Monday, April 04, 2011

Watchers for the 4-5-11 trading session


Same comments as before, see them for the past week. Every day though this greens, the risk intensifies for a big dump session where days of gains a lost in minutes for Bulls. Cautious long with constant eye, a fade on confirmed weakness cues or morning panic style dumps whenever they transpire. This has been a great run.


I like this chart. New 52's are possible above 2.95 and it's challenged 3ish a few times recently. It's a short on a fail at yearly highs and possibly at 3, and a long on take and hold of annual highs and of course 3. Immediate feedback plays are usually the best to take as a trader since you know where you stand soon after entering.


Another possible incher long? Could be, but it's been going a while now, but less obviously. Beacon reported on its news today, and looks like another LEXG of sorts shaping up with similar guiding advice. Scary trap door drop last Wednesday, but it quickly recovered and went even higher on the same day from the point of the dump. Frankly, I am not sure where I was when this was going up great guns since 2/22/11 but oh, well.


The basic gist here is that this tested 4 and ultimately failed to hold above. The close today is near an area of previous resistance on the chart. Going back further we can see more hurdles at about 4.15-4.20 or so. I like this long on a take and hold of 4 on a test. I like it even more if it conquers the other hurdle I mentioned. From there, it has a gap in the chart until the 5.60's that it would try to eventually fill, etc. I like this short on a failed 4 test and confirmed weakness cues. Up after hours to near 4, BTW. Another early easy feedback setup.


Pinkie that had a nice break out today on volume with a successful dollar test. I like it again long on a pull back entry or red to green that holds a buck and keeps going, or on from or near bell spiking up as a scalp. I like it short on a fall under 1 and a failure to regain on any test rally. The long is the obvious try if it sports positive price action but a look at the daily chart shows lots of bitter share holders exist that might want out.


On my unofficial list last time, this made more yearly highs today. Possible early red to green long. If it falls back under 5 for anything other than the initial noise candle, I would avoid longs or even go short. Closing well off of the hod, it's near a psychologically important price level. Kind of overextending, which makes it more urgent. This could also spike up right at or near the gun for a long scalp as well. No after hours quote.


In the stock market, no news driven move is like a fraud investigation, or worse, being taken to court by the government. This moved big down on that kind of thing, and added insult to injury after hours. 2 possibilities are an immediate or near gun bounce up to long scalp the panic reversal move that frequently occurs on the next day, (sometimes fueled by short covering) or more dumping hard at bell to net negative prices to scalp short or hold longer for more red gravy. The best play is on the day and time of the news, which nearly always goes much lower following it. It's one of the few live news plays that actually work reliably despite not being "first" as a trader with regularity. It would not surprise me if this had more blues.

Off table, I am watching NVDL for a fade entry on profit taking, once the financials are scrutinized. Being news driven on a favorable mention like this often lacks legs, even on day 2. I am flat on more giddiness. Another big Pinkie driven by ballistics news was BORK which has had 2 big volume days running. I am looking to fade this on profit taking dumps or confirmed weakness cues. I am flat on more upside at this point.

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