Thursday, May 25, 2017

Watchers for the 5-26-17 trading session

GLYC

First red day Supernovae. Finished red under 1% last time, so more down side might be in the cards. If it had fallen much more than 10% then less could be expected as plausible. Always watch day 2 of a busted one. The plan is to play for more reddening on day 2. Conditional entry. A flat, nominally green or red open that immediately sells off on heavy volume or sports traditional confirmed weakness cues is a fade entry. Keep flat on high volume greening or strength, especially early. This is not very likely given the tiny red result of Thursday. Avoid entries as a short on big gaps up or down, but down is probably worse. Keep flat on consistently strong price action, like trading above the opening price level after the noise candle. Avoid spike up long scalps, too. Sell volume was modest, range larger. Unclear to murky at best short signals yet watch it.



ADPTQ

New Supernovae scan return. A 2 day move up which closed below the highs and above the open. Volume low Thursday. Eventually this can be shorted since it is up so absurdly. I suspect like many such plays it can go further than anyone expects, though. Conditional entry. On a higher open, it might yield a rapid green to red on Friday and spike down for a short scalp. This might even be a gap and crap. A fade on confirmed weakness cues anytime or heavy dumping on volume from or near the bell. Ideal is a flat or barely green or red open, followed by a big move down on volume to short into. Avoid big gaps, especially downward ones. Do not short into initial strength or greening. Box and drop to wait for the distribution print, if desired and avoid top fish timing fades. Keep flat on positive price action, no scalps.

(No chart.) 

SPI

Another new Supernovae, 3 days up running. See my comments for the above play, which this roughly resembles. Possible fade on a dump.



SPWR

Red floater scan return. Idea is to play for more down side on day 2. Closed down almost 0.5% on Thursday off a gap up open that ended below the debut. Stop just above the Thursday session high (8.46) to cap losses on head fake fade entries. I'm only into the shorting possibility if it surfaces, keeping flat on strength. Also a short on heavy volume dumps/confirmed weakness cues. Modest volume on Thursday means it may have some chances to work. An 8.18 fail may be ideal. Avoid big gaps/longs. Panic dump?



TXMD

B/O scan. I like it long back over 4.34 and holds. Ideal to stay over that on tests aside from early noise if it triggers. Stops also possible just under the close on Thursday or the 1st 30 minute low of Friday. Avoid all shorts and all big gaps. The low on Thursday is too far away to use for risk managing stops. Also a long on spiking up at or near the gun as a scalp. Modest volume on the rise, a fair sign for new buys. Exiting below 4.20 on fails after trigger entry is possibly advisable. Early r/g buy?

RCM

Bullish Engulfing. I like this long over 3.52/holds. Decent volume on the rise, which is a suspect sign for new buyers. Keep flat on real weakness aside from a typical red to green move, etc. Stops just under the low last time or the initial 30 minute one on Friday. More conservatively a stop placed under Thursday's close, too. The low on that day is arguably not too far away to use for stops. Ideally stays above 3.40 on pull backs to remain viable as a long if it triggers. No big gaps or shorts.



SPU

Parabolic Sar scan. I like it long over 2.80 and holds. Low volume on the rise Thursday, a good sign for new longs. Place a stop under the close Thursday or the 1st 30 minute low Friday. Keep flat on all big gaps and avoid shorts. Long too on spiking up at or near the gun as a scalp. If it gaps over the trigger a bit, wait for a test/hold/perk to enter.


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Trade review 5-25-17

I got some of them right today...

Hits:

GLYC

A clear gap up fell under open later and ended down over 1% today.

ADPTQ

A steady move up ended up over 38.5% today.

Misses:

TRQ

Early upside soon reversed and ended down almost 5% today.

SKT

Early upside reversed to end down less than 0.50% today.

Push:

RARX

A steady drop denied longs, ending down over 1% today.

LTRPA

A steady move denied longs, ending down over 2.5% today.

MRVL

A steady move up ended up around 1% today.

Totals:
Daily record: W-2-L-2-P-3
50%

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Wednesday, May 24, 2017

Watchers for the 5-25-17 trading session

GLYC

Watch yet again. A popped Supernovae that rose  on a gap up with some indecisiveness after a sell session. See my previous comments and watch for a fade on a dump.



TRQ

B/O scan. I like it long back over 2.91 and holds. Ideal to stay over that on tests aside from early noise if it triggers. Stops also possible just under the close on Wednesday or the 1st 30 minute low of Thursday. Avoid all shorts and all big gaps. The low on Wednesday is too far away to use for risk managing stops. Also a long on spiking up at or near the gun as a scalp. Decent volume on the rise, a suspect sign for new buys. Exiting below 2.80 on fails after trigger entry is possibly advisable. Early r/g buy?



RARX

Bullish Engulfing. I like this long over 25.12/holds. Modest volume on the rise, which is a fair sign for new buyers. Keep flat on real weakness aside from a typical red to green move, etc. Stops just under the low last time or the initial 30 minute one on Thursday. More conservatively a stop placed under Wednesday's close, too. The low on that day is not too far away to use for stops. Ideally stays above 24.48 on pull backs to remain viable as a long if it triggers. No big gaps or shorts.



ADPTQ

In play both ways. As a long on continuation of momentum above 1.54/holds. Or as a scalp up at or near the gun for a scalp buy. Or, as a short on a fall fail of 1.40/and holds. Or as a scalp sell on a pop down at or near the bell. Avoid all big gaps. Be careful maintaining a short on a reversal back over 1.47. The fade is more likely given the price action on Wednesday, but keep an open mind.

(No chart.)

SKT

Parabolic Sar scan. I like it long over 26.60 and holds. Moderate volume on the rise Wednesday, a fair sign for new longs. Place a stop under the close Wednesday or the 1st 30 minute low Thursday. Keep flat on all big gaps and avoid shorts. Long too on spiking up at or near the gun as a scalp. If it gaps over the trigger a bit, wait for a test/hold/perk to enter.



LTRPA

Hammer scan long. The tail is not too long to use the low as a stop level unless the position is very large. Use the previous session open alternatively instead. Trigger is above the high of last time, here above 12.65/holds. Avoid all big gaps, especially down ones. If it gaps over the trigger or 12.65 let it test/hold/perk 1st before entering. No shorts, keep flat on redness. Modest buy volume, which may mean overt buy interest is still arriving, suggesting reversal upwards may be delayed.



MRVL

I like this short on over extension on a gap and crap top fish or better a fall fail back under 16.75/holds. Avoid big gap downs. Also short on confirmed weakness cues or panic dumps at any time, possibly scalping. Keep in mind many plays like this go on longer than anticipated; it would not surprise me if it overtakes 17 and keeps going a bit. Stops above today's high at worst. No longs, keep flat on upside. 



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