{"id":13496,"date":"2011-07-26T18:04:12","date_gmt":"2011-07-26T22:04:12","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=13496"},"modified":"2011-07-26T18:04:12","modified_gmt":"2011-07-26T22:04:12","slug":"lessons-and-levels-from-todays-trading-session","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/lessons-and-levels-from-todays-trading-session","title":{"rendered":"Lessons and Levels from today’s trading session"},"content":{"rendered":"

Besides MM I really didn’t catch anything today. I paid for information on some important levels which perhaps will pay me tomorrow. <\/p>\n

I played for BRCM to trend above 38 and then 38.20 and then 38.50. But BRCM dropped out and never really drove. I have set an alert of above 38.80 for BRCM. If it holds above here we may see 40.<\/p>\n

MMM was the cleanest stock of the day. It was weak. 90.60 shorts and adding below 90.50 worked well to 90.10ish. A reshort into a spike to below R at 90.54 was another pretty simple trade with a cover at 90.11. I shorted below the fig and was well in the money with size before an end of the day move stopped me out back to the 90 level. Ouch! That was a lot of open P$L given back. But tomorrow I will watch 90 again for some follow through to the downside. <\/p>\n

APOL I hate below 53.50 but love it above 54.20.<\/p>\n

LXK I like at 33.50 and above 34.50. <\/p>\n

SPY 134 is definitely R. S is 133.<\/p>\n

BA showing weakness on the tape below 70 any of the next three days is short aggressively and hold. I didn’t fee the sell pressure below 70 in BA today so was light and careful with tight stops. <\/p>\n

MCP I made many an effort but couldn’t stay in it. I thought I had it with a pullback to 63.25 after it exploded from this area but MCP visited below 63 and beyond. My stops were triggered and I moved on. I could feel MCP would somehow find a way to trade near 65 today, the next real level on our longer term charts, but I just couldn’t stay in the shakes. You have to play defense first. I will definitely watch this tomorrow and expect a cleaner day.<\/p>\n

RSH feels like it has more upside to me. I am long overnight. If RSH can hold above 15.70 and 16 then the price action will start confirming my intuition. <\/p>\n

You cannot ignore the price action into the close. Is it that as we get closer to a possible default the market will start punishing our government’s inability to strike a deal? So far we are not pricing in a possible default. Today’s selling action into the close was perhaps a signal that we need to get this issue behind us. <\/p>\n

Bella
\nOne Good Trade<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Besides MM I really didn’t catch anything today. I paid for information on some important levels which perhaps will pay me tomorrow. I played for BRCM to trend above 38 and then 38.20 and then 38.50. But BRCM dropped out and never really drove. I have set an alert of above 38.80 for BRCM. If it holds above here we … 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":[1,10],"tags":[1377,4674,1828,1193,653,1354,1349],"class_list":["post-13496","post","type-post","status-publish","format-standard","hentry","category-general-comments-2","category-mike-bellafiore-bellas-blogs","tag-l","tag-one-good-trade","tag-smbu","tag-trader-education","tag-trader-training","tag-trading-coach","tag-trading-mentor","no-post-thumbnail"],"yoast_head":"\nLessons and Levels from today's trading session | 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\/lessons-and-levels-from-todays-trading-session\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lessons and Levels from today's trading session | SMB Training\" \/>\n<meta property=\"og:description\" content=\"Besides MM I really didn’t catch anything today. I paid for information on some important levels which perhaps will pay me tomorrow. I played for BRCM to trend above 38 and then 38.20 and then 38.50. But BRCM dropped out and never really drove. I have set an alert of above 38.80 for BRCM. If it holds above here we ... 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