Monday, November 29, 2010

Watchers for the 11-30-10 trading session


See my comments from last time, they mostly still apply here. Warning signs are brewing that the plug could be pulled this week. Smaller green moves, fake out dips red, and now a top of move/trend hammer like candle print bode ill for the future as a long.


I am hoping the nominal red day could presage more reddening. It was on decent volume but the price range on the daily was quite modest. Fade on massive selling pressure candles or the usual confirmed weakness cues. Too late for a good risk/reward on a long, most likely, so if it regains momentum I am flat here.


Impressive day that stalled out at the typical psychological selling point of 6. I expect more of the same from late arriving "why not me?" longs, at least early on and possibly from the bell. Possible red to green long, given that it is down after hours. Another test of 6 may loom, and if it takes and holds it more greening and a longer hold may turn up. Less inviting is trying to scalp a fail at 6 on a short. The long if it pans out is likely superior.


This zoomed today on inferred gold resource estimate news. Too much ground covered for much upside, but from bell or early spiking by new buyers arriving might yield a long scalp at least. Possible short on that petering out or more typical confirmed weakness cues. If shorting, a flat or nominally green open that goes red in the first 30 minutes might be ideal.


Critical will be how this stock reacts to an imminent 0.50 test. Already extended enough, this is a natural psychological selling point. If we begin to fail there a fade entry might beckon. If we take and hold it more greening might be in store for a long that might push another 5 cents or more. I prefer the short if it pans out.


Nice break out over 6. A pull back entry might turn up if we hold 6 on a test from above. This could yield a long for an EOD exit or even a swing. I like plays like this because trade feedback is quick and the range is narrow in testing it. If we fail at 6 a failed break out short on a broken chart patten awaits. Either will be nice.


Yeah, it was a squeezer, but 4 essentially held. I hope we can get a more convincing fail at that level to fade into. Not into a long here at this point. Ideal would be a flat or nominally green open that starts to dive as close to the above price as possible. Also a short on any massive dumping or typical confirmed weakness cues.

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