Sunday, October 24, 2010

Watchers for the 10-25-10 trading session


Supernovae scan return. This might not be done yet, so be careful on fading it. Box and drop or wait for clear weakness cues of early massive dumping to enter short. Possible long scalp from the bell or very early on initial spiking upwards on heavy buying volume. It finished well off its highs on Friday, but still up over 164% and now up over 6% after hours. It is easy to jump the gun on an early Supernovae and get squeezed, though.


First real red day on this Supernovae. The hopeful plan is for more down side on Monday to short into. Remain flat on clear greening. Fade confirmed weakness cues or massive, hopefully early, dumping. Be aware not much reddening may follow here, given that it tanked over 20% on Friday. Arguable support near 3ish. I would like to see how this holds up on a downward test of 3, will it keep falling into the gap between 2.97-2.20? Stay tuned.


The wags must have liked the conference call and earnings release. I am looking for more greening from the bell, in an encore of Friday's initial price action, for a long scalp and perhaps a bit more, depending on how it holds up. I suspect it will not last, though, so it may be a pretty short hold, taking advantage of the crowd.


Cheez Whiz scalp short possible soon after the bell or right from it on Monday, especially on a gap up. Very low float which is up nominally after hours and could squeeze, so be careful to enter only on outright dumping. I suppose it is possible we could see spiking the other direction from the gun, but I am waiting for a fade entry on this junk.


Another low floater, up after hours over 6% following an almost 38% up day on Friday. One Twitterer claimed it was a pump for some outfit that trapped longs, but a simple search yielded little details. I suspect we get price action similar to Friday's e.g. initial spiking upwards and massive dumping to fade into. I guess that means it is in play both ways, but I like the short. The only bad news is it will be of a top fishing variety, which is harder to time in practice. The best way for that to pan out on Monday will be several outrageous green candles initially, followed by obvious high volume selling. Live price action interpretation will be crucial.


Possible early red to green move to go long into. This happens easiest on a nominally red open. Or if it opens flat and has some early reddening and move positive again. Not interested in a short on this yet. I am only long on the above scenario or obvious greening from the bell. Would likely hold longer on a red to green than immediate strength, which is more likely to be scalped long.


Promotion junker than daily doji printed and I am looking to fade. Short on clear weakness cues or massive dumping, which can happen really fast in stuff like this. Short biased. It could have a bit more left initially but I am waiting to chase the ambulance again. In other words, if it looks strong early I would be flat until it weakens. I hope this does not finish green and it ends up taking another session or two to get a clean fade.

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