Tuesday, April 26, 2011

Watchers for the 4-27-11 trading session


An old tired drill known by heart by now, see my previous comments on this for entry/exit/play management tips, which are mostly still applicable. An amazing overdone run, closing over 5 bucks and last month it opened at 12 cents! Still long biased on strong price action with the 30 minute rule for decisions, but volume is beginning to taper off a bit. 5 is another key psychological price area, with holding above good for longs and breaking below after initial/early noise good for shorts. Once the plug is pulled here it's gonna be brutal quick.


First red day Supernovae. Finished down 23% 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 high degree of reddening on Tuesday. No A/H 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. Sell volume, if not price range, was modest. That's not the worst sign for shorts to fade.


1st red session, Supernovae. See my comments for the above stock, which this play strongly resembles, for entry/exit/play management tips. Another 23% red close means less odds for good down side gravy. Sell volume here was higher than on the other busted Supernovae, but not huge, which is a decent sign for shorts.


Still in play, and again see my previous comments which are essentially the same for this over extension play. It ended up closing unchanged with a wide range intraday, and I hope to fade this on morning panic dumps or confirmed weakness cues that hold up until the close. Very cheap share price and a Pinkie, so be careful.


Once more, see my comments for last time, which are still in effect almost exactly. We went nowhere today, but the inching continued due to the gap. Swings are possible, even optimal arguably on this thing. It could take days on small moves up to show a good profit upon exit. Be aware that incher plays often drop many % in minutes once the dump fix is in, wiping out weeks of gains at times in one day. It's often hard to get out without serious slippage, so longs need to be in early and not overstay their welcome. If shorting, a slippage limiting market order might be needed to dive in on any panic dump to get a workable fade scalp.


An over extension play last time, now a 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, unchanged from the previous session close but down from the open 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 resistance at 1.72ish which could help with stop placement. If it breaks below 1.58 more gravy might come. Up over 3% A/H so a test of the ceiling for feedback and exit management could arrive, hopefully early.


New 52's. Short term, these yearly high stocks usually go higher. Earnings winner on EPS and revenue estimates that exceeded expectations. 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 and volume.

Off table, I am watching for either more early panic dumping on GFRE to fade into or some bargain hunter bounce buying to long scalp into on spiking up at or near the gun. Negative mention woes and seeming climax volume selling today. Unchanged A/H quote. The short is likely to be an EOD exit if it keeps gently selling off tomorrow. The long is only a scalp on open with the required price action and volume.

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StocksOn.Blogspot said...

thank you for posting these... i check your site first, including before Sykes.

StocksOn.Blogspot said...

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Big T said...

Thanks, and good to see U again!

I hope you are doing well.

I do not have lots of ads up, that aspect is something currently on back burner...

Big T