Trade review 6-15-10

The Stock Preacher pick gimmick with timed release by link proved to be one of the stocks on the list for today. MFGD The result of this play is discussed below.

The Dow soared, making life challenging for the shorts. SPY regained the 200 day simple moving average from below, a good sign for the indexes. On Thursday, one prominent Twitter trader noted the presence of many large institutional block prints crossing the wires, a sign of broad accumulation among well funded trading forces.

I got a few right today:

Hits:

PBTH

This gapped down, in spite of the broader market, a menacing sign. Opening near the highs, some nice fading action ensued en route to a red finish of over 6.5% despite some recover taking place before the close.

HKN

Gap down open. Simple fade en route a red finish of over 4.5%

Misses:

SUWN

An instructive lesson. Although counted as a loss, the gap down open near highs with immediate fading was a sell short cue signal of weakness on the day, even more reliable because the Dow soared. Why? Because it could have been expected to do fine on such a day, so the price action divergence is telling. Down 15%+

WAMUQ

News related gap down spent most of the session recovering. The scenario I described for a fade did not occur, in part due to this, so it must be scored as a loss.

Push:

IFLG

I am claiming this one as a push for several reasons. First, it had the early zoom. Secondly, although it finished red today a bit ahead of schedule, the shorting cue signal on weakness when it traded below its opening price late morning and even better, below the previous close in the late afternoon, was patented Big T price action!

MFGD

Partial credit, and instructive. This being SP's pick of the day by timed release, more upside should have followed briefly, but it opened at the highs on a pedestrian gap up and sold off immediately. This was an immediate short signal, as even being featured by a promoter it headed south at once. As I said, watch out for aggressive selling. Zero ethic promoters think nothing of untimely dumps, by the way. Red close by over 25%

MMPIQ

Finished red by 2%+ , & dumped in the first 5 minutes, but then gradually rose over the day & into the close. I figured a fade awaited, maybe by Tuesday, but it did not play out well enough other than 50% so a push.

FYAD

As this opened at the low on gap up, a bullish sign, I suggested to stay flat. It soared yet again, though as per my instructions a push is in order. No shorting on weakness cue was evident at any time, so no play entry. Green by over 22.5%

Totals:
Daily record: W-2 L-2 P-4
50%

My unofficial pick NLIA printed a daily doji, resting and finished down by less than 1/2 a pecent, essentially finishing unchanged on the new session from last time. It is still on watch for advances over an extended time.


The blog has a terms of service. Be sure to read it at:


http://traderbigt.blogspot.com/2010/02/please-read-my-terms-of-service-i.html