Today, the Market appears set to open slightly higher. The levels we are watching in the SPY are 128.05, and 128.45 (Resistance). and 127.85, 127.40, and 126.80 (Support).
Our morning idea for today, which we highlighted in our AM Meeting is to long RIMM holding above 29.50.
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2 Comments on “SMB Morning Rundown – June 17, 2011”
I really like the idea, but I find it difficult to understand any upward momentum in this stock today after the horrifying earnings and guidance. 29.50 as support seemed just as convincing as 29.90 as resistance in the pre-market. Can you share your thoughts on this? THANKS!
initial gap down was to 31. there was buying interest several times in the pre-market at this level so if it holds above then 1.5pts of upside with very little risk. once it started to cleanly hold below 29 we switched to a shot bias but somewhat difficult to short into weakness because of new uptick rule.