May 3, 2007
Stock Du Jour (CMG) & Random Observations
Wow, super-strong day, continuous buying from the get-go … the best tone I’ve seen in six weeks.
A few notables from the new highs list: Mastercard (MA), Verizon (VZ), Yum (YUM) — if you ever tried to get a seat in a KFC or Pizza Hut in China you’d understand why it’s at a new high, Dentsply (XRAY) — one of the great ticker symbols if you buy stocks based on tickers, and Jones Lang Lasalle (JLL). The new highs list goes on forever….
I’ll feature Chipotle (CMG) as the stock du jour, a new high on over 10 times average volume — Howard rejoices.
Cat: | Time: 8:42 am (utc+8)
May 3rd, 2007 at 9:19 am
good day - thx man
May 3rd, 2007 at 9:23 am
Ever bought a dummy setup in pre-mkt?
May 3rd, 2007 at 12:20 pm
I was watching CMG after the market close and could have lifted 69.77s. I wasn’t sure if I should pay up 2 points for it when there had been few trades going on. It was at all time highs in the post market, would you just buy there? I did buy the open today.
May 3rd, 2007 at 12:21 pm
Oh you should also take a look at the chart on CPY, quite a trade today.
May 3rd, 2007 at 1:02 pm
Babak: Not that I can remember … the liquidity usually isn’t there.
YJIT: CPY? Didn’t see it. CMG gave an OK not great dummy spot to get long. When you just buy the open, where’s your stop?
May 3rd, 2007 at 7:19 pm
I usually just throw 100 shares out there market on a number of different stocks that I think will be good and then pick out which ones are the best and add on accordingly using dummy spots or with buy stops above natural levels. After the first green bar on the 5 minute chart I usually set my stop below the low of that bar. I find that you can make a quick point or more on the first 2 or 3 five minute bars of a day if you set some offers out. Yesterday I got CMG and YUM in this manner and used the dummy technique to enter into BGC. By the way, this site is awesome and is helping me a lot. You could have saved my career haha, thanks.
May 3rd, 2007 at 7:26 pm
I usually set my stop 25-50 cents below the open on my 100 share buys depending on stock price, because the ones that are going to work really well are going to go up almost immediately. Plus, losing 25 to 50 cents on a 100 share lot doesn’t really hurt.
May 6th, 2007 at 3:34 am
Is trading only 100 shares really worth it though? Some active stocks can open very violently and turn on a dime. With only 100 shares you don’t make any money and have to deal with your sunk cost of commission. Why not just wait for your set up and put some real money to work for you. It’s 100% more profitable.
May 6th, 2007 at 4:41 am
I use the 100 shares to keep track of the stocks I like, sort of like my own watchlist. But maybe I should move away from that. I just forget about certain stocks when I am trading other positions.
May 6th, 2007 at 4:42 am
I use the 100 shares to keep track of the stocks I like, sort of like my own watchlist and then add to them later on when I see good setups. But maybe I should move away from that.