Don's Openings Pt. 2

[mgkrebs]

TXN today is a great example of a 5 minute chart being misleading about where a stock opened. There was a lot of discussion of this a couple of weeks ago. You can usually tell from a 1 minute chart with volume.

Unfortunately most quote sources use the "all markets open." One that gives you the real open, although delayed, is:

http://www.reuters.com/quote.jhtml

(It does not seem to be working at this moment)

 

[The edge]

14 orders, 1 fill, 1 winner, got BAC short at open, exited a little early but still 15 cents is ok for a starter.

 

[mgkrebs]

I cancelled BAC when it was not open after 7 minutes and I already had 3 positions.

3 for 3, total net of 58 cents after commission. Put in orders on 13 stocks.

 

[Shorteee]

I too shorted BAC at opening covered at 68.8. Also shorted BMY 40.50 covered at 40.20.

I bet Don shorted BMY today also where did you cover Don?

 

[Shorteee]

mgkrebs what stocks did you get filled on?

 

[mgkrebs]

AXP long 4085-4104, BMY short 4050-4025, 3rd is a little thin- don't think I'll name it.

 

[rtharp]

no fills for me

Robert

 

[Turlo]

Don,

I have heard you use the term pairs trading. What is that exactly?

 

[Don Bright]

Originally posted by Turlo
Don,

I have heard you use the term pairs trading. What is that exactly?

Pairs trading comes in several "flavors" - you can search through back posts on Elite - or send me a private email and I will be glad to get into the main differences between how we trade pairs and how the people in magazines explain it.

 

[Don Bright]

Only 1 fill....AOL....7 cents....That's it for today....