{"id":1469,"date":"2009-07-15T17:24:33","date_gmt":"2009-07-15T22:24:33","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=1469"},"modified":"2009-07-15T17:25:36","modified_gmt":"2009-07-15T22:25:36","slug":"wednesday-evening-quarterback","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/wednesday-evening-quarterback","title":{"rendered":"Wednesday Evening Quarterback"},"content":{"rendered":"<p>A few points&#8230;..<\/p>\n<p>1) Today SMB tweeted:<\/p>\n<p><span style=\"padding: 0px; margin: 0px;\">Best Morning Idea: Buy $GS @ 150.60-150.90, TGT: high 150s<a style=\"text-decoration: none; color: #000000; padding: 0px; margin: 0px;\" title=\"#mkt\" href=\"http:\/\/twitter.com\/search?q=%23mkt\">#mkt<\/a><\/span><span style=\"margin-top: 3px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; display: block; font-size: 0.764em; color: #999999; padding: 0px;\"><a style=\"text-decoration: none; color: #999999; padding: 0px; margin: 0px;\" rel=\"bookmark\" href=\"http:\/\/twitter.com\/smbcapital\/status\/2650584161\"><span style=\"padding: 0px; margin: 0px;\">about 9 hours ago<\/span><\/a> <span style=\"padding: 0px; margin: 0px;\">from\u00a0<a style=\"text-decoration: none; color: #999999; padding: 0px; margin: 0px;\" href=\"http:\/\/www.ejecutive.co.uk\/projects\/twitterlicious\">Twitterlicious<\/a><\/span><\/span><\/p>\n<p>That was all GMan. \u00a0We were asked a follow up question as to how we picked that level, which I will share. \u00a0Yesterday GS could not hold above 150.50. \u00a0Also on the longer term chart 150.50 has been a level. \u00a0So this AM after GS gapped up we used the previous resistance as support. That is how we determined this level. \u00a0I am still long GS as I write.<\/p>\n<p>2) We could not clear S&amp;PF 930. \u00a0This is the level of most importance for us tomorrow. \u00a0If the market clears this level we will look for follow through to the upside. \u00a0If not then we will find some market stocks to trade on the short side and hold until the intraday downtrend is broken. \u00a0We will let the market dictate our trades. \u00a0We will be prepared whether the market trades above or below this important resistance level.<\/p>\n<p>3) Two of our traders got ripped shorting FAZ into the close today. \u00a0That was a strange move. \u00a0And I like these shorts. \u00a0The trend for FAZ was down. \u00a0And they were following the clear trend.<\/p>\n<p>Two points here however. \u00a0Anything can happen in the last five minutes. \u00a0Do not put yourself in a position to give back your entire day in five irrational minutes, or one crazy move. \u00a0And understand that the chances of FAZ breaking down below its lows were not likely since S&amp;PF was at such important resistance of 930.<\/p>\n<p>4) It is easy to play Wednesday evening quarterback and point out the points above that these two traders should have considered. \u00a0Trading is difficult. \u00a0And sometimes you just do not consider all of the things that you should. \u00a0 If this is the case, do not be so hard on yourself. \u00a0I certainly did not learn not to let a crazy five minutes ruin my day until I let this happen to me a few times.<\/p>\n<p>Your goal everyday is to <a href=\"http:\/\/www.smbtraining.com\">learn<\/a>. \u00a0Your goal is to get better. \u00a0Use this crazy FAZ move as a learning experience.<\/p>\n<p>Best of luck with your trading!  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-1471\" title=\"GS 07-15-09\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2009\/07\/GS-07-15-09.bmp\" alt=\"GS 07-15-09\" \/><\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-1472\" title=\"SP500 3month 07-15-09\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2009\/07\/SP500-3month-07-15-09.bmp\" alt=\"SP500 3month 07-15-09\" \/><\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-1473\" title=\"FAZ 07-15-09\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2009\/07\/FAZ-07-15-09.bmp\" alt=\"FAZ 07-15-09\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A few points&#8230;.. 1) Today SMB tweeted: Best Morning Idea: Buy $GS @ 150.60-150.90, TGT: high 150s#mktabout 9 hours ago from\u00a0Twitterlicious That was all GMan. \u00a0We were asked a follow up question as to how we picked that level, which I will share. \u00a0Yesterday GS could not hold above 150.50. \u00a0Also on the longer term chart 150.50 has been a &#8230; <a href=\"https:\/\/www.smbtraining.com\/blog\/wednesday-evening-quarterback\" 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":[1,10],"tags":[4676,30,18,301],"class_list":["post-1469","post","type-post","status-publish","format-standard","hentry","category-general-comments-2","category-mike-bellafiore-bellas-blogs","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>Wednesday Evening Quarterback | 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\/wednesday-evening-quarterback\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wednesday Evening Quarterback | SMB Training\" \/>\n<meta property=\"og:description\" content=\"A few points&#8230;.. 1) Today SMB tweeted: Best Morning Idea: Buy $GS @ 150.60-150.90, TGT: high 150s#mktabout 9 hours ago from\u00a0Twitterlicious That was all GMan. \u00a0We were asked a follow up question as to how we picked that level, which I will share. \u00a0Yesterday GS could not hold above 150.50. \u00a0Also on the longer term chart 150.50 has been a ... 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