{"id":998,"date":"2009-06-10T16:55:07","date_gmt":"2009-06-10T20:55:07","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=998"},"modified":"2023-04-13T08:51:13","modified_gmt":"2023-04-13T12:51:13","slug":"battle-on-the-open-crdn","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/battle-on-the-open-crdn","title":{"rendered":"Battle on the Open: CRDN"},"content":{"rendered":"<p>In my quest to help the intraday trader exploit the open better I offer another great setup on the open. \u00a0Again for those who struggle on the open it is not that this is a difficult time period to master. \u00a0It is that you are not in the <a href=\"https:\/\/www.smbtraining.com\/blog\/dna\">right set ups<\/a>. \u00a0I call this one The Battle on the Open. \u00a0And I love this play. \u00a0Let&#8217;s discuss.<\/p>\n<p>CRDN was gapping down on the news below. \u00a019.78 held the bid. \u00a019.80 held the offer. \u00a0Then 19.78 held the bid again. \u00a0There was a battle. \u00a0In one corner was the 78c buyer. \u00a0And in the other corner was the 80c seller. \u00a0I looked at the underlying bids and there was a whole bunch at 19.75. \u00a0So I got long. \u00a0My risk was hitting the 75c bid, a 4c loss. \u00a0My upside was a reversal in the stock, or a significant upmove. \u00a0Either would have offered an excellent risk\/reward.<\/p>\n<p>Now let me make a few things clear. \u00a0There was significant volume done on the bid @ 19.78. \u00a0The bid held twice. \u00a0There was protection under the bid. \u00a0Also the market is in an uptrend which makes it more likely for stocks to bounce. \u00a0It was right on the open with the possibility that the selling was an overreaction.<\/p>\n<p>Ok, so the play. \u00a0Get long in front of the 78c bid. \u00a0Hit if the bid drops. \u00a0If the 80c seller lifts then buy more. \u00a0Sell your first lot when the stock slows. \u00a0Hold the other lot for a significant upmove.<\/p>\n<p>And so that is how it is done. \u00a0As you can see this was a chop. \u00a0Add this play to your trades on the open. \u00a0Add more like this and you are going to love this time period.<\/p>\n<p>Best of luck with your trading.<\/p>\n<p><strong>09-Jun-09 07:36 ET:<\/strong> Ceradyne lowers guidance for FY09 below consensus (23.37 ) : Co issues downside guidance for FY09 (Dec), sees EPS of $0.70 vs. $1.48 First Call consensus, prior guidance $1.60; sees FY09 (Dec) revs of $420-440 mln vs. $461.90 mln consensus, prior guidance $465-500 mln. Co said, &#8220;Global economic conditions have continued to deteriorate, impacting many of our customers as well as a number of our businesses. In addition, body armor orders are below our previous estimates. However, we still expect good free cash flow performance for 2009. In order to better position the company in light of the current economic backdrop, we are continuing to &#8216;right size&#8217; Ceradyne throughout our global operations.&#8221;<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-999\" title=\"crdn-06-09-09\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2009\/06\/crdn-06-09-09.bmp\" alt=\"crdn-06-09-09\" \/><\/p>\n<p>Don&#8217;t forget to <a href=\"http:\/\/twitter.com\/smbcapital\">follow us on Twitter!<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In my quest to help the intraday trader exploit the open better I offer another great setup on the open. \u00a0Again for those who struggle on the open it is not that this is a difficult time period to master. \u00a0It is that you are not in the right set ups. \u00a0I call this one The Battle on the Open. &#8230; <a href=\"https:\/\/www.smbtraining.com\/blog\/battle-on-the-open-crdn\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":281,"featured_media":999,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,10],"tags":[310,4676,30,18],"class_list":["post-998","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general-comments-2","category-mike-bellafiore-bellas-blogs","tag-crdn","tag-day-trading","tag-prop-trading","tag-smb-capital"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Battle on the Open: CRDN | 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\/battle-on-the-open-crdn\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Battle on the Open: CRDN | SMB Training\" \/>\n<meta property=\"og:description\" content=\"In my quest to help the intraday trader exploit the open better I offer another great setup on the open. \u00a0Again for those who struggle on the open it is not that this is a difficult time period to master. \u00a0It is that you are not in the right set ups. \u00a0I call this one The Battle on the Open. ... 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