June 2012 Trading Thread

[savant111]

Important month for the market here. 2011 repeat will be very annoying.

I personally still think market will find a bottom somewhere in the 1200s. (to be honest though I didn't think 200day would break).

A few reasons I don't see the sky falling.
-The US consumer is still spending
-Gas prices are lower
-Both Treasuries amd the dollar getting ridiculously overextended
-Today shookout a lot of the remaining bulls. Supply is going to come down.
-QE3 talk/speculation/BS will be front and center soon.
-Aapl showed some relative strength last week
-Many leading stocks are still holding up well through the correction
-Some people are even talking about signs that housing has bottomed.
-The ECB seems to be more proactive then they were a year ago under their former head (I'm not sure if this is true, but It appears that way).

Where do you see the S&P at the end of the month?

[Malice's Attorney]

the biggest key is the dollar/euro

[savant111]

CNBC has a "markets in turmoil" special on. All this fear mongering is going to wind up stopping me out of BBBY right when the market bottoms.

I'm going to keep an eye on sell volume tomorrow, maybe I'll take a small loss and buy back later. I'll prob up my stop loss to 69.85 leave my risk at 3% on the trade.

[Malice's Attorney]

the dollar is already extreeeeeemely stretched atm, so you're probably better off holding til the dollar reverses for a while

[savant111]

Sold BBBY at 70.70 after consulting w my coach. Better to protect capital I guess whether I have a winner or not. Ugly losing streak for me last two months.

much like the S&P I'm approaching breakeven for the year. Up only 3% total ytd.

[savant111]

CRM getting hammered today. 124 looking likely.

[highstakesfan]

CRM was the last growth stock darling to fall

[JayTeeMe]

Bought 1000 shares of WLT @45.57

This would qualify as a huge position for me.

[Onetwobit]

can't determine the degree of how eurozone scenarios are going to effect sudden pricing; have decided to wait before entering more positions

[savant111]

Originally Posted by highstakesfan

CRM was the last growth stock darling to fall

Yeah..Alot of the big boys AAPL, PCLN, GOOG, CMG, AMZN have taken it on the chin pretty bad. Still quite a few growth names holding up though DLTR and EXPE come to mind (haven't checked today)

[savant111]

Game plan June 5-7

Plan is to stay in cash tomorrow through Wed Afternoon.

If we have a rally or stay flat and continuously stall at the 200 day (imo we probably will), I will be looking to short CLNE and/or CVGW for a two day swing trade if they show strength and start to stall at resistance levels. (I posted CVGW last Wednesday as a short to watch, it's down 11% since)

If the market heads lower I'll sit out through Thursday and re-evaluate.

If market is up Tuesday but straight back down on Wednesday, I'll still look for entries on CLNE and CVGW but they probably won't be there.

[$upermad4it]

From the July 2011 Trading forum

Originally Posted by $upermad4it

ship getting an office with and being mentored by a forex trader who averages 250pips/day with no losing days in last 3 months. GG poker

(turned out it was 125 pips because he was taking 2 positions and taking half off early)

So I've been studying day trading (initally forex (spread betting), but now futures) 60 hours a week for about a year now, while getting mentored by a pro full time. Was a mid/high stakes poker pro for 5 years prior. Barely played any poker in the last 12 months.

Finally started getting consistent daily results on demo about 6 weeks ago, and assuming that continues for the rest of this month (pretty sure it will) my intention is to trade futures live for the first time on 27th June, starting at 1 contract ($12.50/pip).

My goal is to turn my 8K investment into 250K in 60 trading days, risking less than 2% per trade with a minimum goal of 30 pips per day (but really aiming for 80).

If there is any interest here of a journal then I'd happily do one

[Just_dance]

^Do please, in the goals&challenges thread there was one iirc but it got abandoned .

[$upermad4it]

well its called "poker goals and challenges" so didnt really think it belonged there

[savant111]

CLNE getting the bounce I wanted to see. Probably some short covering going on. Will be watching closely next two days.

CVGW followed through down another 2% at the open. This one is likely too late for me, and I'll be putting it aside unless it rallies soon.