{"id":505,"date":"2009-04-12T22:50:34","date_gmt":"2009-04-13T03:50:34","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=505"},"modified":"2009-06-03T11:09:03","modified_gmt":"2009-06-03T16:09:03","slug":"the-opening-drive","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/the-opening-drive","title":{"rendered":"The Opening Drive"},"content":{"rendered":"<p>Here is\u00a0a setup to help you during earnings season: A\u00a0stock gaps up or down on earnings and drives strongly in one direction during the first few minutes of the Open.\u00a0 This stock should be In Play for the rest of the day.\u00a0 The large supply\/demand imbalance that is indicated during those first few minutes should create a bunch of <a href=\"http:\/\/www.smbtraining.com\">great risk\/reward trades<\/a> throughout the day.<\/p>\n<p>Take a look at the chart of BBBY below.\u00a0 It gaps up about 3.5 points to 29.\u00a0 During the first few minutes of trading it pushes up to 30.\u00a0 There is a small pullback and then it moves powerfully above 30.\u00a0 The 30 level then becomes support for the next leg up.\u00a0 There are a series of good trades the rest of the day.<\/p>\n<p>My overall bias was on the long side but I recognized that when resistance levels formed, such as at 31.60 that there were nice chops to be made on the short side as well.\u00a0 But always in the back of my mind was the idea that BBBY should finish close to the high of the day.\u00a0 That initial upward surge on the Open and the lack of a reversal during the next few hours meant that the easiest path of resistance would be up into the Close.<\/p>\n<p>Don&#8217;t forget to <a href=\"http:\/\/twitter.com\/smbcapital\">follow us on twitter<\/a>.<\/p>\n<p><a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2009\/04\/bbbyopeningdrive.bmp\" title=\"bbby openingdrive\"><img decoding=\"async\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2009\/04\/bbbyopeningdrive.bmp\" alt=\"bbby openingdrive\" \/><\/a><\/p>\n<p><a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2009\/04\/bbby2day.bmp\" title=\"bbby 2day\"><img decoding=\"async\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2009\/04\/bbby2day.bmp\" alt=\"bbby 2day\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Here is\u00a0a setup to help you during earnings season: A\u00a0stock gaps up or down on earnings and drives strongly in one direction during the first few minutes of the Open.\u00a0 This stock should be In Play for the rest of the day.\u00a0 The large supply\/demand imbalance that is indicated during those first few minutes should create a bunch of great &#8230; <a href=\"https:\/\/www.smbtraining.com\/blog\/the-opening-drive\" 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":[8,3,15],"tags":[30,18,301],"class_list":["post-505","post","type-post","status-publish","format-standard","hentry","category-steven_spencer_steves_blogs","category-technical_plays","category-trading_theory","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>The Opening Drive | 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\/the-opening-drive\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Opening Drive | SMB Training\" \/>\n<meta property=\"og:description\" content=\"Here is\u00a0a setup to help you during earnings season: A\u00a0stock gaps up or down on earnings and drives strongly in one direction during the first few minutes of the Open.\u00a0 This stock should be In Play for the rest of the day.\u00a0 The large supply\/demand imbalance that is indicated during those first few minutes should create a bunch of great ... 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