Monday, April 25, 2011

Watchers for the 4-26-11 trading session


You know the drill, see my previous comments for entry/exit/play management tips, they mostly still apply. Waiting at least 20-30 minutes before choosing day trading sides seems prudent. Shorts are tearing their hair out by now to kill this pig, which has more lives than Morris the cat. Long biased until proven otherwise, but it's still a short on heavy volume dumps as a scalp or on confirmed weakness cues with the above caveat. An unbelievable run, you have to admit and be in awe over! The buy side just keeps surviving Bear raids.


New Supernovae scan return. Low volume riser initially, and it closed off of the highs. Volume has picked up a lot. This probably sneaked up on a lot of people. 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. 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 and drop to wait for the distribution print, if desired and avoid top fish timing fades. Keep flat on positive price action, avoid scalping long, since it has sported more measured moves on up. No A/H quote. A Pinkie, so enter at your own risk.


Another brand new Supernovae. See my comments for the above stock, which this one resembles, in terms of entry/exit/play management tips. Down 10% A/H but still in play. Unless it morning panic dumps out of the gate to scalp short, this means waiting a bit on any gap down to see the wind direction before entry. Another Pinkie, so watch out. This one has a PR catalyst, the other one does not seem to.


Rarely do I list a stock this cheap, but just look at that daily chart! Yeah, it could have more upside but I am flat on that at this point. A fade entry on confirmed weakness cues or morning panic style dumps, whenever they arise. Getting a bit overextended by now, so the waiting game commences. It could happen Tuesday.


Another slow and steady incher type stock that might be a possible long swing. Avoid sustained weak price action. Grinding up and gathering momentum since the tax day session. Might not go anyplace tomorrow but I suspect within 2 weeks this is higher than it is now and we hold the 2 level which was taken out April 15th.


Keep flat on more positive price action/greening. I am watching this one on over extension to short into. Some technical resistance near 1.70 which might be a good spot to time the top if it fails there and descends. Also a fade entry on morning panic dumps as they arise or confirmed weakness cues. Stalk this until it starts to dive.


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. No after hours quote. Nice B/O & volume.

Off record, I am watching QPSA for a run at 9 and a fail there to short into or a gap over and quick fall back under for the same or possible panic from open to fade into. Long also on a move above that and holds with accelerating prices and heavy volume. I trust the fading set ups more if a signal surfaces. Another one JRJC is much the same on a 6 test over/under. If it holds and keeps going, a long. If it gaps under and panics after open, short or an open over the above level and a fall fail back under. Again, I like the short setups most.

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