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![\"WAG\"](\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2009\/12\/WAG.bmp\" "\\"WAG\\"")
<\/p>\n","protected":false},"excerpt":{"rendered":"As I was finishing my cholesterol free egg and bagel sandwich in the premarket, I saw huge volume in WAG at 37.32. \u00a0When WAG opened more volume was done right here. \u00a0Holy important intraday level! \u00a0WAG finally held this level and I got long right on the open in WAG (I am not shy). \u00a0This was a support play.<\/p>\n
WAG found higher ground but failed at 65c. \u00a0So much for my hope of a hold on the open and then filling in the gap. \u00a0I started a conversation with some of our traders. \u00a0“Wouldn’t it be awesome if WAG came down to 32c and held again?” \u00a0It did. \u00a0I got long again.<\/p>\n
I am not sure why (does it really matter?) but the buyers and sellers converged like a safety on a tight end over the middle at this 32c level. \u00a0And the buyers won at 32c, the tight end broke the tackle and scooted up field.<\/p>\n
WAG found its intraday resistance again at 65c but busted through this level. \u00a0Huge prints went off at 68c (so big I needed to G to tell me how large). \u00a0 And then there was another huge print announced by ALJ. \u00a0So GMan and I added more size. \u00a0Above this 68c was another support play.<\/p>\n
There were some things I did not like about the trade:<\/p>\n
1) The market got very strong and WAG did not explode.<\/p>\n
2) Connor made an excellent point that it is better to find strong stocks when the market is strong than this WAG, which was not acting that well (relatively weaker than the market?).<\/p>\n
3) WAG does not\u00a0accentuate\u00a0my superior trading skills. \u00a0It is so slow my speed, ability to trade both sides and mental agility are not rewarded.<\/p>\n
But there was not a reason to sell really. \u00a0The stock was not trading lower. \u00a0While this was not the best position I have ever entered it was still a hold. \u00a0As I write I am still long a little WAG. \u00a0I did lighten up at 38, a premarket resistance level.<\/p>\n
Best of luck with your trading.<\/p>\n
Long 1\/3 of a lot WAG, exit below 37.60-37.68 target 38.50-35.80.
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