Wednesday, February 16, 2011

Watchers for the 2-17-11 trading session

KV.A and KV.B

See my previous comments for details, little has changed. This still has fade potential. The trouble, as we have been having on stocks like TA is the issue with fake out whipsaws. Choppy action is a money loser.One good thing is in the unexpected green day today the volume was ever lesser and new highs were not achieved.


Again, see my previous commentary as little has changed. First red day Supernovae occurred Tuesday. Today it almost daily doji printed. Buy volume was anemic, no new highs happened on the recent rise, and it failed to even hit briefly the previous session high. A fade with proper cue signals to act upon.


Once more, see my words from last time, not much has changed. Still maturing Supernovae made new highs today, but on mediocre volume. Closing near the highs, it should correct soon. Just be patient with striking.


Basically, in Pharma hype land, mention FDA approval, Phase 3, and cancer or a relative, and you have a winner on the street. This rolled over 57% today. It's up a bit after hours now. I expect a possible spike up at or near the gun to long scalp into. You can short this top fishing if it gaps up a lot and spikes north at once, but I avoid most such plays as a rule. Also possible is a brief gap fill on the AH quote, and timely red to green and another 3 test. Long on that. Stay flat on heavy volume dumps near or at the bell. Also keep flat on consistently weak price action, like trading under the opening price level after the initial 5 minute noise candle.


Beacon Equity is on this so be aware, although they can like any promoter scum say "me too" and use charting tools like any schmuck. The key is whether this holds a buck. It broke out over that today nicely, and I am looking for more. A pull back entry that holds and perks off of a dollar will do. This might involve an early red to green. Very unusual volume of sorts. A fade entry on a fail of 1.00 and holds, selling off on volume with acceleration. If it spikes up at or near the bell, there's our long scalp. If it panics down, going under 1, a short scalp. Slower consistent moves either way will be longer term day trade holds.


Anyone following me long enough knows how much I like (despite being a perma Bear of sorts) consolidation break outs with a few months worth of an ascending triangle like pattern. 9.40 to 9.50 is the new presumptive floor former ceiling to hold on tests for pull back entries if they arise. This also shows proper stop placement. Also a long on an early red to green if a weak open arises that soon reverses and greens, holding and accelerating on volume. Long scalp on any spiking up from or near the gun. New 52's. Keep flat on consistently weak price action, do not short. This means going solidly red or otherwise trading below the opening price level after 5 minutes into the session. Or heavy volume dumping from or near the bell in panic.


Earnings beat that soared today and is up after hours. No run up, which is actually helpful for late to the party longs. Has at least 40 cents and change of upside before chart gap down last summer. 11ish will be a natural profit taking or loss limiting point for old bag holders. Great volume. Conditional entry. Long scalp on spiking up at or near the bell. Or a gap fill and and early red to green long. Also long on more measured moves above the opening price level if it just advances. Avoid shorts, keeping flat on consistently weak price action. This means going solidly red or otherwise trading below the opening price level after 5 minutes into the session. Or heavy volume dumping from or near the bell in panic. Situations like this often have 2nd day weak gravy up.

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