Tuesday, August 31, 2010

Watchers for the 9-1-10 trading session


Supernovae scan return. May not be done yet, but now on watch for a fade entry only on weakness cues. Possible early spiking for a long scalp at least. Volume still increasing on each green daily close. Watch live price action out of the open tomorrow for fence position clues.


Technical breakout that first attempted to take out a key ceiling of 11ish around August 10th. Late May had the earlier ceiling strike, and then correction took place. A pull back entry closer to 11 but holding that as a new floor would give longs a swing play here. Equally possible tomorrow is more surging, probably right out of the bell, which could yield a long scalp or more, depending on the staying power of new daily buyers.


Over extension in the making for the shorts. Closed decently off the highs, but volume is still strong, so be careful, it may not be over yet. News catalyst over an update on a sale of land to another firm. Fade weakness cues only. Possible long spiking out of the gate. Another live price action scenario is in the cards.


More garbage promotion, this surged more today and provided top fading shorts with a play in a style I do not recommend. I prefer clear weakness cues for entries, even at the cost of some profit margin, as I have explained in my articles and videos from this site. Now, however, with a close well off its highs, any fall below 0.40 (near the close price area on Monday) could yield a fade play entry. I'd be flat otherwise i.e. no play.


This is another POS which essentially has held 1.70 as near term technical support ever since its recent run-up starting on August 23rd. Any fall below is a short, obviously. A fake out breakdown just yesterday might be retested successfully. A hold of 1.70 may bode well for longs, but I'd be flat in that case, i.e. no play.


Quote a Sumfolio piece today: "The firm has generated no revenues since its inception and, as of its latest 10-Q filing, has nearly $3.5 million in current liabilities compared to just $30,461 in current assets, which suggests that it may need to raise capital in the near future." I gotta believe this cannot continue much longer. The safest course is to play this as a swing, boxing it until a heavy duty distribution candle day beckons. Too many people are noticing by now. Then you fade clear weakness cues and jettison the box long.


Red floater scan return. This might have more reddening if it falters early, yielding a fade entry play. Avoid longs, only enter if it sports clear weakness cues, like green to red, immediate selling pressure panics, etc.

Note that tonight's scan has several conditional entries, as the plays showing up require those conditions to be met for entry. If we do not see them, many might be recorded as pushes as no action should have been taken.

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