Wednesday, November 17, 2010

Watchers for the 11-18-10 trading session

Please read the following post first: Big T's request! 


Eying over extension, but still has strong volume, so it might not be ripe yet. The plan is to time a distribution print day by shorting into the usual confirmed weakness cues. Not into a long this late into the game.


Experimental scan based on ETF "pull ups" or short term 3-5 day rallies in down trending equities. This has some resistance in a range around 9.20-9.36 which lies a bit above where it sits now. Any squeezing above 9.40 or worse, 9.50 is a bail out cue. Shorting near this resistance zone, preferably waiting to see if it holds as a ceiling, could yield a short swing. Exit on any close below the 5 SMA either EOD or intraday, as needed.


A potential break out looms above the critical 3.50 level that has been repeatedly tested in the past month or so, without getting past it but equaling it twice. Now 6 cents away, this is a long on a take and hold on volume with acceleration of 3.50+ and a short entry on another failed test. Both are interesting plays, the long is ideal.


Conference call for Thursday, at 1 P.M. EST. This may dramatically affect the prices tomorrow. If it is bad, or investors expect it leading up to the call, it may tank, yielding a short scalp at least. If they think it is good leading up to the call we could see some early upward mobility. If the news is verified as good, with a run-up into it, I would sell an earlier long into the news. The red candle of a few days ago has been eclipsed north. I am not sure if that means the wags expect that the event tomorrow will be positive, but who knows.


Another old school tactic entry possible play. An up trending stock has pulled back with several red days almost to the 50 day simple moving average, which is at 10.68 and a test and hold with a bounce off and above that is a long swing try. Exit on any close above the 5 SMA intraday or EOD. Support is at like 10.45 to 10.50s so a fall below that would be a useful stop. Not into a short here.


This keeps making new 52's, but the volume is beginning to wane. Be careful if fading profit taking dumps, as the aforementioned volume is still strong. The plan is to time a distribution print session that is probably soon at hand. Short only confirmed weakness cues. Keep flat otherwise, since it is a bit late for longs but it would not surprise me if it had a bit more left on the upside.


Difficult to imagine this going higher, but it could. Long on any early strength or even a red to green. Be careful, lots of upside has already occurred, so you are a bit late here. Have a hand on the sell button, treat it as a day trade and stay by the computer. Not interested in a short here if it weakens, just remain flat.

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