{"id":1438,"date":"2009-07-16T22:42:40","date_gmt":"2009-07-17T03:42:40","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=1438"},"modified":"2023-04-06T14:52:38","modified_gmt":"2023-04-06T18:52:38","slug":"flexing-my-brain","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/flexing-my-brain","title":{"rendered":"Flexing My Brain"},"content":{"rendered":"<p>During our <a href=\"https:\/\/www.smbtraining.com\/blog\/trader-90-trader-365\">AM Meeting<\/a> the other day I suggested that FAST might be setting up for a nice down move.\u00a0 The stock was gapping down in the premarket on earnings&#8211;albeit on light volume.\u00a0 It had runup on Friday so I thought a bunch of traders were caught leaning the wrong way and would panic out below 30.\u00a0 Right on the Open the 30.20 bid bought a lot but when it dropped it went down 80 cents very quickly.\u00a0 This was further confirmation to me that the short would probably work today.\u00a0 But then something funny happened when I started watching the tape.<\/p>\n<p>FAST traded up very easily from 29.30 to 30.\u00a0 There was no significant selling along the way.\u00a0 Then it pulled back to 29.70 where there was a small ARCA bid for 200 shares.\u00a0 I was surprised that when I went to hit the bid I was able to sell 1000 shares to ARCA at 29.70.\u00a0 Then a bunch of other traders hit the 29.70 bid but it wouldn&#8217;t drop.<\/p>\n<p>If you are trading a stock and there is a lot of selling on the bid but the stock will not trade lower you should take notice.\u00a0 This is a sign of a very smart buyer.\u00a0 They are accumulating the stock but not showing their hand.<\/p>\n<p>In the case of FAST it ended up trading 2 points higher where I finally closed out the remainder of my position.\u00a0 But what was even more important than recognizing that their was someone accumulating the stock was my willingness to set aside the idea that it was a short.\u00a0 What I said in the AM Meeting was that it was a great short <em>setup<\/em> and it certainly was.\u00a0 But the tape instructed me to get long so I did.\u00a0 Chop!<\/p>\n<p>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-1492\" title=\"FAST 07-13-09\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2009\/07\/FAST-07-13-09.bmp\" alt=\"FAST 07-13-09\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>During our AM Meeting the other day I suggested that FAST might be setting up for a nice down move.\u00a0 The stock was gapping down in the premarket on earnings&#8211;albeit on light volume.\u00a0 It had runup on Friday so I thought a bunch of traders were caught leaning the wrong way and would panic out below 30.\u00a0 Right on the &#8230; <a href=\"https:\/\/www.smbtraining.com\/blog\/flexing-my-brain\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":143,"featured_media":1492,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,15],"tags":[],"class_list":["post-1438","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-steven_spencer_steves_blogs","category-trading_theory"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Flexing My Brain | 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\/flexing-my-brain\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Flexing My Brain | SMB Training\" \/>\n<meta property=\"og:description\" content=\"During our AM Meeting the other day I suggested that FAST might be setting up for a nice down move.\u00a0 The stock was gapping down in the premarket on earnings&#8211;albeit on light volume.\u00a0 It had runup on Friday so I thought a bunch of traders were caught leaning the wrong way and would panic out below 30.\u00a0 Right on the ... 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