{"id":223,"date":"2008-11-25T23:07:20","date_gmt":"2008-11-26T04:07:20","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=223"},"modified":"2009-06-03T11:11:39","modified_gmt":"2009-06-03T16:11:39","slug":"rimm","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/rimm","title":{"rendered":"RIMM"},"content":{"rendered":"<p>RIMM is about 70% from its high.\u00a0 It seems real cheap based on next year earnings projection of $4.50 per share.\u00a0 But the price action indicates that noone believes those estimates.\u00a0 There are probably a lot of people betting that RIMM will have trouble matching this years $3.50 per share.\u00a0 So perhaps RIMM will have one more down leg.<\/p>\n<p>RIMM was very weak today trading down 8% on a day the NASDAQ was basically flat.\u00a0 I will trade RIMM tomorrow initially on the short side.\u00a0 The safest entry point will be around 42.30.\u00a0 If you look at the chart you can see after the initial downmove in the morning there was resistance between 42.24-42.30.<\/p>\n<p>If RIMM trades down powerfully from those levels on heavy volume then I will have a greater indication as to the likelihood of the 40 support level being breached.\u00a0 The reality is that RIMM is down a ton already so it is going to take a lot of selling to get it to break the 40 support.\u00a0 If the 40 support is breached powerfully and then holds as resistance I would expect a multipoint downmove.<\/p>\n<p>I will attempt trading it on the long side if it can move powerfully through 42.50 and doesn&#8217;t pullback below 42.25.\u00a0 If it were to trade above 43 I will have more confidence on the long side.<\/p>\n<p><a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2008\/11\/931227667328061mail.gif\" title=\"RIMM Intraday\"><img decoding=\"async\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2008\/11\/931227667328061mail.gif\" alt=\"RIMM Intraday\" width=\"500\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>RIMM is about 70% from its high.\u00a0 It seems real cheap based on next year earnings projection of $4.50 per share.\u00a0 But the price action indicates that noone believes those estimates.\u00a0 There are probably a lot of people betting that RIMM will have trouble matching this years $3.50 per share.\u00a0 So perhaps RIMM will have one more down leg. RIMM &#8230; <a href=\"https:\/\/www.smbtraining.com\/blog\/rimm\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":143,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,8],"tags":[30,18,301],"class_list":["post-223","post","type-post","status-publish","format-standard","hentry","category-general-comments-2","category-steven_spencer_steves_blogs","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>RIMM | 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\/rimm\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"RIMM | SMB Training\" \/>\n<meta property=\"og:description\" content=\"RIMM is about 70% from its high.\u00a0 It seems real cheap based on next year earnings projection of $4.50 per share.\u00a0 But the price action indicates that noone believes those estimates.\u00a0 There are probably a lot of people betting that RIMM will have trouble matching this years $3.50 per share.\u00a0 So perhaps RIMM will have one more down leg. RIMM ... 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RIMM ... 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