Thursday, September 02, 2010

Watchers for the 9-3-10 trading session


Remains in play yet again for over extension. Short only of weakness cue signals. Getting way overdue for a respectable profit taking session. Most of trading as a short involves patience, stalking and waiting to fade.


Oil and metal miner startup stocks can be stubborn, but the laws of gravity still apply. Like for the above stock, remember that much of being a short trade specialist pertains to stalking and waiting to fade your prey. Once you see blood in the water, you join in the feeding frenzy.


Day 2 of action in this recent news maker mover saw an unchanged close after some ill-fated attempts at further gains. Seems to be running out of gas. Poor multi-month daily chart ensures bitter shareholders will use this jump to unload. Potential short on the typical weakness cues. Do not enter otherwise. 200 day SMA is at 3.74 currently, & it failed to hold & expand upon that. If it can, it might keep going, but I am not a long here.


Beating estimates, this also hit new 52's today. Typically, such stocks ramp even higher very short term, so be careful trying to fade profit taking dumps as I want to here. This could easily open slightly down and go red to green with a 6.50+ test to follow. Nevertheless, it's also over extending rapidly, and the urge to lock in gains will be there, although the long term chart does not look as dreary as something along the lines of SRZ does.


A favorite chart pattern of mine, which I actually prefer a longer time between the correction and retest, is found in this stock's daily chart. Nice volume, closed on hod. Possible early spiking strength may yield a long scalp. But the key here is 9.95 as a level, or more precisely 10.00 on a test. A move and hold above there on volume with acceleration is a long, while a failed test of that ceiling area and fade beneath is a short cue.


A complete life cycle bell shaped curve on a 2 year daily chart is found in this news grabber story in which another firm has invested heavily them. Lots of bitter shareholders probably are looking to get out. Finished well of its highs after hitting some fairly recent technical resistance around 5.35ish. I look to fade more profit taking if it comes early, but only if it sports clear weakness cues. Also possible is more, probably from bell, spiking for long scalpers. Another one of those live price action plays to determine fence sitting.


This may have a bit more, as it reeks of promotion. But the Pinkie is a stinkie, and it probably dies hard and fast when they cut fish bait, which could come Friday or early next week. Fade weakness cues if they arise. Boxing and jettisoning the long might be advised, as shares might not be available when you need them.


ABC family channel deal inker soared over 2K% today, finishing well below its highs. I look to fade more profit taking on weakness cues, although equally possible would be initial spiking from late arrival longs, which could be a green scalp entry, too. Live price action will decide here.


Ok, they won their case in defense of none of than the mighty FDIC, but they still suck as a banking outfit. Closed off its highs. Either we get more early greening for scalping long, or serious fading action to short into. Another live price action call here.

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