Sunday, December 26, 2010

Watchers for the 12-27-10 trading session


Supernovae. Volume still strong and increasing, so be aware and careful, it may have last gasp left. See my previous session comments they mostly still apply.


Supernova scan return. Squeezed shorts at the end of the shortened week when it increased in volume and advanced over 59% by the close. A fade entry on massive sell dumps or conventional confirmed weakness cues. Even on these types of plays I try to avoid top fishing expeditions. If we spike up at or near the open, that may be hard to avoid. Ideally, we open flat, or slightly green and go red early or slightly red and panic.


Another Supernovae scan return, this one may make a run at 3 before it is all over. Short entry on massive sell dumps or conventional confirmed weakness cues. See my comments above for XOMA on top fishing fades, they apply here as well. Ideally, we open flat, or slightly green and go red early or slightly red and panic. We are set to gap up currently, so the 3 test and possible fade may be in the cards, though.


Another 1.50 test and possible fail awaits for this Supernovae scan return. Volume still increasing, by the way. Such a level as described above is often a natural psychological profit taking area. A domino effect can ensue once the herd spooks over an initial big seller. A bit late in the day for much chance of a worthwhile long.


Supernova scan return. No obvious news or PR's. Up over 150% nevertheless. I like those odds. A fade play on any panic dumping or typical confirmed weakness cues. Not into a long on greening, where I would keep flat. It closed right at 0.50 which is a nice round number to sell off at, so anything printing below might help shorts out tomorrow.


No run up for this earnings play. Short term, these usually go higher. The ideal entry was the previous session. Whenever the Street is taken by surprise like this, that usually means more greening. Keep flat on reddening.


Now in 9 Newsletters, promotion still jumping on this one, which means it may not be done yet. My guess is we might even see 0.30 soon. A long scalp and maybe a bit more depending on how it holds up on early or from gun spiking. Be careful and have a finger on the sell button live at all times, as when it dumps it could be fast and brutal. Or you can avoid such plays from the long side, even inchers like HHWW and wait to fade.

Unofficially watching:


Still consolidating sideways. See my previous session notes, they mostly still apply. This type of dull price action has been going on for several days now. Waiting for a take out of 1.80 on the short side and 1.86 on the long side with convincing volume to enter a play. This play will have to monitored daily for the eventual technically correct entry if and when it turns up. Drops off my main list, but keep a constant eye on it.

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