{"id":1243,"date":"2009-06-27T10:10:59","date_gmt":"2009-06-27T15:10:59","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=1243"},"modified":"2009-06-27T10:10:59","modified_gmt":"2009-06-27T15:10:59","slug":"heavy-lifting-not-required","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/heavy-lifting-not-required","title":{"rendered":"Heavy Lifting Not Required"},"content":{"rendered":"<p>Yesterday ACN was in play. \u00a0One of our new traders showed his trading tape of ACN. \u00a0He was doing the heavy lifting in this stock. \u00a0This was not necessary. \u00a0Let&#8217;s discuss how to find the <a href=\"http:\/\/www.smbtraining.com\/\">easiest play<\/a> in an ACN from yesterday&#8217;s action.<\/p>\n<p>Below is the news on ACN before the Open:<\/p>\n<p>Accenture beats by $0.04, reports revs in-line; guides Q4 revs below consensus; guides FY09 EPS above consensus (31.64\u00a0+0.21) : Reports Q3 (May) earnings of $0.68 per share,\u00a0<strong>$0.04\u00a0<span style=\"color: #228822;\">better than<\/span><\/strong> the First Call consensus of $0.64; revenues fell 15.6% year\/year to $5.15 bln vs the $5.2 bln consensus. Co issues\u00a0<strong><span style=\"color: #ee0000;\">downside guidance<\/span><\/strong> for Q4, sees Q4 revs of 5.0-5.2 bln\u00a0vs. $5.26 bln consensus. Co\u00a0<strong><span style=\"color: #008000;\">raises guidance <\/span><\/strong>for FY09, sees EPS of $2.67-2.70 up from\u00a0$2.60 to $2.67\u00a0vs. $2.64 consensus.<\/p>\n<p>1) I like stocks that raise guidance for the full year. \u00a0Granted they did not raise their guidance by much. \u00a0And there previous quarters were mixed. \u00a0But in this economic climate raised guidance for the year, even if only slightly, gets my attention. \u00a0OK so now we have one check on the bull side.<\/p>\n<p>2) Our next clue that ACN might offer an excellent risk\/reward long was that it gapped up on the Open. \u00a0Check two for the bulls.<\/p>\n<p>3) 32.40 was resistance on the longer term chart. \u00a0And this is where our new trader was doing some heavy lifting that was not necessary. \u00a0Let the dopey stock show you that it can hold above this resistance level. \u00a0Our new trader was fighting his long at 32.10, 32.25. \u00a0Why? \u00a0Why not wait until you receive some more price confirmation that ACN will trend higher for the trading day. \u00a0And that will be when it holds above 32.40.<\/p>\n<p>Longs below this resistance level are not advisable. \u00a0Don&#8217;t make trading so difficult. \u00a0Let ACN check three and then get long.<\/p>\n<p>4) 32.10 held the bid. \u00a0And there was buying on the offer. \u00a0Large offers at 32.40 were cleared. \u00a0Check four for the longs.<\/p>\n<p>5) One negative for your ACN long was SPY resistance at 92 which we could not clear.<\/p>\n<p>ACN turned out to be a good trading stock. \u00a0Not surprisingly this was not until it cleared its resistance at 32.40. \u00a0 All that heavy lifting below the level was not required.<\/p>\n<p>Enjoy your weekend! Don&#8217;t forget to <a href=\"http:\/\/twitter.com\/smbcapital\">follow us on Twitter!<\/a><\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-1246\" title=\"ACN 06-26-09\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2009\/06\/ACN-06-26-09.bmp\" alt=\"ACN 06-26-09\" \/><\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-1247\" title=\"ACN 06-26-09 2-month\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2009\/06\/ACN-06-26-09-2-month.bmp\" alt=\"ACN 06-26-09 2-month\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Yesterday ACN was in play. \u00a0One of our new traders showed his trading tape of ACN. \u00a0He was doing the heavy lifting in this stock. \u00a0This was not necessary. \u00a0Let&#8217;s discuss how to find the easiest play in an ACN from yesterday&#8217;s action. Below is the news on ACN before the Open: Accenture beats by $0.04, reports revs in-line; guides &#8230; <a href=\"https:\/\/www.smbtraining.com\/blog\/heavy-lifting-not-required\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":144,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[4676,30,18,301],"class_list":["post-1243","post","type-post","status-publish","format-standard","hentry","category-general-comments-2","tag-day-trading","tag-prop-trading","tag-smb-capital","tag-trading-blog","no-post-thumbnail"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Heavy Lifting Not Required | 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\/heavy-lifting-not-required\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Heavy Lifting Not Required | SMB Training\" \/>\n<meta property=\"og:description\" content=\"Yesterday ACN was in play. \u00a0One of our new traders showed his trading tape of ACN. \u00a0He was doing the heavy lifting in this stock. \u00a0This was not necessary. \u00a0Let&#8217;s discuss how to find the easiest play in an ACN from yesterday&#8217;s action. Below is the news on ACN before the Open: Accenture beats by $0.04, reports revs in-line; guides ... Read More\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.smbtraining.com\/blog\/heavy-lifting-not-required\" \/>\n<meta property=\"og:site_name\" content=\"SMB Training Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/smbcap\/\" \/>\n<meta property=\"article:published_time\" content=\"2009-06-27T15:10:59+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2009\/06\/ACN-06-26-09.bmp\" \/>\n<meta name=\"author\" content=\"Bella\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@smbcapital\" \/>\n<meta name=\"twitter:site\" content=\"@smbcapital\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Bella\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" 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