{"id":3027,"date":"2009-12-15T13:56:24","date_gmt":"2009-12-15T18:56:24","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=3027"},"modified":"2013-02-14T10:30:05","modified_gmt":"2013-02-14T15:30:05","slug":"open-shots-bby","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/open-shots-bby","title":{"rendered":"Open Shots: BBY"},"content":{"rendered":"<p>I traded BBY on the Open. \u00a0It does not get any easier than this stock on this open. \u00a0It just doesn&#8217;t. \u00a0I am positive as I write (BBY is at 41.60 now). \u00a0How could I not be? \u00a0BBY has done nothing but trade lower. \u00a0How is that difficult?<\/p>\n<p>I am in my office now drinking Coke Zero, writing notes for a talk to our firm, and short BBY. \u00a0So I have calmed down a bit. \u00a0But during the Open at a few points I was pissed. \u00a0 And I should have been.<\/p>\n<p>Trading is a performance based job. \u00a0We can talk and talk and talk and talk about skill development and improvement. \u00a0And this needs to be our focus. \u00a0Improved skills are the answer to better results. \u00a0But there also must be an acceptance that we all must execute. \u00a0Pat Riley used to preach hard work and doing the little things but also explained, &#8220;you have to make open shots.&#8221; \u00a0And it is completely unacceptable to miss this certain trade today in BBY.<\/p>\n<p>BBY was in a downtrend. \u00a042.35 was intraday resistance after one important upmove. \u00a0BBY traded lower to 42.10. \u00a0The market exploded. \u00a0And at 42.35 the seller stood his ground. \u00a0Way more stock that I expected to be sold was at 42.35. \u00a0I thought BBY would find 75c. \u00a0It could not find 40c. \u00a0BBY showed its relative weakness on the tape.<\/p>\n<p>&#8220;The market is so strong should I short here?&#8221; I asked myself. \u00a0Then I decided I should short. \u00a0I went low offer 34c. \u00a0Quickly the bids dropped out. \u00a0I offered 27c. \u00a0Quickly the bids dropped out some more. \u00a042.10, previous support was violated, and I did not get short. \u00a0What was I waiting for? \u00a0At 42 there was a battle. \u00a0Too late to short here at the moment.<\/p>\n<p>Why was I asking myself whether BBY was a short at 42.35c? \u00a0I was given an open look and I missed my shot. If I was wrong I could have quickly covered above 40c. \u00a0But I hesitated ever so slightly. \u00a0On this set up this is not acceptable.<\/p>\n<p>Finally I found a way into the BBY short around 42. \u00a0I am still short. \u00a0I see no reason to cover just yet. \u00a0Maybe above 41.85? \u00a0BBY could see 41 or 40.50 later today.<\/p>\n<p>My reaction was a call to myself to do better. \u00a0I must make my open shots. \u00a0Thankfully the game is not over. \u00a0Perhaps I will get some more open looks.<\/p>\n<p>Best of luck with your trading! Don&#8217;t forget to <a href=\"http:\/\/twitter.com\/smbcapital\">follow us<\/a> on Twitter.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-3031\" title=\"HPQ 12-15-09\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2009\/12\/HPQ-12-15-09.png\" alt=\"HPQ 12-15-09\" width=\"540\" height=\"380\" srcset=\"\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2009\/12\/HPQ-12-15-09.png 540w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2009\/12\/HPQ-12-15-09-300x211.png 300w\" sizes=\"auto, (max-width: 540px) 100vw, 540px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>I traded BBY on the Open. \u00a0It does not get any easier than this stock on this open. \u00a0It just doesn&#8217;t. \u00a0I am positive as I write (BBY is at 41.60 now). \u00a0How could I not be? \u00a0BBY has done nothing but trade lower. \u00a0How is that difficult? I am in my office now drinking Coke Zero, writing notes for &#8230; <a href=\"https:\/\/www.smbtraining.com\/blog\/open-shots-bby\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":144,"featured_media":3031,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10,7],"tags":[441,440],"class_list":["post-3027","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mike-bellafiore-bellas-blogs","category-reading_the_tape","tag-bby","tag-furious"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Open Shots: BBY | 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\/open-shots-bby\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Open Shots: BBY | SMB Training\" \/>\n<meta property=\"og:description\" content=\"I traded BBY on the Open. \u00a0It does not get any easier than this stock on this open. \u00a0It just doesn&#8217;t. \u00a0I am positive as I write (BBY is at 41.60 now). \u00a0How could I not be? \u00a0BBY has done nothing but trade lower. \u00a0How is that difficult? 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