Wednesday, March 16, 2011

Watchers for the 3-17-11 trading session


First red day Supernovae. Finished red by over 15% last time, so more down side might not be realistic. If it had fallen much less than 10% then more could be expected as plausible. Always watch day 2 of a busted one. The plan is to play for more reddening on day 2. Conditional entry. A flat, nominally green or red open that immediately sells off on heavy volume or sports traditional confirmed weakness cues is a fade entry. Keep flat on high volume greening or strength, especially early. This is more likely given the decent degree of reddening on Wednesday. Up almost 6% after hours, which is barely acceptable. Avoid entries as a short on big gaps up or down, but down is probably worse. Keep flat on consistently strong price action, like trading above the opening price level. Avoid spike up long scalps, too. Sell volume was average, so not alarming.


See my comments for the past 2 sessions, they mostly apply again. Incher keeps showing warning signs, but ends up positive. Fake out prone, but longs especially should be cautious. I expect a fall day is fast approaching here. I would be flat on upside cues at this point. The choppiness is a problem here, admittedly. The volume is lessening, which is another good sign for shorts if they are patient to wait for real weakness.


Now inching along, this one is still interesting for Thursday. A retest of technical resistance at 1.14 then would be nice. A fail there might be a fade entry. It hit 1.13 today before closing off that high. A break above is a long entry. Possible manipulation here, it probably soon overtakes that ceiling and keeps up incher mode. Also a short on the usual confirmed weakness cues or morning panic style dumps, whenever they occur. If it keeps going, the fall day will be that much more drastic and sudden, assuming funny business is going on.


Despite a weak uncertain broader market, this one rolled today. Not exactly a penny stock, I know. New 52's. Short term, these yearly high stocks usually go higher. Consistently strong price action, like trading above the opening price level after the first 5 minutes, is a long. Or, if it gaps down a bit to debut or opens flat and falls briefly, a red to green and hold with strong volume. Also long on spiking up at or near the gun as a scalp. This might be an EOD exit, depending on how it holds up. Also long on a break above to new yearly highs and holds. Avoid shorts. No after hours quote. Earnings related catalyst due to Q2 net income.


Another new 52's, analysis is similar as for EEI above. Also not a penny stock, but interesting. Any buys off dips must hold 45 as support if this is tried as a swing. This is an area of recent technical support. Down after hours, so our early r/g long option might arise. Also earnings related info serving as a catalyst. Avoid shorts.


I like the chart, I hate the tepid volume. A glance at the daily shows good days tend to have encores at once. Nice break out on lower volume. Dip buyers for possible swings need to be sure it bottoms no lower than 16. Another yearly high stock with powerful accumulation into the close. Analysis/trade management is similar to that for PANL and EEI above. EPA rules related catalyst that speculators assume the firm will benefit from.


This hit 52 week lows. It is oversold, but that does not mean it cannot go even lower. However, it's a long scalp on spiking up dip buying from or near the gun. Today, it finally saw some initial accumulation interest, before fading later on. Longs are just quickies. It's a plain short on confirmed weakness cues or morning panic style dumps at any point. Earnings were released a few days ago and they evidently did not please investors.

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