Wednesday, December 22, 2010

Watchers for the 12-23-10 trading session


Now a full blown Supernovae scan return, this one may still not be done, but will be a great short if you can find shares when it dumps on big volume or sports any of our typical confirmed weakness cues. A BioMed Reports pump that may need to be boxed and dropped by now as by now everyone else knows it, too.


I gotta believe this sideways consolidation cannot last forever, but I admit it is irritating. Short on clear break below 1.80 on volume and long on a break above 1.86 with volume. Might be the long for the immediate future, but eventually this is likely to seriously correct to the down side which will yield more fruit.


Low floater squeezed some optimistic shorts today, but it will see reality soon enough. Closed at 4.50 but is now up after hours. If it opens slightly green and falls under 4.50 more sliding might follow for the short, that I hope persists to at least EOD. Enough bag holders here to ensure good odds once the herd spooks. I am flat here on more greening, which is possible still but not the play of choice IMHO.


Over extension that I am monitoring for a short. Heavily volume dumps or conventional confirmed weakness cues are fade bait, as is any gap up and petering out tomorrow. Falling back under a buck would be ideal.


Nice break out and chart. New 52's, too. Short term, these go higher. 7 test looms, with a possible early red to green, but it is currently up a tad after hours. If we take and hold 7 on volume things might speed up. Long in the above situations. If it weakens, fails at 7 or never makes it over I am flat.


Already tested 4.50 and closed below. Might do so again and continue to advance if we take it and hold. Short covering might add fuel here if so. If we fail at the above level, though, a fade play might ensue, as it does on early heavy dumping or traditional confirmed weakness cues. New 52's but not as relevant here.


New 52's. Closed on hod. A play here depends on a few things. First, if we open flat, hold and move above 5, this is a long. If we gap up slightly and retest 5 and hold above, ditto. Any fail of 5 is a fade or on early heavy dumping or traditional confirmed weakness cues.

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