two days behind closed doors.

If stories like that hold true for others, then you sir.... will probably be correct about the potential blockbuster.

Ironically, I owned Cialis shares about 5 years ago.

 

[RPM217]

Way off topic

I too do this for a living. I work for a major "Wirehouse" as a Financial Consultant. I've been doing this for over 20 years and the reason I called this way off topic is because the one certainty this market will teach you is that nobody knows anything, and if you/they think that they do, the market will quickly humble you. That being said, my prognostication is simple, the market is a forward indicator, it's currently predicting a robust recovery. In my opinion, too robust. The market has come back tremendously, all without the creation of jobs. Until you see job creation, not elimination, I feel that we are still in a very precarious recovery. The reason that companies are reporting better earnings, isn't because of more sales, or greater revenues, but because they have decreased their overhead, eliminated jobs, closed factories. You ask these people who have lost their jobs if they feel comfortable buying new cars at 0 % financing. All of the above being true, you learn to not fight the tape, and go with the flow. Market timers are wrong more than 50% of the time, and 85% of option players lose. I'm a "professional" and I lost money in the past few years, but over the long period of time, I'm way ahead of the game. As a previous poster has said, be disciplined, use stops and have objectives. Keep your losses small, and learn to take profits when stocks hit your targets. I could go on for hours, but I've said enough. I love the market, it's been good to me, learn to respect it, don't try to be too smart. I tell my clients I'd rather be lucky than smart!!!

 

[steveny]

You ask these people who have lost their jobs if they feel comfortable buying new cars at 0 % financing.


Now ford is giving 0% financing for 6 years on the Focus. Pretty soon they will have to give cars away to keep the sales figures up. I am currently short F, LEA, and BWA for this reason.


Market timers are wrong more than 50% of the time, and 85% of option players lose.

Do you mean that 85% of options expire worthless? I hardly ever hold an option until expiration.

 

[steveny]

Steve-

Do you know anyone who has taken Cialis?

I have spoken to some folks that did. A husband and wife that spoke about it mentioned that after they each took it...... they spent the next two days behind closed doors.

If stories like that hold true for others, then you sir.... will probably be correct about the potential blockbuster.

Ironically, I owned Cialis shares about 5 years ago.

I have not taken any of the ED drugs. I have read all the studies and comparisons on each drug and have based my opinion on those studies. I have also heard and read many testimonials like the one you posted. It is amazing how well this drug has been accepted in other parts of the world. The USA is the last large market Lilly/ICOS has to get approval for.

 

[O-Ace]

O-Ace, How does that effect your sleep?? I traded the market while I was in Australia last year and I absolutely got KILLED!!! (1am till 8am Oz time)

I don't trade Eurex for that very reason. I did well on Eurex but I can't operate at those hours, especially since I usually go to bed around midnight.

 

[NemesisX]

Re: Way off topic

The market has come back tremendously, all without the creation of jobs. Until you see job creation, not elimination, I feel that we are still in a very precarious recovery.

RPM, I agree 1000% with everything you said. I think another indicator to look at within the job scope is the SERVICE vs MANUFACTURING job creation. Over the past couple of months jobs have been created, but if you look closer at the jobs, they are part-time or in the service industry but they are still loosing jobs in the manufacturing industry. Until manufacturing picks up, the recovery will be very tenuous.

 

[O-Ace]

NowSeeX's, are you mainly scalping/day-trading the S&Ps? In that case, does the long-term outlook really affect your trading in any way? I'm assuming you're trading based on intraday technicals.

-Awais

 

[NemesisX]

O-Ace,
I position trade the S&P's. My positions last from a couple hours to a couple days depending on my position.

I used to daytrade but now it makes more sense for my trading style to let it go until my exits or targets are met. (crazy??) I try not to let time (exiting because of EOD) determine my decisions, but my system, BUT EOD is always a factor in determining the risk of going overnight.

How have things been going trading the E-minis?

 

[O-Ace]

NowSeeX's, I know some people who have switched to position trading the S&Ps due to narrow range. Most of my trades would actually work out pretty well if I held em longer but I'm still learning and don't want the overnight risk. I'm curious...how wide are your stops for your position trades in ES?

ES trading is going alright. Takes some time, and I'm still learning.

-Awais

 

[NemesisX]

O-Ace,
Going overnight is extremely tough....I wouldnt do it at first because I didnt believe enough in my system. After short-cutting my system enough times that I would kick myself (getting out too early) I learned to just let go...
I dont sleep much when im going overnight....understandibly!

As for my stops, They vary from 2-6 points depending on how quick I am at getting in. Sometimes I trade 2 times a day, (rarely)sometimes not for a week. The last trade of mine was friday (1) and I exited yesterday. Today I havent gotten in yet.

How long have you been trading the minis? How long have you been learning? What made you start?

 

[JAYS NSX]

As a former broker I would ALWAYS tell my clients to set their targets in term of when to sell, on the way up as well as the way down. Ninty nine percent never did. I can't imagine doing a trade without stops and limits in place.

BLKNSXNOC - The question to ask yourself is, "Would I buy that stock today?" If not, sell it.

You can take these two pieces of advice to the bank! It is not always about making, but about NOT LOSING MONEY!! My theory: If you have no huge losses, than all your little gains will make you a winner over the long haul.

If you own equities without stops and limits in place, you are taking too great a risk.

 

[O-Ace]

How long have you been trading the minis? How long have you been learning? What made you start?

I started trading ES this past September. Did stocks and options from June-August. Before that, I had no experience with the market; didn't even know what a options or futures contract was What made me start? A couple of my friends are traders and I really like the freedom in this profession (if you're good of course). I'm doing alright in ES so far. Just need to let the winners run

Btw...one of the traders I know was taking pretty large size (140-lot ES) overnight this past few weeks. He banked really well on the short side in the past few days

-Awais

 

[NemesisX]

140 LOT??? WHOA!!
How do THEY sleep at night?? How long have your friends been doing this???

 

[O-Ace]

140 LOT??? WHOA!!
How do THEY sleep at night?? How long have your friends been doing this???

This particular guy has been trading ES for 4 years...banking big for the past 2 years. Yeah...140 lot ES. Every tick is worth $1,750 at that size so it can either result in this -> OR this ->

-Awais

 

[NemesisX]

a simple 10 point move and there is a NEW NSX!!!!!!!!! Does he need an understudy???

By the time I just finished this sentance...he probably made or lost about 10K depending on his position.......IN TWO MINUTES!!

 

[O-Ace]

a simple 10 point move and there is a NEW NSX!!!!!!!!!

Another reason I got pulled into trading the S&Ps

-Awais

 

[dynatac]

I only research for insight and ease of mind right now.
I'll likely start trading by Jan 04, as I'm still learning a lot.

What are peoples thoughts on the Google IPO here?