Sunday, October 17, 2010

Watchers for the 10-18-10 trading session


Supernovae scan return. Up over 61% on Friday, with volume still advancing, so box and drop or patiently wait for massive selling or clear weakness cues to short. Shares might be hard to come by if the second approach is used, admittedly. Such things often last longer than is rational or supposed. I think we are close, though. Most of this game is just responding to live price action following a stalking period, as I always say.


Red floater scan return. The theory is to aim for a 2nd red day, assuming verified weakness cues surface. Stay flat otherwise. Ideally this opens nominally green or flat, then begins to falter for the entry signal.


High wave shadow relative to the close indicates that this might be beginning to slow down. Short on clear weakness cues, flat otherwise. I do not expect another long upper shadow print for Monday. A bit late for a long, and it trades thinly, so be aware and careful.


Somewhat fluffy press release, to be sure, but it might crack 10 cents a share in early strength/spiking good enough for a long scalp+ if speculative Bulls show up again. Not interested in a short here, so if it falters I am flat. Ideally this advances up from the gun to make the decision easy.


Say the magic words "cancer cure" and fools rush in. News on this sent shares up nearly 65% on Friday. Probably has more idiocy left, up after hours. Long scalp on early/from bell spiking, but not much more. It could sport a daily candle print similar to the Friday fixture, but with likely less total range and shadow depth. Brave souls might try to top fish fade this, but I would only consider a fade here on our traditional clear weakness cues, or massive morning profit taking scenarios. These are most likely to occur on a nominally green or flat open that goes red early.


Superman's stock established new 52's on Friday. Experience shows these ordinarily go higher short term, at least initially. In play both ways, since so many up days have to be distributed eventually, but the bullishness is now glaringly obvious. I would watch live price action for fence sitting clues. Any confirmed weakness cue or massive morning selling is a short entry. Continued early greening/spiking is a long scalp at least, or a bit more depending on how it holds up. Now down slightly after hours, a quick red to green is also a possible long.


Over extension might have a last gasp towards a 7 test for an early long on early strength or initial spiking, but that number is a natural profit taking point psychologically, so look for a possible fail and fade entry there. Taking and holding 7 on strong volume and acceleration is a long, technically, but the odds might be against its occurrence and it has to be riskier if it does with so many up days already in a row.

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