{"id":922,"date":"2009-06-04T21:30:55","date_gmt":"2009-06-05T02:30:55","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=922"},"modified":"2009-06-04T21:30:55","modified_gmt":"2009-06-05T02:30:55","slug":"trading-a-secondary-level","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/trading-a-secondary-level","title":{"rendered":"Trading A Secondary Level"},"content":{"rendered":"

JPM priced a secondary a couple of days ago at $35.25.\u00a0 JPM showed nice strength in the morning and traded up from around $34.40 to $35.25.\u00a0 One of the younger traders on the desk called out “JPM at the high of the day”.\u00a0 Rosie, the trainee who sits to my left immediately responded that JPM was approaching its secondary price of $35.25 and to be careful about getting long.\u00a0 She actually seemed like she was somewhat annoyed that this young trader was either unaware that JPM was approaching such a key resistance level or did not share this VERY important information.<\/p>\n

The secondary price is significant because many investors are long at this price.\u00a0 In the case of JPM over 100 million shares were sold to the public at $35.25.\u00a0 If a stock trades below its secondary price then it may become a huge resistance level as many investors are happy to sell there positions at a break even price.\u00a0 Also, many market players are aware of this group think and will use the secondary level to short stock as well.<\/p>\n

It was a good job by Rosie sharing this information with the desk.\u00a0 Traders were able to factor this into their decisions on how to trade<\/a> JPM.\u00a0 Many of our traders myself included established short positions in front of the 35.25 level.\u00a0 We covered when it pulled back to 35.\u00a0 35 was also a key level in JPM two days ago as it offerred afternoon resistance on Tuesday.\u00a0 So each time JPM traded down to 35 and found support I would get long.\u00a0 I made about six trades in this range.\u00a0 Five of Six trades were profitable.\u00a0 I got stopped out of my final long when the 34.94 bid dropped.<\/p>\n

Best of luck with your trading! Don’t forget to follow us on twitter<\/a>.<\/p>\n

\"jpm-3525-level\"<\/p>\n","protected":false},"excerpt":{"rendered":"

JPM priced a secondary a couple of days ago at $35.25.\u00a0 JPM showed nice strength in the morning and traded up from around $34.40 to $35.25.\u00a0 One of the younger traders on the desk called out “JPM at the high of the day”.\u00a0 Rosie, the trainee who sits to my left immediately responded that JPM was approaching its secondary price … 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":[293,305,38],"class_list":["post-922","post","type-post","status-publish","format-standard","hentry","category-steven_spencer_steves_blogs","category-technical_plays","category-trading_theory","tag-jpm","tag-secondary","tag-trading","no-post-thumbnail"],"yoast_head":"\nTrading A Secondary Level | 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\/trading-a-secondary-level\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Trading A Secondary Level | SMB Training\" \/>\n<meta property=\"og:description\" content=\"JPM priced a secondary a couple of days ago at $35.25.\u00a0 JPM showed nice strength in the morning and traded up from around $34.40 to $35.25.\u00a0 One of the younger traders on the desk called out “JPM at the high of the day”.\u00a0 Rosie, the trainee who sits to my left immediately responded that JPM was approaching its secondary price ... 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