July 3rd Recap

sspencerGeneral Comments, Intraday Levels, Steven Spencer (Steve's) BlogsLeave a Comment

Today’s holiday shortened trading day was another great day for SMB’s young traders.

As I mentioned yesterday I was looking at JRCC and RIMM for potential bounces and was focused on the jobs number for a trading cue for the day.  The jobs number was benign and so the market initially reacted positively.  I sold my JRCC and RIMM positions in the premarket when they bounced.

I was able to buy JRCC back 5 points lower about 20 minutes after the market opened and caught about a 2.5 point bounce.   RIMM bottomed a little under 114 (the level where I indicated yesterday it would potentially bounce from) and popped to around 117.  That was a great risk/reward trade.  It based around 113.80 and when it started moving up it never looked back.   It is extremely important in day trading to recognize significant intraday levels and use them as they may repeat several times in the days to follow.

WB came down to the 14.80 support area and popped about 50 cents.  This is the 4th time this trade has worked.  It closed the day at 14.87 which is pretty bearish.  Not sure if it will bounce a 5th time.  But it is on my radar for Monday morning.

Happy Independence Day.

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