Wednesday, March 23, 2011

Watchers for the 3-24-11 trading session

PRAN

First red day Supernovae. Finished down by over 14% 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 likely given the decent degree of reddening on Wednesday. Down a bit after hours. 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 light, which is not a terrible sign for gravy ride shorts.


UTOG

See my previous comments, which are still applicable, for this rapidly maturing Supernovae scan return. It takes a certain degree of faith to go long at this point, but the hidden hands have walked this up like nobody's business, and with constant monitoring and positive price action, it is still in play for optimists .When this dumps, possibly Thursday or Friday, it will likely lose many days of gains in minutes, so a short will be awesome on a panic cliff dive, which might force some slippage premium on shorts to participate. The ideal solution in theory on plays like this is to box and drop, if possible.


PGH

This red floater is still in play for the distribution print session. See my comments from last time, they still apply. Now over extended even further, the plan is fade into clear weakness cues. Keep flat otherwise.


ALZM

Again, see my previous comments. A stunning gainer for long swings, like UTOG currently is as well. Getting late in the day for Bulls, but live price action, not your or my opinion of what "should" happen counts in the stock market! The hidden hands have walked this incher up daily, and Bear raids have ultimately failed thus far. This one will likely lose many days of gains in minutes when the dump fix is finally in. Down after hours, a rapid red to green is a long with constant monitoring, if you are insanely brave. A fade on weakness, which will probably require slippage premiums in the form of special market orders for shorts to enter. You can also box and drop to ensure borrows, but on fake outs even this can fail, and probably already has recently.


HMY

Multiple month cup correction to overtake 12.50-12.70 resistance and 13 itself happened here today for 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. Nice break out. Stop placement not lower than 13.


ISVLF

This is one of my favorite set ups, which occurs too infrequently. One the daily chart you can see a price correction with resistance at 3ish. We closed right below. This means if it gaps nominally down and fails there, a fade entry is possible. An early red to green is a long. Or, if it gaps over 3 and holds, a long. Fairly tight stops are thus possible. On a gap over, a fall under is a fade entry. The key is 3. We only hit 3.01 max, so that is the line in the sand. New 52's at 3.02 and above, which is a long. Avoid big gaps in either direction. Another live price action situation to determine which side of the fence to sit on.


DYSL

Faddish jump over 54.5% today for this radiation detection Japan tie-in stock. Up a tad after hours. Several things might happen tomorrow, another live price action scenario. First, it might have late arrivals long in the form of a spike up from or near the bell to long scalp up. It might gap up and crap at once, allowing a fade scalp on profit taking. Or, it might spike up, go parabolic and peter out for a top fish fade scalp, etc. I suspect it corrects soon, the patent news is "bird flu hype" equity reminiscent. New 52's today, though. Finished well off of the highs, a pattern that might be in effect Thursday on a much smaller scale.


Unofficially, I am still watching GDGI  for gravy downside tomorrow. It fell about 3% today so it might have some more to give. It was a bit choppy in arriving at last at a 1st red day. No longs, fade weakness on it only.

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