Wednesday, April 27, 2011

Watchers for the 4-28-11 trading session


Again, see my previous comments, they still mainly apply. Admittedly, longs are probably second guessing themselves by now, this late in the day. This pig is seriously due for a correction, but until and unless it panic dumps or sports clear weakness cues, the headwinds of short squeezing remain in place. Any long now will require second by second watching, and only on positive price action, and after 30 minutes of trading, etc. This has now shown up on my Supernovae scan returns, for the record, which is a sign of maturity!


Due to the unchanged (by day's end) status of this post 1st red day Supernovae, my previous comments are in force in terms of entry/exit/play management tips. Weakened intraday, so maybe it still has some red to go.


A former runner now with Bullish Engulfing. Up over 42.5% today. Traditionally, one sets a stop below the low of the previous session. Here, that's silly as it it so far away so as to make one have a position too small to bother with to escape that detail. But one can go long on early spiking up (scalp at least) or positive price action, with an a tighter stop exit under the prior session close or the initial 30 minute low tomorrow, etc.


Again, see my previous comments, which are still in effect. More inching up is hoped for and a bigger candle body to bank from. Avoid sustained weak price action. A play like this lends itself more to swings, of course.


This old clunker released news today that speculators found appealing, but I am skeptical about the legs even here. Historically, it seldom holds its spikes. Beacon Equity was a "me too" on this today, not a good sign in and of itself. I am flat on more upside/strong price action. Possible resistance around 0.30 and 0.40 too. A fade entry on confirmed weakness cues or panic dumps on volume, especially early on. Just be patient here.


Color me still skeptical. Read: Another even bigger day today, a hod close, but it might stall at 1.50 for the fade entry. Also possible is an immediate morning panic dump for a short scalp and maybe a bit more if it continues to fade more gently. Also a short on any confirmed weakness cues after 5 minutes of trading. Even if it does not happen tomorrow, I can wait and stalk the distribution print. No obvious news, rumors, etc. means absent anything coming out, it will have limited legs likely. Keep flat on more greening or spiking up and wait to fade.


Just say the words cancer and cure or some such optimistic jargon over that, and you get up days like the 72%+ one here. 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. Down over 1% A/H so that might help set up the red to green long entry. Nice gap up today, along with a strong B/O and volume.

Off record, I am still watching APP for the distribution print. It's still a Red Floater scan return on my formulas, so see my comments from last time for entry/exit/play management tips as a short. Worth a look. Another new 52's with a nice cup correction over a few months is INAP which has analysis similar to that for GENE above. See that for details on how to proceed. 7.75 was a previous resistance area, now a floor.

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