Monday, March 28, 2011

Watchers for the 3-29-11 trading session


Brand new Supernovae scan return. No after hours quote. Strongest volume yet, but it closed well off of the highs. Up over 104.5% today, this nearly hit 3. Eventually this can be shorted since it is up so absurdly. I suspect like many such plays it can go further than anyone expects, though. Conditional entry. On a higher open, it might yield a rapid green to red on Tuesday and spike down for a short scalp. A fade on confirmed weakness cues or heavy dumping on volume from or near the bell. Ideal is a flat or barely green or red open, followed by a big move down on volume to short into. Avoid big gaps, especially downward ones. Do not short into initial strength or greening. Box to drop if you do not want to buy and prefer to wait for the distribution print, avoid top fish timing fades. A long scalp on spiking up from or near the bell is still possible if it keeps up. This is the first day it's up. Some of the above short scenarios are more likely to be held more.


Another Supernovae scan return hot off the presses, see the above one for general entry/play management tips. This differs in that it has risen over several days more gradually. As such, it might be closer to a sell off.


See my previous comments for the past several days, they mostly still apply, with some reservations. As I noted last time, this broke 2, which means it might and apparently has, got a new lease on life to torture shorts with. Early fake outs/whipsaws aside, it might be prudent to decide which side of of the fence to be on only after the 1st 30 minutes on this beast. If it weakens decisively after that, one might short, ignoring early weakness. One can risk a long if it looks strong (gap up, prices over the opening price level, etc.) after the initial half hour as well, but I still have reservations about longs at this point, despite its continued greening.


Tweezer bottoms. This is a quick feedback set up, which I like as a rule. Support at 5.50 past few days means if it opens flat or up and tests to hold, it can be longed on perking up off that level. If it falls below, it can be shorted, or if it gaps under and fails to punch back over it is a short. Oversold conditions chart wise. It broke under support from last Fall to go under 6.50 recently, so it's a falling knife. New yearly lows, too.


More promotion on this, which followed merger completions news. Not sure how this is going to play out, but I am flat on any greening other than spiking up at or near the bell, which is scalp bait. Check the wires for fresh PR as a back up. Read:  Also see my previous comments, which are still worth a read on how to proceed. Closed off of the highs, and I am looking to fade this on weakness as soon as I can. That said, wait for bloody water.


As often the case with stocks that remain in play from the previous session scan, see my comments from last time and the session prior, which are useful still. Both directions are possible here depending on live price action. I only want to short this on heavy volume dumps or confirmed weakness cues. Yet if it gaps up and goes, overtaking 1.25 it could keep moving up, for the long. It could also open flat and just advance off 1.20 for longs to test the above level. I suspect today's low will hold tomorrow if it seems to look strong early.


This just rolled today up over 50.5% on earnings related news. I like it on spiking up at or near the gun for a long scalp. It might be held longer than briefly if it holds up, but I am not counting on that. It closed well off of the highs today. New 52's. I am just flat on weakness or gap and craps. Late arriving optimists or bust.

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