Tuesday, October 05, 2010

Watchers for the 10-6-10 trading session


See my comments from last time, they mostly still apply. Near daily doji finish might mean some reddening possibly is on the horizon.


Like MEDQ but with less volume, which is not exactly ideal. Daily doji like print at what I would love to be the top of the move in recent days might mean some distribution is finally on tap. Short only on confirmed weakness cues, the same goes for the first stock on our list tonight.


Nice over extension in the making, crummy volume though. Closed on hod. Possibly more up moves/spiking from the gun which could be longed, but am looking for the usual clear weakness cues to set up a fade play.


Now a red floater scan return, the theory is to look for some additional reddening on day 2. Enter only on confirmed weakness cues, or be flat as this is not a long other than a reactionary response to the fall day.


Early novice shorts have been getting burned on this lately, jumping the gun to fade it. Even now, volume remains on acceleration, so it might have bit more left before we can profit taking dump short it on dying momentum. As of now, I will be watching for that distribution, since it is starting to get a bit long in the tooth.
I suspect it's possible we begin with initial spiking up tomorrow. Any slow bleed north probably means yet another up day. Patiently stalking for confirmed weakness cues is the ticket here if you intend to short this.


Closed on hod. Volume is increasing. I suspect this keeps inching up a bit more, before fading. Potential long if it looks strong early, not interested in a short yet. Could reach 0.30 soon, which might be a resting point.


News influenced moves on this POS might not quite be done yet, so brave souls can consider a scalp long if it shows early strength. I wonder how long the euphoria can last, however, once its bitter shareholders decide to take advantage of their temporary good luck and decide to cut fish bait and sell. Fade this on confirmed weakness cues only. I think we will see those soon, if not tomorrow, then later this week.

Not a great list tonight. Sadly, I cannot make the market move anywhere or provide plays. They just have to turn up. I would suggest smaller positions on most of these, scaling in, or just watching. As I have said before, it runs in cycles; some days and weeks are great, and others are lame. A bunch of great plays will again appear, it is just a matter of time...

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