Spencer was chirping to watch RIMM. It traded in a range between 56.40 and 56.80 after showing some strength on the open. I bought a pullback to 56.61. Spencer remarked,”You just bought in the middle of the range.” These words were innocuous on their face but he meant: WTF is wrong with you jackass. Buy 41c or 81c or do nothing. I got stopped out.
But then later RIMM found a new intraday high. AC chirped out the new high. I got long. SIA got long and crushed it! Lil Mike got long. I told someone to tell someone else to get long. They did. GMan got long. Scuba got long. The guys not long were asking the guys long where to get long. SMB was long and strong.
Spencer was thinking 60 as a target and soon then 63, but not today. I was thinking cool, stay long until 60 or the intraday uptrend breaks. Also I was thinking man that lunch isn’t sitting so well in my stomach. Lil Mike was thinking WTH (why the heck b/c he is a gentleman and doesn’t swear like Spencer 🙂 ) am I not longer as he was a top our leaderboard. I was thinking WTH is Lil Mike not longer even though he was a top our leaderboard. As I post he is still long. I am still long.
So RIMM is on our radar. Today is probably not the last opportunity for a move higher.
Mike Bellafiore
Author, One Good Trade
One Comment on “SMB Trade of the Day (RIMM)”
I got long at 56.39, near the 56.30 support it was holding during that consolidation after its first leg up. Got stopped out at 59.25 (or .29 forgot-doesnt matter). But in the meantime, I knew there was a possibility this thing would want to scare some weak hands out…..So bot some in my swing account at 56.50 (separate)….Rode most of it,took half off near 58.50 (dumb move,no Reason2Sell there)…Still in half for possible continuation tomorrow or friday