As I mentioned this morning I was looking to short RIMM on the open at resistance. I mentioned 140.50 as potential resistance. As it turned out 141 was resistance with many large offers. I shorted below 141 and covered on the pullback to 139.  I didn’t catch the move down to 137.50.

RIMM released earnings in the after hours. The market was disappointed with the numbers as it is currently trading around 131. The revenue guidance for next quarter looks pretty good. But the earnings number is a bit light. The market may be concerned with RIMM’s margins’ eroding as they get more heavily into the consumer market. But from RIMM’s perspective they are probably more focused on grabbing as much share as possible before the Iphone becomes available on all US networks.

I’ll be trading RIMM tomorrow morning. Potential support around 128 and resistance at 133.