Thursday, September 09, 2010

Watchers for the 9-10-10 trading session


Up over 100% in a couple sessions, this Supernovae scan return has no obvious news catalyst, so I look to fade weakness cues if and when they arise. Always remember most of your job as a short is stalking and waiting, with plenty of sentry duty of just watching all day targeted stocks, hoping for an entry that can be justified.


Timothy Sykes has been watching this a lot lately, if I recall correctly hoping for even more upside to short into averaging up, as he sees it much lower over time. I might agree overall, but today's huge hammer print might cause some pause. I think this is really getting due for some distribution action, so one can fade this on any of the usual weakness cues if they turn up on Friday. Sure seems like immediate upside is stalling. If it looks strong early, leave it alone. I do not see this as a long either. That said, short on weakness only. I want to see if it gaps over a buck tomorrow, good for longs, or if that proves to be a psychological selling point.


Not the greatest volume here but over extending on no obvious news. Much of that within minutes of the close today. I would watch this from the first trade on Friday, just see if we can short into some weakness cues, should they turn up. Flat otherwise I guess.


52's at 10.15 on this correction cup play that saw only modest upside today. Up after hours about 1% nearing the 52's. This is a live price action conditional entry play. A drop below 9.86 is a short, and a fail at the 52's if tested is as well. Usually, if a stock in situation like this makes new 52's, it tends to go even higher, at least short term. So, if we take and hold 10.15 a long is in the cards. It could go either way, obviously. Now that 10 is the level to maintain, a fall below is another short entry more aggressive and more risky than waiting for it to take out downward the previous session high.


Suspicious news release lost momentum as the day wore on. Already well off its highs, some more luster might come off Friday if the news euphoria continues to abate. Short the usual weakness cues if they surface.


Closed on hod. Beginning to over extend, positive revenue outlook seems the force behind these recent moves, but this is not exactly the next Microsoft. Short on the usual weakness cues should they surface. Volume has not subsided yet so some early spiking, probably from the bell, is still possible. Scalp long plausible if so, but if you did not enter on the close today hoping for a gap up and profits, waiting to fade it might be best.

Unofficially, I am watching both ANWM and SVMI for over extension. Too cheap for my tastes, they might provide a fade entry on the usual weakness cues. Play these at your own risk.

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