{"id":2390,"date":"2009-11-03T19:56:37","date_gmt":"2009-11-04T00:56:37","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=2390"},"modified":"2023-04-06T12:56:24","modified_gmt":"2023-04-06T16:56:24","slug":"wow-2","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/wow-2","title":{"rendered":"WoW!!"},"content":{"rendered":"

Occasionally, I give a shout out to one of the less experienced traders on the desk for sharing great trading information.\u00a0 I am definitely not the type of person who offers faint praise.\u00a0 In fact,\u00a0 if you talk to those who are closest to me they probably would say that I am somewhat parsimonious with my compliments.\u00a0 So when I do offer praise the person receiving the complement knows that I am truly impressed.<\/p>\n

The call Joe P. made this morning<\/a> in RIMM deserves huge props.\u00a0 As a trader your job is so much easier if you are able to rely on well though tout trading ideas from your teammates.\u00a0 Each of the traders on our desk understands that by sharing valuable trading information we all can make more money individually.\u00a0 Joe P. brings a little something extra to the table than some of the other less experienced traders on our desk.\u00a0 Joe P. has developed into an excellent technician from his years of studying longer term setups for his swing trading account.\u00a0 In the brief time he has been a part of SMB he has added tremendous value to all of the traders on our desk.<\/p>\n

Let’s discuss his call in RIMM today and why I asked him to share it with our desk during the morning meeting.\u00a0 RIMM is a stock that everyone understands.\u00a0 It is widely owned by retail and institutions.\u00a0 It is traded by professional traders and momentum hedge funds.\u00a0 Because it is so widely followed it tends to have great moves off of technical setups.\u00a0 A technical setup is really gauging likely price action in a stock by understanding the psychology that led to the setup.<\/p>\n

When Joe P. talked about RIMM during our meeting this morning he said that yesterday’s down move on very heavy volume had the look of an “exhaustion bottom”.\u00a0 What he was saying was that those who had been accumulating the stock in the mid 60s since the last earnings report finally bailed out of the stock yesterday when it gapped down on the Citi downgrade.\u00a0 As traders we are thankful that analysts create such great trading opportunities with their bullish\/bearish calls.<\/p>\n

Joe P. watched RIMM closely yesterday and took note of a buyer into the close at 55.20.\u00a0 He shared the trading setup with the desk as a “Trade to Hold”.\u00a0 In other words his expectation was for a multi-point move.\u00a0 His recommendation was to buy on a pullback close to 55.25 on the Open and add to the position if it held above 56.\u00a0 It turns out that his 58 target was somewhat conservative as it pushed higher to the 60 resistance after 2PM.<\/p>\n

We will to extract some more money out of RIMM tomorrow. \u00a0 Look for a quick down move on the Open to the 58.80 area to establish a long.\u00a0 If it can hold above 60 we could see another 2-3 points of up side.<\/p>\n

Don’t forget to follow us<\/a> on Twitter!<\/p>\n

\"rimm<\/p>\n

\"rimm<\/p>\n","protected":false},"excerpt":{"rendered":"

Occasionally, I give a shout out to one of the less experienced traders on the desk for sharing great trading information.\u00a0 I am definitely not the type of person who offers faint praise.\u00a0 In fact,\u00a0 if you talk to those who are closest to me they probably would say that I am somewhat parsimonious with my compliments.\u00a0 So when I … Read More<\/a><\/p>\n","protected":false},"author":143,"featured_media":2407,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,8,3],"tags":[],"class_list":["post-2390","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general-comments-2","category-steven_spencer_steves_blogs","category-technical_plays"],"yoast_head":"\nWoW!! | 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\/wow-2\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"WoW!! | SMB Training\" \/>\n<meta property=\"og:description\" content=\"Occasionally, I give a shout out to one of the less experienced traders on the desk for sharing great trading information.\u00a0 I am definitely not the type of person who offers faint praise.\u00a0 In fact,\u00a0 if you talk to those who are closest to me they probably would say that I am somewhat parsimonious with my compliments.\u00a0 So when I ... 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