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Strategies & Market Trends : DAYTRADING Fundamentals -- Ignore unavailable to you. Want to Upgrade?

To: KM who wrote (8029)	4/26/2000 11:37:00 PM
From: TraderAlan	Read Replies (1) \| Respond to of 18137

KM, The Expo folk scheduled two regional conferences this summer in TX and FL. Each has one heavyweight and a few other speakers. TX has Murphy and FL was Raschke. Smaller programs. Rogan will be speaking at both. I won't be there. Both Eric and I will be speaking in Ontario in August. My topic will be: The Traders Cookbook: Recipes for Success DESCRIPTION Explore the art of the swing trade setup. Learn both original and classic strategies that trigger outstanding profit opportunities in all markets and time frames. The instructor will examine low risk entry, profit targets and stop loss for dozens of classic pattern trades such as Wolfe Waves, Head and Shoulders, 2B Bottoms and Tops, The Holy Grail, Cup and Handle, Coiled Spring and Hole-in-the-Wall. Also find out the best methods to trade Pattern Failure, when your favorite setup does exactly the opposite of what you expect. This exciting presentation will help both traders and investors see through market noise and uncover big price moves before they happen. Alan

To: KM who wrote (8029)	4/27/2000 10:56:00 AM
From: compradun	Respond to of 18137

I'll be there. Just for the exhibit hall tho.... Comp

To: KM who wrote (8029)	4/27/2000 1:06:00 PM
From: Jon Tara	Read Replies (2) \| Respond to of 18137

Pre-market might be a good way to get short in this market. I tried it today, with breath-taking results. Not the kind of breath-taking I wanted, though. :) I shorted 500 shares of CNXT pre-market today. I've watched this stock a lot, and think I know how it trades. (I love this stock and would much rather be long than short - and it's made me a lot of money long in the past. But it is volatile as heck, and having been long CNXT a lot, I know those breathtaking dips well...) Though it was holding-up in pre-market, I felt it would drop once the market opened. (It did, before reversing.) I used the technique I previously described of initially placing the order above the market, then waiting a couple of minutes for a cancel message (or lack thereof) to make sure that the shares were available to short. (Not necessary, of course, if your broker checks for availability instantly - mine doesn't.) I then lowered my offer to 1/8 below the best offer. There was a wide spread, and I didn't want to sell at the bid. (However, as I understand it, there is no uptick rule in pre-market, so if there were a tight spread, you could sell at the bid even if the stock is moving down.) After a couple of minutes, somebody took it. CNXT moved down a couple of points after the open, and then AWE (the AT&T Wireless tracking stock) went out on a positive note. I knew I had to cover pronto, but got caught in the opening rush - I wound-up making only a couple of hundred dollars. (At least I made money...) But something went awry with my order, and they bought an extra 400 shares - I was now LONG 400 shares CNXT! Now, that wouldn't have been a bad thing, actually, except that I'm sure that if I'd sold them, the trade would have ultimately been broken anyway. So, I called my broker, and it took them close to an hour to rectify the situation, and get the extra trade broken in the right order. They sold 400, another 400, and then 100. I should have gotten 100 of the second 400. Incredibly, when they fixed it, they cancelled both the second 400 and the 100, leaving me short 100. Then they brought back the 100. But that trade was later than than second 400. They finally got it straightened-out so that I bought the first 400 and 100 of the second 400... ARGGGGHHHH!!! I dunno if something got confused because of the pre-market short, or because their positions tracks was running late, which it often does. (The broker is Preferred.) In spite of the problems, and the tiny profit I was able to eke-out, it was an instructional exercise, and I will probably re-visit this. Key points: 1. You can get short pre-market without an uptick. (Though I didn't use this because I became the offer.) This could become important in a steadily-falling market. 2. A negative is that you may have difficulty covering in the opening rush - it took 3 minutes to execute my market order to cover. If you have any misgivings, or are satisfied with a pre-market profit, best to cover before the open! Otherwise, it's best to expect to hold for an hour. 3. Try this out first with 100 shares, to make sure that your broker doesn't have the kind of problems that I experienced! (Though the particular problem might not have been revealed with a 100-share order.)