Ok, I started thinking the difference between a winning trader and a losing trader is that as soon as winning trader realizes his trade will lose he bails. So I bailed with a 1 point loss.
I will look to re enter long at 1328.25 this way if I get my 2 points on the second trade I will be up 1 point for the day and be done.
One point I would like to make, in an uptrending market a down opening market fills the gap better than 60% of the time.
I have heard this observation as well. My decision to bail on this trade was based on observation of the Q's and IBM. I was seeing bull flags carrying over from yesterday and when I saw them breakout of the flag I knew I was hosed. That is when discipline and money management kicked in.
One thing i have picked up over time is that on a trend day, it often will continue into the first hour into the next day, at least until the 10:30 crew enters the fight.