{"id":1139,"date":"2009-06-18T20:07:17","date_gmt":"2009-06-19T01:07:17","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=1139"},"modified":"2009-06-24T07:16:40","modified_gmt":"2009-06-24T12:16:40","slug":"rimm-for-tomorrow","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/rimm-for-tomorrow","title":{"rendered":"RIMM For Tomorrow"},"content":{"rendered":"

I traded RIMM in the aftermarket today.\u00a0 It was a bit of a roller coaster ride.\u00a0 Initially our “chirp guy” (person who reads breaking news over a speaker) said they beat their earnings estimate by around 20%.\u00a0 I have a rule in the after hours when trading a momentum stock.\u00a0 If they beat estimates by more than 10% I buy.\u00a0 If they beat by 20% I buy and don’t sell!\u00a0 Unfortunately,\u00a0 our “chirp guy” who is somewhat of a moron got the news wrong!\u00a0 RIMM only beat the estimate by around 5%.\u00a0 I went from being up $1.50 on the position to being down $3.00 very quickly.\u00a0 But then the real trading began.<\/p>\n

While I was trading RIMM in the after hours I was trying to ascertain what the bigger players were doing in the stock.\u00a0 At the same time of course I was trying to make money \ud83d\ude42\u00a0 The first great piece of information I received was after the stock had already bottomed at around 71.50 and traded back above 72.\u00a0 I observed a hidden buyer refusing to let the 72 bid drop by more than a few cents.<\/p>\n

The stock at this point had sold off 4 points in the after hours and was hanging out at a key support level that was established in early May.\u00a0 I know that this buyer was legit because each time the bid dropped I would hit out of my long position of 2,000 shares and I would always get a print no more than a few pennies below 72.\u00a0 The game the buyer was playing is called “drop the bid so people will sell me more stock”.\u00a0 the buyer got me to play this game twice before I started to buy as well.<\/p>\n

My plan was to stay long until at least 73 which had been a key support level in the after hours.\u00a0 Once RIMM traded above 73 it slowed down.\u00a0 But the hidden buyer was still there attempting to accumulate more stock.\u00a0 Some more time passed and RIMM moved up to 73.80 where there was quite a bit of selling.\u00a0 Then there was some more selling at 73.90.\u00a0 At this point I had to leave the desk to give a lecture<\/a> to our new class on technical analysis, so I asked Gman to watch RIMM and to get long if the seller lifted 73.90.<\/p>\n

When I returned to the desk about 30 minutes later RIMM was at 76 and had traded as high as 76.50.\u00a0 I observed it for about another 45 minutes until 7pm.\u00a0 It simply traded between 76 and 76.50 with no one committed to selling it below 76.<\/p>\n

The after hours price action in RIMM was very bullish.\u00a0 After dropping over 5 points it was accumulated all the way back up to today’s closing price.\u00a0 There is a good chance it will trade significantly higher tomorrow.\u00a0 I am going to look for resitance at 78, 78.40 and 79.\u00a0 If I can pick up some shares in the premarket at 75.50 I will.\u00a0 If it has one of those crazy RIMM down moves on the open then I will look to be aggressively long at 74.<\/p>\n

Don’t forget to follow us on Twitter!<\/a>.<\/p>\n

\"RIMM<\/p>\n","protected":false},"excerpt":{"rendered":"

I traded RIMM in the aftermarket today.\u00a0 It was a bit of a roller coaster ride.\u00a0 Initially our “chirp guy” (person who reads breaking news over a speaker) said they beat their earnings estimate by around 20%.\u00a0 I have a rule in the after hours when trading a momentum stock.\u00a0 If they beat estimates by more than 10% I buy.\u00a0 … Read More<\/a><\/p>\n","protected":false},"author":143,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[30,18,301],"class_list":["post-1139","post","type-post","status-publish","format-standard","hentry","category-steven_spencer_steves_blogs","tag-prop-trading","tag-smb-capital","tag-trading-blog","no-post-thumbnail"],"yoast_head":"\nRIMM For Tomorrow | SMB Training<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.smbtraining.com\/blog\/rimm-for-tomorrow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"RIMM For Tomorrow | SMB Training\" \/>\n<meta property=\"og:description\" content=\"I traded RIMM in the aftermarket today.\u00a0 It was a bit of a roller coaster ride.\u00a0 Initially our “chirp guy” (person who reads breaking news over a speaker) said they beat their earnings estimate by around 20%.\u00a0 I have a rule in the after hours when trading a momentum stock.\u00a0 If they beat estimates by more than 10% I buy.\u00a0 ... 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