Thursday, March 31, 2011

Watchers for the 4-1-11 trading session


1st red day in effect, Supernovae scan return. Today it closed lower than it had opened, but was still green due to a big gap. Always watch day 2 of a creaking one. The plan is to play for real 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 high degree of reddening on Thursday. No after hours quote. 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. Biggest buy volume yet, if not price range. That's not the best sign for shorts to fade. A new high on lower volume would be more ideal.


Brand new Supernovae scan return. Strongest volume yet, but it closed well off of the highs. 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 Friday and spike down for a short scalp. This might even be a gap and crap. 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. No after hours quote, which is a plus. This is the first day it's up so big. Some of the above short scenarios are more likely to be held more.


Red floater scan return. A classic one, which traveled nicely with gap ups to the top of the Bollinger bands and had a mildly red day today. The plan is to play for more 2nd day down side if it panic dumps at any time or sports confirmed weakness cues. Keep flat on further greening/positive price action. Has some nearby support at 19.50 so key will be how it reacts to a test from above. If it breaks below more gravy might come.


Nice break out today. Down just a bit after hours. 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. Keep flat on enduring weakness. Clearly any fall under 2 is a fail/exit, etc.


See my previous comments on this, not much has changed. In play both ways. Longs will need to be constantly watched. Another doji session was followed by a Bull triumph. They seem determined to walk this thing up. The fade ultimately will be the best play, but do not enter without clear weakness and bloody water. Volume picked up again today, but it cannot go up forever.


Nice break out and volume. It overtook 0.48 and then 0.50 to run. A pull back entry on a 0.50 test from above might yield a long entry, as long as that level holds/perks up off of it. Keep flat on a breach of that. It might just gap up and go or open flat and advance, which can be cautiously longed. A Pinkie, so be careful.


Scamex stock reported record quarterly revenue, and zoomed up with no run up at all into the news over 65.5% today. Up over 7.5% after hours. In play both ways, depending on live price action. First, it might gap and crap at once for a short scalp. Or, it might spike up at or near the bell for a long scalp. More measured greening might be held longer. A top fish fade on a parabolic move early might also be in the cards on dying momentum from early green candles. New yearly highs are just 15 cents off from today's close. Nice volume.

Unofficially, watch CXDC for a possible bounce or even a green print Friday. It beat estimates on earnings and was already oversold and even near some technical support at 5. Up big after hours, it might be at least scalped long at the start of any trading. Another play with similar analysis to ENA (above) is LUNA It made new 52's today but closed well off of the highs. It might be in play Friday both ways in much the same fashion. It does not have the same hard earnings related news going for it, admittedly.

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