Sunday, September 19, 2010

Watchers for the 9-20-10 trading session


Still waiting to fade this on over extension. High wave sticks and closing lower than it opened and decreasing volume point to it nearing maturity. Short into weakness cues only, flat otherwise.


Closed on hod. Seems to be nearing maturity, but not as obviously as AUMN is. Fade weakness cues only, flat otherwise. Might have a bit more left, possible gap and profits for EOD longs, etc.


Supernovae scan return. This already had a recent distribution day and continued its ascent. Might not be done yet, but volume is drying up, while making new highs, so that is a good sign. Fade verified weakness cues only or be flat. Box and drop if you want to be sure of getting shares when the profit taking begins.


A bit thinly traded, but up 210% on no obvious news means I like my chances soon for fading this. Short into verified weakness cues only or be flat, unless it just goes insanely spike happy early and begins to be distributed heavily by previous move longs. You can box and drop this as well.


Old favorite clinical trial perception winner has been breaking out lately, especially on Friday. Up after hours, I expect more from bell spiking north to scalp into long with a speedy entry and exit. Then, some profit taking is possible to fade, which will require some watching all day to manage. As the days go on, more fades are likely due to the urge to book profits. We already had a run up into Friday, which is another clue to the future.


Red floater scan return. This piece of junk from the not so distant past still reeks, and is a fade play on weakness cues. Careful, as Friday proved it still has a tendency to fake out and squeeze. All you can do is short into verified weakness cues and monitor. You may wish to cover earlier than an all day hold if it begins to recover and you are up some reasonable amount, not less than 2% or so. Shares may go early, so be alert.


Still in play from Friday, this seems to have a stop placement ceiling just over 13.90 so it can be faded on verified weakness cues should they arise. Clearly, any move above 14 is an exit or a long. I still think a 14 test is more likely to fail and yield a fade entry than it being successful.


Again up big, this recent watcher rose over 121% on Friday. Catalyst not obvious, so it is another short on weakness cue verification, probably flat otherwise or fading hugely insane early spikes that begin to falter.


Rare except to the rule of shorting weakness only, this spiked madly twice on Friday and might give us similar action on Monday, the trading gods willing. Short scalping on petering out of big green candles intra-day might bank some coin. It could start right from the bell, or have action at any time during the day, so you will have to watch it from beginning to end. I would not be long here, even as a scalp, but use your judgment. All of the plays on this in any event are very short term day trades, not all day EOD closes. Stick with scalping.

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