{"id":8704,"date":"2010-12-07T15:33:48","date_gmt":"2010-12-07T20:33:48","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=8704"},"modified":"2010-12-07T15:33:48","modified_gmt":"2010-12-07T20:33:48","slug":"you-gotta-have-a-plan-b","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/you-gotta-have-a-plan-b","title":{"rendered":"You Gotta Have A &#8220;Plan B&#8221;"},"content":{"rendered":"<p>Each morning we hold an AM Meeting at SMB to discuss the Stocks In Play as well as the bigger picture including global markets, unusual activity in commodities, and the US markets via the SPY.\u00a0 If a particular type of\u00a0 &#8220;day structure&#8221; is likely to occur that will be discussed as well. <a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/12\/spy-dec-7th-intraday.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-8726\" title=\"spy dec 7th intraday\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/12\/spy-dec-7th-intraday-300x210.png\" alt=\"\" width=\"300\" height=\"210\" srcset=\"\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/12\/spy-dec-7th-intraday-300x210.png 300w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/12\/spy-dec-7th-intraday.png 650w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>This morning with global markets humming and the large gap up overnight in the SPY we were more likely to have an uptrend day than not.\u00a0 Therefore we spent quite a bit of time discussing good entry prices on the long side for many stocks right when the market opened.\u00a0 In an uptrending market if the market gaps up significantly we look to buy strong stocks at key inflection points as they trade lower on some initial profit taking.\u00a0 We will look to hedge our long positions with stocks that have fresh news that are showing weakness in the premarket as well.<\/p>\n<p>The market opened and within the first few minutes many of the stocks we were watching quickly traded down to our buy prices.\u00a0 The SPY stabilized after a shallow pullback and began to move higher.\u00a0 But then something unexpected happened.\u00a0 The SPY failed to make a new intraday high and began to trend lower.\u00a0 Many of the stocks we bought in the first few minutes began to make new lows.\u00a0 Uh oh \ud83d\ude42<\/p>\n<p>As an experienced trader I knew it was time to quickly exit my long positions and to reassess the situation.\u00a0 I did have a RIMM short that I thought would help erase some of the small losses I took on CRM but unfortunately I had already covered my LVS short from 50.<\/p>\n<p>My next order of business was to move away from market stocks and to find fresh In Play stocks that were moving independently of the market.\u00a0 After quickly scanning the Radar I found MMM, CML and ONXX.\u00a0 Of the three ONXX is the one I have traded most frequently in the past so began to focus on it as my primary.<\/p>\n<p>I called out that CML and MMM were very in play as well hoping to get others on the desk involved in those names,\u00a0 calling out important information that they gleaned from observing them trade more closely.\u00a0 After all, that is one of the primary reasons Mike and I started SMB.\u00a0 We always loved being on trading desks where people were working together to make more money individually.<\/p>\n<p>So flash forward a few hours later and CML, ONXX and MMM did end up offering plenty of good risk\/reward trades.\u00a0 Opportunity is far too abundent in today&#8217;s market to rip up a lot of money in the first 15 minutes and take yourself out of the game.<\/p>\n<p><a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/12\/onxx-dec-7th-from-radar.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-8729\" title=\"onxx dec 7th from radar\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/12\/onxx-dec-7th-from-radar.png\" alt=\"\" width=\"416\" height=\"291\" srcset=\"\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/12\/onxx-dec-7th-from-radar.png 650w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/12\/onxx-dec-7th-from-radar-300x210.png 300w\" sizes=\"auto, (max-width: 416px) 100vw, 416px\" \/><\/a><\/p>\n<p><a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/12\/mmm-weak-dec-7th.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-8728\" title=\"mmm weak dec 7th\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/12\/mmm-weak-dec-7th.png\" alt=\"\" width=\"416\" height=\"291\" srcset=\"\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/12\/mmm-weak-dec-7th.png 650w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/12\/mmm-weak-dec-7th-300x210.png 300w\" sizes=\"auto, (max-width: 416px) 100vw, 416px\" \/><\/a><\/p>\n<p><a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/12\/CML-huge-breakout-dec-7th.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-8727\" title=\"CML huge breakout dec 7th\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/12\/CML-huge-breakout-dec-7th.png\" alt=\"\" width=\"416\" height=\"291\" srcset=\"\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/12\/CML-huge-breakout-dec-7th.png 650w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/12\/CML-huge-breakout-dec-7th-300x210.png 300w\" sizes=\"auto, (max-width: 416px) 100vw, 416px\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Each morning we hold an AM Meeting at SMB to discuss the Stocks In Play as well as the bigger picture including global markets, unusual activity in commodities, and the US markets via the SPY.\u00a0 If a particular type of\u00a0 &#8220;day structure&#8221; is likely to occur that will be discussed as well. This morning with global markets humming and the &#8230; <a href=\"https:\/\/www.smbtraining.com\/blog\/you-gotta-have-a-plan-b\" 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":[1,8,456],"tags":[1506,672,1508,1507,170,38],"class_list":["post-8704","post","type-post","status-publish","format-standard","hentry","category-general-comments-2","category-steven_spencer_steves_blogs","category-trader_development","tag-cml","tag-flexibility","tag-mmm","tag-onxx","tag-spy","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>You Gotta Have A &quot;Plan B&quot; | 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\/you-gotta-have-a-plan-b\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"You Gotta Have A &quot;Plan B&quot; | SMB Training\" \/>\n<meta property=\"og:description\" content=\"Each morning we hold an AM Meeting at SMB to discuss the Stocks In Play as well as the bigger picture including global markets, unusual activity in commodities, and the US markets via the SPY.\u00a0 If a particular type of\u00a0 &#8220;day structure&#8221; is likely to occur that will be discussed as well. This morning with global markets humming and the ... Read More\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.smbtraining.com\/blog\/you-gotta-have-a-plan-b\" \/>\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=\"2010-12-07T20:33:48+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/12\/spy-dec-7th-intraday-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 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