{"id":17755,"date":"2012-03-12T19:42:07","date_gmt":"2012-03-12T23:42:07","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=17755"},"modified":"2023-03-31T15:31:23","modified_gmt":"2023-03-31T19:31:23","slug":"i-love-being-wrong-soda","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/i-love-being-wrong-soda","title":{"rendered":"I Love Being Wrong&#8211;SODA"},"content":{"rendered":"<p>One of three In Play names discussed in today&#8217;s <a href=\"https:\/\/www.smbtraining.com\/blog\/trader-90-trader-365\">AM Meeting<\/a> was SODA. It was gapping up to 36 which is a longer term resistance level. My initial thought was the news didn&#8217;t seem like a big deal and it would be a nice short on the Open against this level. As the market opened it traded a few cents above 36 and then began to quickly drop out. \u00a0But by 9:45 it was clearly holding above this key level.<\/p>\n<p>When a stock gaps up significantly there is often some quick profit taking right after the opening bell. If by 9:45 the stock is still trading near its high and above a longer term resistance level you should be thinking about how to get long. Shorting is the low percentage play.<\/p>\n<p>In the case of SODA it did short term traders the favor or actually being accumulated at 36 the key level identified in the AM Meeting. The appropriate stop on a long at 36 would be below 35.80.<\/p>\n<p style=\"text-align: center;\"><a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2012\/03\/soda-march-12th-36-level1.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-17760\" title=\"soda march 12th 36 level\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2012\/03\/soda-march-12th-36-level1.png\" alt=\"\" width=\"600\" height=\"420\" srcset=\"\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2012\/03\/soda-march-12th-36-level1.png 1000w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2012\/03\/soda-march-12th-36-level1-300x210.png 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><\/p>\n<p><a href=\"http:\/\/twitter.com\/sspencer_smb\"><img decoding=\"async\" src=\"http:\/\/twitter-badges.s3.amazonaws.com\/follow_me-c.png\" alt=\"\" \/><\/a><br \/>\nSteven Spencer is the co-founder of SMB Capital and SMB Training and has traded professionally for over 15 years. His email is sspencer@smbcap.com.<\/p>\n<p>No relevant positions<\/p>\n","protected":false},"excerpt":{"rendered":"<p>One of three In Play names discussed in today&#8217;s AM Meeting was SODA. It was gapping up to 36 which is a longer term resistance level. My initial thought was the news didn&#8217;t seem like a big deal and it would be a nice short on the Open against this level. As the market opened it traded a few cents &#8230; <a href=\"https:\/\/www.smbtraining.com\/blog\/i-love-being-wrong-soda\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":143,"featured_media":17760,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,8,15],"tags":[4676,1332,653],"class_list":["post-17755","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general-comments-2","category-steven_spencer_steves_blogs","category-trading_theory","tag-day-trading","tag-technical-analysis","tag-trader-training"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>I Love Being Wrong--SODA | 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\/i-love-being-wrong-soda\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"I Love Being Wrong--SODA | SMB Training\" \/>\n<meta property=\"og:description\" content=\"One of three In Play names discussed in today&#8217;s AM Meeting was SODA. It was gapping up to 36 which is a longer term resistance level. My initial thought was the news didn&#8217;t seem like a big deal and it would be a nice short on the Open against this level. As the market opened it traded a few cents ... Read More\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.smbtraining.com\/blog\/i-love-being-wrong-soda\" \/>\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=\"2012-03-12T23:42:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-31T19:31:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2012\/03\/soda-march-12th-36-level1.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"700\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"sspencer\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@smbcapital\" \/>\n<meta name=\"twitter:site\" content=\"@smbcapital\" 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