Bella and I had a short conversation after the Open. He mentioned that a bunch of traders got into ECL on the short side and had made some nice chops. My mentee Sammy mentioned the trade to me as well. He said one of the traders in his row called it out and he took the trade blindly with a tight stop. Sammy then relied on his fellow trader to let him know where the proper cover was as his focus was on another stock. Since Day 1 of SMB this is exactly the type of teamwork that Mike and I have envisioned. Trading is one of the toughest professions in the world. If you are part of team that can give you extra trading ideas each day you are light years ahead of the thousands of isolated traders.

So bravo on the good teamwork guys.  But as a mentor to many young traders on our desk it would be a dereliction of my duties if I didn’t discuss what occurred in ECL later in the day. It retraced all the way back to where it broke down on the Open. Only one trader re-shorted the stock. At least 10 traders were involved for the original down move. They made really nice chops on their trades. Their good trades could have been good days if they had been focused on finding a way to get back in.

@sspencer_smb