Looks like SPY needs to close at or below
132.08 to trigger an initial long entry in order for the
SPY system. That condition has been met and went
away a few times this morning as SPY price has been fluctuating.
Remember we have the rest of the day and this price could
change by a few cents. I will update you later today
I never traded after hours before. I got two of my IRAs in SSO
before the close but missed the deadline on the two smaller ones.
So I called my broker (Scottrade) and he told me how to do it
online. So I was able to buy SSO about 10 minutes after the close -
at 52.67 - 4 cents below the closing price (52.71).
Now I know how to do it and next time we have a closing
cliffhanger where I am not sure whether to pull the trigger at
12:59 PDT, I won't sweat it. If it remains unclear, just let the
market close, observe the closing price and. if appropriate, buy it
a minute later after hours.
My commission was same as during hours trade - $7.
Posted by burkmere on 23rd of May 2011 at 04:56 pm
Some brokerages make you wait until 15 minutes after the close
before their "after hours" opens. Schwab does, for example.
Why? I don't know...I guess not a big deal unless there's
some earnings announcement hit or miss during that 15 minute
period..(and sometimes there is)...
With Fidelity you can easily authorize accounts for after hours
online trading over the phone. The Extended Trading Hours
option eliminates the stress of hoping you catch last minute SPY
Alert revisions, as SPY price bounces above and below a moving
target. In iffy last minute situations just place your trade
after the close when the Alert is clear.
Posted by burkmere on 24th of May 2011 at 10:48 am
My Fidelity deferred comp brokerage account begins after hours
trading at 4:00.EST. So, no problem with getting a trade in
promptly affer the close.
However, with Schwab (which I use for my personal money) , the
after hours trading begins at 4:15. It's a 15 minute risk I'll have
to take with them. Unless there's some earning report, etc.
that happens at the close that causes the market to tank
considerably, the 1:15 time is ok...occasionally, I suppose if one
waits for the 1415 time, a 1% decline or more could occur from the
close...I'd probably tend to buy anyway, if it's only a 1% decline
from the close....as long as the criteria at the close was
met....
How would others handle this? I'm curious..what would you
do with a 1% decline or so from the close...does anyone else have
Schwab and have this same situation?
Why not just make sure your clock is right and pull the trigger
just before the close? Seems to me that on average you'll get a
closer fill that way and a few cents won't matter. I did that with
this one 10 sec before the close and got the exact price.
Posted by burkmere on 24th of May 2011 at 11:53 am
BKout3..well, the reason is that because if you are really going
to follow the system, there was no way to really know yesterday.
The "132.08 or below level to buy at" was too close to the
132.06 to know at the close. So, one might have bought
and the system might not have and thus no trade.
Sure, one could gamble and buy it and hope it's within the price
range for the buy, but when it's withing hundredths of a point, one
can't tell really until after the close...
Fair enough but in this case if there had been a surge of buying
at the close that meant I had entered on a "false signal" I would
think I could get out just after the close for a tiny gain (maybe
20 sec from the entry). Of course I know you wouldn't have that
option with the 15 min delay. Maybe use a different broker for this
system??
Posted by burkmere on 24th of May 2011 at 12:54 pm
Actually, even if I can't buy until 4:15 EST, it probably all
averages out...some entries would maybe be slightly higher than a "
spy system entry trade" close... But sometimes it would be
lower...my gut tells me over time..not much difference.
Man I was hoping that the SPY system would go long today as I
think it would probably be a good trade, however unless the market
sells off into the close it won't go long. However we still
have 1 hr 15 min, so there is a chance.
SPY system today
Posted by matt on 23rd of May 2011 at 10:43 am
Looks like SPY needs to close at or below 132.08 to trigger an initial long entry in order for the SPY system. That condition has been met and went away a few times this morning as SPY price has been fluctuating. Remember we have the rest of the day and this price could change by a few cents. I will update you later today
Matt, Just some feedback on
Posted by jambo1 on 23rd of May 2011 at 04:26 pm
Matt, Just some feedback on the system communications today. Clear and concise, thanks.
Thks
Posted by ihbdsb on 23rd of May 2011 at 04:07 pm
Worked well and very clear !Thank-YOU !
You might get a better price tomorrow if the Asian market have large sell off overnight
Posted by mrab on 23rd of May 2011 at 04:09 pm
yep, that's what the multi
Posted by matt on 23rd of May 2011 at 04:17 pm
yep, that's what the multi entry system is for.
I've got the close at
Posted by oreo on 23rd of May 2011 at 04:02 pm
I've got the close at 132.04, so I guess we went long? I did :)
Yes- Fideltiy had a close
Posted by parkridge77 on 23rd of May 2011 at 04:03 pm
Yes- Fideltiy had a close of 132.06 -- So that's a LONG buy per his most recent notes. I went long, too.
Thanks...it was a nail biter
Posted by oreo on 23rd of May 2011 at 04:06 pm
Thanks...it was a nail biter again!
crap...
Posted by mrjasongill on 23rd of May 2011 at 04:01 pm
I didn't get in! I was waiting till the last minute and got caught up in something else at work. I still ought to be able to get in tomorrow huh...
Got in SSO after hours 4 cents below the close.
Posted by dougmil on 23rd of May 2011 at 04:48 pm
I never traded after hours before. I got two of my IRAs in SSO before the close but missed the deadline on the two smaller ones. So I called my broker (Scottrade) and he told me how to do it online. So I was able to buy SSO about 10 minutes after the close - at 52.67 - 4 cents below the closing price (52.71).
Now I know how to do it and next time we have a closing cliffhanger where I am not sure whether to pull the trigger at 12:59 PDT, I won't sweat it. If it remains unclear, just let the market close, observe the closing price and. if appropriate, buy it a minute later after hours.
My commission was same as during hours trade - $7.
Doug Milliken
After hours..
Posted by burkmere on 23rd of May 2011 at 04:56 pm
Some brokerages make you wait until 15 minutes after the close before their "after hours" opens. Schwab does, for example. Why? I don't know...I guess not a big deal unless there's some earnings announcement hit or miss during that 15 minute period..(and sometimes there is)...
With Fidelity you can easily
Posted by floyd on 24th of May 2011 at 10:16 am
With Fidelity you can easily authorize accounts for after hours online trading over the phone. The Extended Trading Hours option eliminates the stress of hoping you catch last minute SPY Alert revisions, as SPY price bounces above and below a moving target. In iffy last minute situations just place your trade after the close when the Alert is clear.
Fidelity, yes....
Posted by burkmere on 24th of May 2011 at 10:48 am
My Fidelity deferred comp brokerage account begins after hours trading at 4:00.EST. So, no problem with getting a trade in promptly affer the close.
However, with Schwab (which I use for my personal money) , the after hours trading begins at 4:15. It's a 15 minute risk I'll have to take with them. Unless there's some earning report, etc. that happens at the close that causes the market to tank considerably, the 1:15 time is ok...occasionally, I suppose if one waits for the 1415 time, a 1% decline or more could occur from the close...I'd probably tend to buy anyway, if it's only a 1% decline from the close....as long as the criteria at the close was met....
How would others handle this? I'm curious..what would you do with a 1% decline or so from the close...does anyone else have Schwab and have this same situation?
Thanks for any input..I'm curious...
Why not just make sure
Posted by bkout3 on 24th of May 2011 at 11:25 am
Why not just make sure your clock is right and pull the trigger just before the close? Seems to me that on average you'll get a closer fill that way and a few cents won't matter. I did that with this one 10 sec before the close and got the exact price.
Well...
Posted by burkmere on 24th of May 2011 at 11:53 am
BKout3..well, the reason is that because if you are really going to follow the system, there was no way to really know yesterday. The "132.08 or below level to buy at" was too close to the 132.06 to know at the close. So, one might have bought and the system might not have and thus no trade.
Sure, one could gamble and buy it and hope it's within the price range for the buy, but when it's withing hundredths of a point, one can't tell really until after the close...
Fair enough but in this
Posted by bkout3 on 24th of May 2011 at 12:31 pm
Fair enough but in this case if there had been a surge of buying at the close that meant I had entered on a "false signal" I would think I could get out just after the close for a tiny gain (maybe 20 sec from the entry). Of course I know you wouldn't have that option with the 15 min delay. Maybe use a different broker for this system??
Averages out....
Posted by burkmere on 24th of May 2011 at 12:54 pm
Actually, even if I can't buy until 4:15 EST, it probably all averages out...some entries would maybe be slightly higher than a " spy system entry trade" close... But sometimes it would be lower...my gut tells me over time..not much difference.
I think you will get
Posted by oreo on 23rd of May 2011 at 04:07 pm
I think you will get a better price if you buy now after hours.
after hours you can get it now
Posted by Robert50 on 23rd of May 2011 at 04:04 pm
SPY is super liquid, you
Posted by matt on 23rd of May 2011 at 04:03 pm
SPY is super liquid, you can enter after hrs
buy it right now, don't
Posted by Michael on 23rd of May 2011 at 04:02 pm
buy it right now, don't wait till morning.
Important - it's now 132.08
Posted by matt on 23rd of May 2011 at 03:55 pm
Important - it's now 132.08 and below to trigger long
BUY BUY BUY $132.06 according
Posted by ditch on 23rd of May 2011 at 04:01 pm
BUY BUY BUY $132.06 according to stock charts, after hours ameritrade showing $131.97 at the moment.
Price for the system is
Posted by matt on 23rd of May 2011 at 03:43 pm
Price for the system is now $132.08 and below to trigger. So yes today coming down to the wire. Unfortunately that's how it is sometimes
Man I was hoping that
Posted by matt on 23rd of May 2011 at 02:44 pm
Man I was hoping that the SPY system would go long today as I think it would probably be a good trade, however unless the market sells off into the close it won't go long. However we still have 1 hr 15 min, so there is a chance.
System players
Posted by bigpun on 23rd of May 2011 at 04:35 pm
i pushed "all in" on some june SPY call options. wish me luck.
Looks like the lower price
Posted by matt on 23rd of May 2011 at 02:21 pm
Looks like the lower price range had dropped some more, down to around 132.12 and below,
Buy price
Posted by bigpun on 23rd of May 2011 at 03:31 pm
since we are hovering around the SPY buy price, can you provide an update going into the close? Thanks.
Thanks for the heads up
Posted by ditch on 23rd of May 2011 at 12:51 pm
Thanks for the heads up Matt