{"id":369,"date":"2009-02-11T18:35:25","date_gmt":"2009-02-11T23:35:25","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=369"},"modified":"2009-02-12T01:07:27","modified_gmt":"2009-02-12T06:07:27","slug":"nothing-but-rimm","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/nothing-but-rimm","title":{"rendered":"Nothing but RIMM"},"content":{"rendered":"<p><a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2009\/02\/rimm-02-12-09.bmp\" title=\"RIMM 02-11-09\"><\/a><a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2009\/02\/rimm-3-month-02-12-09.bmp\" title=\"RIMM 3-month 02-11-09\"><\/a>There were two good <a href=\"http:\/\/www.smbtraining.com\">trading opportunities<\/a> in RIMM today.\u00a0 Below 50 on the Open was an excellent short.\u00a0 Above 47.50 after the Stimulus Package agreement was leaked.\u00a0 Everything else, and I mean everything else, was a shit show.\u00a0 Let&#8217;s discuss.<\/p>\n<p>First, I am not a huge fan of cussing.\u00a0 But if you had just spent the day trading RIMM like I had you would understand.\u00a0 And I have read Dr. Steenbarger use this term so it must be acceptable.\u00a0 I made good trades at two spots.\u00a0 I lost at almost every other.<\/p>\n<p>On the Open I caught the downmove below 50.\u00a0 This was a chop!\u00a0 I held a core below 50 for almost the entire downmove.<\/p>\n<p>RIMM traded higher towards 48 but then started another intraday downtrend.\u00a0 RIMM traded near its intraday low of 46.60ish.\u00a0 RIMM could not trade above 47.\u00a0 I was short and licking my chops.\u00a0 I was short in front of 47 and ready to hold.\u00a0 I was anticipating a move through the intraday low.\u00a0 I was anticipating a new down leg with panic.\u00a0 But I got something different.<\/p>\n<p>All of a sudden SPY spiked.\u00a0 SPY was at their lows of 82.51.\u00a0 SPY spiked.\u00a0 SPY spiked to near 83.\u00a0 And RIMM traded above 47.\u00a0 It was all so sudden.\u00a0 There was no breaking news.\u00a0 RIMM had been so weak.\u00a0 And now here was RIMM trading at 47.50.<\/p>\n<p>And the volume came.\u00a0 Oh boy was there a ton of volume done at and near 47.50.\u00a0 And SPY climbed higher.\u00a0 But then a strange thing happened.\u00a0 RIMM went up when SPY spiked.\u00a0 Then SPY traded even higher and the 47.50 offer would not lift.\u00a0 RIMM went from stronger than SPY to much weaker than SPY near 47.50.<\/p>\n<p>Hence the dilemna.\u00a0 Do I short?\u00a0 Do I get long?\u00a0 Do I sit on the sidelines?\u00a0 OK so the third option was not realistic.\u00a0 I am a professional trader.\u00a0 I live for stocks that are moving.\u00a0 I live for battles at 47.50.\u00a0 Like I wasn&#8217;t going to get long above the level and short below?\u00a0 That would be like putting a plate of chocolate chip cookies in front of me, leaving the room for 20 minutes, and expecting some remaining when you returned.\u00a0 Please&#8230;&#8230;<\/p>\n<p>Overall I traded RIMM with a short bias near 47.50.\u00a0 I just did not believe the spike in SPY and RIMM.\u00a0 With no new breaking news there seemed no reason for this upmove.\u00a0 But the buying at 47.50.\u00a0 And there were no pullbacks when 47.50 had held the offer.\u00a0 Generally even when RIMM was strong it would pull back at least 30c when it met resistance.\u00a0 And resistance RIMM had met at 47.50.\u00a0 Yet it could not pullback.\u00a0 At best it made a few lame attempts to touch 47.43.\u00a0 But this was no downmove.<\/p>\n<p>Finally we got the news about the Stimulus Package.\u00a0 I suppose this is what caused SPY and RIMM to spike previously. And then RIMM traded above 47.50. I flipped my short.\u00a0 The best way to trade this play was to just develop a position from here.\u00a0 Long above 47.50, sit back, and wait for something different.\u00a0 Sit back and wait for RIMM to make me sell her.<\/p>\n<p>Overall I worked very hard today.\u00a0 I gave it my best effort in RIMM.\u00a0 But I got beat everywhere expect the two spots above.\u00a0 It was like a day on the court where everything I put up clanked off the rim.\u00a0 Lots of back rims, front rims, left, right, etc. \u00a0 If I would have confined my trading to the the short below 50 on the Open and the long above 47.50 it would have been nothing but net.<\/p>\n<p>Not everyday on the Street is profitable. \u00a0 But we got UConn v. Syracuse tonight on ESPN so that&#8217;s good.\u00a0 Enjoy your evening.<\/p>\n<p><a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2009\/02\/rimm-02-12-09.bmp\" title=\"RIMM 02-11-09\"><img decoding=\"async\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2009\/02\/rimm-02-12-09.bmp\" alt=\"RIMM 02-11-09\" \/><\/a><a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2009\/02\/rimm-3-month-02-12-09.bmp\" title=\"RIMM 3-month 02-11-09\"><img decoding=\"async\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2009\/02\/rimm-3-month-02-12-09.bmp\" alt=\"RIMM 3-month 02-11-09\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>There were two good trading opportunities in RIMM today.\u00a0 Below 50 on the Open was an excellent short.\u00a0 Above 47.50 after the Stimulus Package agreement was leaked.\u00a0 Everything else, and I mean everything else, was a shit show.\u00a0 Let&#8217;s discuss. First, I am not a huge fan of cussing.\u00a0 But if you had just spent the day trading RIMM like &#8230; <a href=\"https:\/\/www.smbtraining.com\/blog\/nothing-but-rimm\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":144,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[4676,30,18,38],"class_list":["post-369","post","type-post","status-publish","format-standard","hentry","category-mike-bellafiore-bellas-blogs","tag-day-trading","tag-prop-trading","tag-smb-capital","tag-trading","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>Nothing but 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\/nothing-but-rimm\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nothing but RIMM | SMB Training\" \/>\n<meta property=\"og:description\" content=\"There were two good trading opportunities in RIMM today.\u00a0 Below 50 on the Open was an excellent short.\u00a0 Above 47.50 after the Stimulus Package agreement was leaked.\u00a0 Everything else, and I mean everything else, was a shit show.\u00a0 Let&#8217;s discuss. First, I am not a huge fan of cussing.\u00a0 But if you had just spent the day trading RIMM like ... Read More\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.smbtraining.com\/blog\/nothing-but-rimm\" \/>\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=\"2009-02-11T23:35:25+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2009-02-12T06:07:27+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2009\/02\/rimm-02-12-09.bmp\" \/>\n<meta name=\"author\" content=\"Bella\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@smbcapital\" \/>\n<meta name=\"twitter:site\" content=\"@smbcapital\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Bella\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta 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SMB Capital is an equity prop trading desk that trades on 5th Avenue in New York City. Mr. Bellafiore is a graduate of the University of Connecticut School of Law. He has traded professionally for more than a decade.\",\"sameAs\":[\"https:\/\/www.smbtraining.com\/blog\/bellas-blog\"],\"url\":\"https:\/\/www.smbtraining.com\/blog\/author\/bella\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Nothing but RIMM | SMB Training","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.smbtraining.com\/blog\/nothing-but-rimm","og_locale":"en_US","og_type":"article","og_title":"Nothing but RIMM | SMB Training","og_description":"There were two good trading opportunities in RIMM today.\u00a0 Below 50 on the Open was an excellent short.\u00a0 Above 47.50 after the Stimulus Package agreement was leaked.\u00a0 Everything else, and I mean everything else, was a shit show.\u00a0 Let&#8217;s discuss. First, I am not a huge fan of cussing.\u00a0 But if you had just spent the day trading RIMM like ... 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