{"id":7522,"date":"2010-10-05T18:16:32","date_gmt":"2010-10-05T22:16:32","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=7522"},"modified":"2010-10-05T18:16:32","modified_gmt":"2010-10-05T22:16:32","slug":"what-a-difference-a-day-can-make","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/what-a-difference-a-day-can-make","title":{"rendered":"What A Difference A Day Can Make"},"content":{"rendered":"<p>After a pretty hard down move in the SPY&#8217;s yesterday we gapped up today and never looked back. \u00a0Today&#8217;s action reminded me a bit of September 24th when we gapped above 113.60 SPY and never looked back either. \u00a0On September 23rd there had been some vicious selling but we held the 112 support area. \u00a0Yesterday we held 113.20. \u00a0As Brian Shannon (@alphatrends) likes to say often when reviewing his charts &#8220;the market put in a higher low and today it\u00a0established a higher high. price pays!&#8221;<\/p>\n<p>One of the most difficult skills to master as a short term trader is to be able to change your bias at a moment&#8217;s notice. Yesterday, as we powered below 114.40 my mentality was to be short. \u00a0This morning when we gapped above 114.40 my mentality was to look for the upside break. \u00a0One potential roadblock that traders face when developing the skill of being able to quickly change their mentality is being punished for doing so. \u00a0For example, when we started to power lower yesterday if the market had quickly reversed to the upside and I had been caught short then perhaps I would have been reluctant to trade on the long side today. \u00a0 And if today I loaded the boat when the SPYs consolidated above 115.40 and we had tanked then that cause me to be hesitant the next time we set up for a similar move. \u00a0But at the end of the day if we aren&#8217;t able to &#8220;do the right thing&#8221; we will not survive as traders.<\/p>\n<p>To illustrate how quickly things can change I have included both yesterday and today&#8217;s intraday charts from BIDU. \u00a0I was happy to see at the end of the day today that many people made money trading it on the long side. \u00a0This is following a day where our traders were almost exclusively trading it on the short side. \u00a0That type of mental flexibility bodes well for the young traders on our desk.<\/p>\n<p><a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/10\/spy-sept24-shorts-trapped.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium wp-image-7535\" title=\"spy sept24 shorts trapped\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/10\/spy-sept24-shorts-trapped-300x210.png\" alt=\"\" width=\"300\" height=\"210\" srcset=\"\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/10\/spy-sept24-shorts-trapped-300x210.png 300w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/10\/spy-sept24-shorts-trapped.png 1000w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p><a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/10\/october-5th-shorts-trapped-again.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium wp-image-7536\" title=\"october 5th shorts trapped again\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/10\/october-5th-shorts-trapped-again-300x210.png\" alt=\"\" width=\"300\" height=\"210\" srcset=\"\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/10\/october-5th-shorts-trapped-again-300x210.png 300w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/10\/october-5th-shorts-trapped-again.png 1000w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p><a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/10\/bidu-downtrend.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium wp-image-7537\" title=\"bidu downtrend\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/10\/bidu-downtrend-300x210.png\" alt=\"\" width=\"300\" height=\"210\" srcset=\"\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/10\/bidu-downtrend-300x210.png 300w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/10\/bidu-downtrend.png 1000w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p><a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/10\/bidu-uptrend.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium wp-image-7538\" title=\"bidu uptrend\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/10\/bidu-uptrend-300x210.png\" alt=\"\" width=\"300\" height=\"210\" srcset=\"\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/10\/bidu-uptrend-300x210.png 300w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/10\/bidu-uptrend.png 1000w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>After a pretty hard down move in the SPY&#8217;s yesterday we gapped up today and never looked back. \u00a0Today&#8217;s action reminded me a bit of September 24th when we gapped above 113.60 SPY and never looked back either. \u00a0On September 23rd there had been some vicious selling but we held the 112 support area. \u00a0Yesterday we held 113.20. \u00a0As Brian &#8230; <a href=\"https:\/\/www.smbtraining.com\/blog\/what-a-difference-a-day-can-make\" 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":[4,1,8,455],"tags":[],"class_list":["post-7522","post","type-post","status-publish","format-standard","hentry","category-fundamental-plays","category-general-comments-2","category-steven_spencer_steves_blogs","category-trading_psychology","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>What A Difference A Day Can Make | 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\/what-a-difference-a-day-can-make\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What A Difference A Day Can Make | SMB Training\" \/>\n<meta property=\"og:description\" content=\"After a pretty hard down move in the SPY&#8217;s yesterday we gapped up today and never looked back. \u00a0Today&#8217;s action reminded me a bit of September 24th when we gapped above 113.60 SPY and never looked back either. \u00a0On September 23rd there had been some vicious selling but we held the 112 support area. \u00a0Yesterday we held 113.20. \u00a0As Brian ... Read More\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.smbtraining.com\/blog\/what-a-difference-a-day-can-make\" \/>\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=\"2010-10-05T22:16:32+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/10\/spy-sept24-shorts-trapped-300x210.png\" \/>\n<meta name=\"author\" content=\"sspencer\" \/>\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=\"sspencer\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.smbtraining.com\/blog\/what-a-difference-a-day-can-make#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/what-a-difference-a-day-can-make\"},\"author\":{\"name\":\"sspencer\",\"@id\":\"https:\/\/www.smbtraining.com\/blog\/#\/schema\/person\/8eabc642d328f902a341eb510c67ef27\"},\"headline\":\"What A Difference A Day Can Make\",\"datePublished\":\"2010-10-05T22:16:32+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/what-a-difference-a-day-can-make\"},\"wordCount\":335,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/what-a-difference-a-day-can-make#primaryimage\"},\"thumbnailUrl\":\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/10\/spy-sept24-shorts-trapped-300x210.png\",\"articleSection\":[\"Fundamental Plays\",\"General Comments\",\"Steven Spencer (Steve's) Blogs\",\"Trading Psychology\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.smbtraining.com\/blog\/what-a-difference-a-day-can-make#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.smbtraining.com\/blog\/what-a-difference-a-day-can-make\",\"url\":\"https:\/\/www.smbtraining.com\/blog\/what-a-difference-a-day-can-make\",\"name\":\"What A Difference A Day Can Make | SMB Training\",\"isPartOf\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/what-a-difference-a-day-can-make#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/what-a-difference-a-day-can-make#primaryimage\"},\"thumbnailUrl\":\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/10\/spy-sept24-shorts-trapped-300x210.png\",\"datePublished\":\"2010-10-05T22:16:32+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/what-a-difference-a-day-can-make#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.smbtraining.com\/blog\/what-a-difference-a-day-can-make\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.smbtraining.com\/blog\/what-a-difference-a-day-can-make#primaryimage\",\"url\":\"https:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/10\/spy-sept24-shorts-trapped.png\",\"contentUrl\":\"https:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/10\/spy-sept24-shorts-trapped.png\",\"width\":\"1000\",\"height\":\"700\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.smbtraining.com\/blog\/what-a-difference-a-day-can-make#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.smbtraining.com\/blog\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"What A Difference A Day Can Make\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.smbtraining.com\/blog\/#website\",\"url\":\"https:\/\/www.smbtraining.com\/blog\/\",\"name\":\"SMB Training Blog\",\"description\":\"Lessons from the trading desk\",\"publisher\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.smbtraining.com\/blog\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.smbtraining.com\/blog\/#organization\",\"name\":\"SMB Training\",\"url\":\"https:\/\/www.smbtraining.com\/blog\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.smbtraining.com\/blog\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2022\/07\/Logo-e1658419502954.png\",\"contentUrl\":\"https:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2022\/07\/Logo-e1658419502954.png\",\"width\":230,\"height\":81,\"caption\":\"SMB Training\"},\"image\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/smbcap\/\",\"https:\/\/x.com\/smbcapital\",\"https:\/\/www.youtube.com\/user\/smbcapital\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.smbtraining.com\/blog\/#\/schema\/person\/8eabc642d328f902a341eb510c67ef27\",\"name\":\"sspencer\",\"url\":\"https:\/\/www.smbtraining.com\/blog\/author\/sspencer\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"What A Difference A Day Can Make | 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\/what-a-difference-a-day-can-make","og_locale":"en_US","og_type":"article","og_title":"What A Difference A Day Can Make | SMB Training","og_description":"After a pretty hard down move in the SPY&#8217;s yesterday we gapped up today and never looked back. \u00a0Today&#8217;s action reminded me a bit of September 24th when we gapped above 113.60 SPY and never looked back either. \u00a0On September 23rd there had been some vicious selling but we held the 112 support area. \u00a0Yesterday we held 113.20. \u00a0As Brian ... Read More","og_url":"https:\/\/www.smbtraining.com\/blog\/what-a-difference-a-day-can-make","og_site_name":"SMB Training Blog","article_publisher":"https:\/\/www.facebook.com\/smbcap\/","article_published_time":"2010-10-05T22:16:32+00:00","og_image":[{"url":"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/10\/spy-sept24-shorts-trapped-300x210.png","type":"","width":"","height":""}],"author":"sspencer","twitter_card":"summary_large_image","twitter_creator":"@smbcapital","twitter_site":"@smbcapital","twitter_misc":{"Written by":"sspencer","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.smbtraining.com\/blog\/what-a-difference-a-day-can-make#article","isPartOf":{"@id":"https:\/\/www.smbtraining.com\/blog\/what-a-difference-a-day-can-make"},"author":{"name":"sspencer","@id":"https:\/\/www.smbtraining.com\/blog\/#\/schema\/person\/8eabc642d328f902a341eb510c67ef27"},"headline":"What A Difference A Day Can Make","datePublished":"2010-10-05T22:16:32+00:00","mainEntityOfPage":{"@id":"https:\/\/www.smbtraining.com\/blog\/what-a-difference-a-day-can-make"},"wordCount":335,"commentCount":0,"publisher":{"@id":"https:\/\/www.smbtraining.com\/blog\/#organization"},"image":{"@id":"https:\/\/www.smbtraining.com\/blog\/what-a-difference-a-day-can-make#primaryimage"},"thumbnailUrl":"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/10\/spy-sept24-shorts-trapped-300x210.png","articleSection":["Fundamental Plays","General Comments","Steven Spencer (Steve's) Blogs","Trading Psychology"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.smbtraining.com\/blog\/what-a-difference-a-day-can-make#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.smbtraining.com\/blog\/what-a-difference-a-day-can-make","url":"https:\/\/www.smbtraining.com\/blog\/what-a-difference-a-day-can-make","name":"What A Difference A Day Can Make | SMB Training","isPartOf":{"@id":"https:\/\/www.smbtraining.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.smbtraining.com\/blog\/what-a-difference-a-day-can-make#primaryimage"},"image":{"@id":"https:\/\/www.smbtraining.com\/blog\/what-a-difference-a-day-can-make#primaryimage"},"thumbnailUrl":"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/10\/spy-sept24-shorts-trapped-300x210.png","datePublished":"2010-10-05T22:16:32+00:00","breadcrumb":{"@id":"https:\/\/www.smbtraining.com\/blog\/what-a-difference-a-day-can-make#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.smbtraining.com\/blog\/what-a-difference-a-day-can-make"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.smbtraining.com\/blog\/what-a-difference-a-day-can-make#primaryimage","url":"https:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/10\/spy-sept24-shorts-trapped.png","contentUrl":"https:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/10\/spy-sept24-shorts-trapped.png","width":"1000","height":"700"},{"@type":"BreadcrumbList","@id":"https:\/\/www.smbtraining.com\/blog\/what-a-difference-a-day-can-make#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.smbtraining.com\/blog"},{"@type":"ListItem","position":2,"name":"What A Difference A Day Can Make"}]},{"@type":"WebSite","@id":"https:\/\/www.smbtraining.com\/blog\/#website","url":"https:\/\/www.smbtraining.com\/blog\/","name":"SMB Training Blog","description":"Lessons from the trading desk","publisher":{"@id":"https:\/\/www.smbtraining.com\/blog\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.smbtraining.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.smbtraining.com\/blog\/#organization","name":"SMB Training","url":"https:\/\/www.smbtraining.com\/blog\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.smbtraining.com\/blog\/#\/schema\/logo\/image\/","url":"https:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2022\/07\/Logo-e1658419502954.png","contentUrl":"https:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2022\/07\/Logo-e1658419502954.png","width":230,"height":81,"caption":"SMB Training"},"image":{"@id":"https:\/\/www.smbtraining.com\/blog\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/smbcap\/","https:\/\/x.com\/smbcapital","https:\/\/www.youtube.com\/user\/smbcapital"]},{"@type":"Person","@id":"https:\/\/www.smbtraining.com\/blog\/#\/schema\/person\/8eabc642d328f902a341eb510c67ef27","name":"sspencer","url":"https:\/\/www.smbtraining.com\/blog\/author\/sspencer"}]}},"_links":{"self":[{"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/posts\/7522","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/users\/143"}],"replies":[{"embeddable":true,"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/comments?post=7522"}],"version-history":[{"count":0,"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/posts\/7522\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/media?parent=7522"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/categories?post=7522"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/tags?post=7522"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}