Today, the Market appears set to open flat. The levels we are watching in the SPY are 136.30 and 137.20 (resistance) and 135.80 and 135.60 (support).
Our best AM Idea for today, which we highlighted in our AM Meeting is to get short BIDU holding below 148.00
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6 Comments on “SMB Morning Rundown – April 29, 2011”
Hello!
Any reason why you’re looking at 137.20 on the S&P’s? I looked at the charts and couldn’t find any support or resistance there from previous levels, nor did I find any pivots.
Thanks,
– George.
Bummer.
Lostitall, even though these guys post trade ideas in the AM does not mean they are going to work all the time, you have to know when a trade is working and when a trade is not working. BIDU never broke through 148 today and held so the short would have not worked. 148 is a solid support so you may see it bounce and hit this level a few times before actually going through it.These are IDEAS not Solid Profit Winners.
Lostitall,
There are plenty of free educational posts on the blog you can learn from. I would start by reading this one.
http://www.smbtraining.com/blog/open-your-mind
Steve
George,
Based on recent levels of volatility that was a “best case scenario” if we trend higher today.
Steve
try this on BIDU http://bit.ly/jUH4v3