Top Notch and Chicagostock Trading: #RealTraders
“I started in the business working for Dean Witter over 25 years ago and was the head technician for their institutional group, charting the Russell, Mid-Cap, Nikkei, Nasdaq, & the S&P 500 Futures. My expertise does lie in the S&P Future, but have found the 30 Year Bond a huge viable technical future to trade.”
I am not going to write about the markets today. The trend is up, it’s volatile and some stuff is happening in Europe. Just follow the advice we’ve given all week.
Today’s Opening Print is dedicated to Tim Haefke from TopNotch Trading http://topnotchtrading.com/ and Stewart Solaka from Chicagostock Trading http://www.chicagostocktrading.com/. Both men are great examples of what it takes to be a great trader. They are there every day, they do their work, and then they get ready to battle. From MrTopStep and Danny Riley, my hat is off to you.
So who is MrTopStep and what does it stand for? The name comes from the top step of the trading pit where the largest brokers and order fillers stand. It is the premier spot in the pit, the top step, but it’s also, physically and symbolically, where guys like Tim from TopNotch @FuturesTNT and Stewart from Chicagostock stand every day.
It’s rare to see two people who understand their trading styles and systems, and are as comfortable as they are. While many traders go in without a plan, these guys have set levels at which they are going to buy and sell, and they take their stands at those levels, facing live bullets every day.
One time a few years back Tim and I spoke at a futures traders gathering in Chicago and Tim said something that I will never forget. When he got in front of the audience he looked at everyone, told them his name and company and then said “I hate to tell you this, but half of you in this room could be long and the other half could be short and you could all be losing.” I know that sounds funny, but it’s not. It’s 100% true. Tim worked for Dean Witter in the S&Ps and then became the desk analyst. He employs a combination of strategies and numbers to come up with his daily sheet, which provides his views and the levels he is currently looking at. He then updates all day. In addition to being a hard-working guy, Tim has a son and is very involved in sports, coaching, and reffing basketball and baseball after work when most traders are too beat to do anything.
Take a look at Tim’s numbers for today…
Tim is a great guy and always willing to work with other traders to advance their knowledge of trading and profits.
Stewart Solaka is a professional derivatives trader, noted media analyst and entrepreneur.
@ChiStockTrading grew up in Chicago and started at the Board of Trade when he was 18. He began as an independent securities and options trader and worked his way up to a prop trader early on. But he was interested in doing his own thing, trading his own account. Stewart is honest and hardworking and is driven by trading and profits. If the markets are moving, he has a bias. I met Stewart several years ago and became intrigued by his trading method of volatility windows and pivots. Over time he has refined his trading system and style. Stweart does a pre-market daily technical analysis and here is one of his videos from January: https://www.youtube.com/watch?v=0KPkbUPolAE .
As traders we know how hard it is to make money, and with algorithmic and program trading making up 80% of the volume, MrTopStep believes you have to surround yourself with other smart, like-minded people. That is what you will find in the MrTopStep trading room. To learn more, go to http://www.mrtopstep.com/ and tap on the box that says IM Pro Trading Room. That’s where you will find TopNotch, ChiStock, WB Trading and many other good people and good traders. Hope to see you there…
Danny Riley, aka MrTopStep
In Asia 6 out of 11 markets closed higher and in Europe this morning 12 of 12 markets are trading higher. Today’s economic and earnings calendar: Jobless claims, retail sales, business inventories, EIA natural gas report, 30-year TIPS announcement, 30-year bond auction, Fed balance sheet, money supply and earnings from Kellogg Company (NYSE: K), Advance Auto Parts Inc. (AAP), Apache Corp. (APA), and American International Group, Inc. (AIG).
STOPS, STOPS and more STOPS
Our View
Have you ever seen the same movie over and over again? Well, that is what we have seen for the first eight trading days of February. Get an early selloff, establish a low and then move back up. I have been adamant about taking out the buy stops above 2070 up to 2085 and I think we are on our way. In Globex last night the ESH15 rallied all the way up to 2077.75.
I am going to leave it like that…
“News Overload and a Quiet Day for the S&P”
S&P needs a rest day…Then into the PitBull Thursday/Friday low the week before the January expo.
-Friday up 17 / down 14 of the last 31
-Monday not so good up 12 / down 6 of the last 18
-Tuesday up 21 / down 10 of the last 31
-Wednesday and Thursday are both up 16 / down 15 of the last 31
-Friday WEAK up 13 / down 18 of the last 31
See all of the expiration stats here…
As always, please use protective buy and sell stops when trading futures and options.
In Asia 6 of 11 markets closed higher: Shanghai Comp. +0.50%, Hang Seng +0.95%, Nikkei +1.85
Earlier in Europe 12 of 12 markets were trading higher: DAX +1.69%, FTSE +0.42%, MICEX +2.24%, Athens GD.AT +3.89%
Fair value : S&P -3.82 , Nasdaq -3.58 , Dow -33.11
Total volume: LOW 1.29mil ESH and 5.5k SPH traded
Economic schedule: Jobless Claims, Retail Sales, Business Inventories, EIA Natural Gas Report, 30 Yr-TIPS Announcement, 30 Yr-Bond Auction Fed Balance Sheet, Money Supply and earnings from Kellogg Company (NYSE: K), Advance Auto Parts Inc. (AAP), Apache Corp. (APA), and American International Group, Inc. (AIG).
E-mini S&P 5002088.00-5.50 - -0.26%
Crude56.50+2.39 - +4.42%
Shanghai Composite0.00N/A - N/A
Hang Seng24784.881+58.352 - +0.24%
Nikkei 22517987.09-17.68 - -0.10%
DAX10840.52-82.711 - -0.76%
FTSE 1006861.33+4.28 - +0.06%
Euro1.14
