Monday, November 15, 2010

Watchers for the 11-16-10 trading session


New Supernovae scan return. Volume still increasing so be careful, shorts. Box and drop or time the dump here, which may not happen on Tuesday. One good sign it is close is the high wave stick (upper shadow) action today.


Now working on over extension, this number has declining volume, but it still might not be done yet with greening, though it is getting there. The plan is to time an entry on a distribution day. Short on clear weakness cues, or heavy selling pressure, remain flat otherwise.


Closed on hod. I expect this might have a bit more left for longs, with a possible 1.00 test. If it keeps going over that by more than 10 cents it will be surprising, lots of resistance near the buck level. Any early or from gun spiking up might yield a long scalp or so. Also, aggressive selling at around a dollar is a possible fade.


Might have bit more down side left early on to short into, good enough for a scalp on a "me too" next day selling bout. Only enter in this scenario or on clear weakness cues. Not interested in longs here any more.


New 52's. Near term these often go higher. Break out continuation and long entry if this holds 2.50 and continues to advance on a 3 test. Stay flat if it falls below 2.50 convincingly.


New 52's. Near term these often go higher. If we open below 3.60 either on a gap down or flat, this might yield a long entry if we take that price out and it continues to advance on volume. Nice break out beginning on November 11. Be careful here on a long because it has had several up days already. A classic chart pattern.

Bonus unofficial pick:


Yeah, I know this is an ETF and not a penny play, but a possible short beckons here based on a few day rally scan I have in my tool kit. This has some resistance near 20ish which is right above the close today. Anything going above 20.50 is not acceptable in terms of squeezing. If we fail near the low 20's and fade it, it might be held as a swing short. 50 day SMA is at 20.16 so ideally we test that and begin to fail there as a ceiling.

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