{"id":6587,"date":"2010-08-18T12:19:22","date_gmt":"2010-08-18T16:19:22","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=6587"},"modified":"2021-02-11T16:27:54","modified_gmt":"2021-02-11T21:27:54","slug":"my-cree-trade","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/my-cree-trade","title":{"rendered":"My CREE Trade"},"content":{"rendered":"

About two hours ago I tweeted: $CREE near 60 huge R level
\n@biggercapital responded: would like to hear your what if scenarios RT @smbcapital: $CREE near 60 huge R level
\nAnd then came @readerfinance: would like to hear your what if scenarios RT @smbcapital: $CREE near 60 huge R level: would like to hear your what… http:\/\/bit.ly\/dodYtu<\/p>\n

At SMB we make trading decisions based upon three factors: intraday fundamentals, technicals, and reading the tape. 60 was a significant technical level for us. CREE could not close below 60 since the start of the year. And then it did. Important support that is broken becomes resistance. And so 60 became an important technical resistance level for us.
\n\"\"<\/a><\/p>\n

Now trading is not get short at a level and hope for the best. If it was this blog would not exist nor perhaps my firm. CREE was nearing 60, this technical level, but how do we trade it. What were our if\/then statements for this opportunity?<\/p>\n

Now let me say that I was not crazy about the fact that CREE had recently blown through another important technical resistance level of 57.75. Let me add that there was nothing on the tape that showed weakness as CREE found 60. Also, SPY above 109 makes for a strong market of late. Finally my thesis for shorting 57.75 was that CREE would turn from a growth stock to ordinary with potentially a much deeper decline imminent. Didn’t happen.<\/p>\n

But this was an important technical level. So I shorted the level. For me this was a short one lot, cover half into a downmove to 35cish and then hold the rest. The cover is above 60.35-60.50 depending on your trading time frame. I would have added more and held longer if the tape confirmed the weakness at 60. We didn’t really get that. CREE failed from 60 but I didn’t see the battle, the brick wall at 60 of selling, and then the seller stepping lower that would have gotten me to add size. Also the market is still holding its head above the $SPY 109.<\/p>\n

So I made the trade. If I make this trades a thousand times I will make a profit. That is how I judge my trades and not whether this one trade will work. I will make a profit in this CREE trade no matter what the result now as I covered some 31c, 26c, and then into the whole. I will hold the rest till I am stopped out most likely. As of yet I see no reason to sink my teeth into a huge short but that can change depending upon my observation of the market and stock.<\/p>\n

I will discuss this trade via video with our SMB Trade of the Week on the NASDAQ app for the iPad and StockTwits TV and post the video soon.<\/p>\n

Mike Bellafiore
\nAuthor, One Good Trade: Inside the Highly Competitive World of Proprietary Trading (Wiley Trading)<\/a>\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

About two hours ago I tweeted: $CREE near 60 huge R level @biggercapital responded: would like to hear your what if scenarios RT @smbcapital: $CREE near 60 huge R level And then came @readerfinance: would like to hear your what if scenarios RT @smbcapital: $CREE near 60 huge R level: would like to hear your what… http:\/\/bit.ly\/dodYtu At SMB we … Read More<\/a><\/p>\n","protected":false},"author":144,"featured_media":6588,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[4674,30,50,18,1193,653],"class_list":["post-6587","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mike-bellafiore-bellas-blogs","tag-one-good-trade","tag-prop-trading","tag-proprietary-trading","tag-smb-capital","tag-trader-education","tag-trader-training"],"yoast_head":"\nMy CREE Trade | 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\/my-cree-trade\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"My CREE Trade | SMB Training\" \/>\n<meta property=\"og:description\" content=\"About two hours ago I tweeted: $CREE near 60 huge R level @biggercapital responded: would like to hear your what if scenarios RT @smbcapital: $CREE near 60 huge R level And then came @readerfinance: would like to hear your what if scenarios RT @smbcapital: $CREE near 60 huge R level: would like to hear your what… http:\/\/bit.ly\/dodYtu At SMB we ... 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