Tuesday, April 05, 2011

Watchers for the 4-6-11 trading session


Yet again, see my previous comments for this the past week, they mostly have not changed. It's true that each new day it keeps rising, longs become riskier. Still a cautious long with constant attention and positive price action. This is going to be an awesome short on the inevitable dump with a number of session gain losses wiped out in minutes, so watch by the hour for that as well. Some slippage on that will be inevitable for shorts.


After such a run up as an incher, this dumped hard and far today. I am looking for a little, probably less striking gravy down side selling if it continues to distribute early tomorrow. Keep flat on any positive price action, like a gap up and go, or very early modest volume weakness or gap up fill with red to green, etc. Since it fell so hard today, a rebound is a clear possibility. Fade only on morning panic style dumps wherever they arise or confirmed weakness cues. Easiest will be a gap down that just keeps going, or a flat or nominally green that goes red early to fade into. Too bad I missed the inch up play long that began many weeks prior.


Red floater scan return, formerly a long biased angle daily doji printed today. It closed lower than the previous session, but only by 1% so it's fairly ideal as far as a possible candidate of this type. The idea is to play for more down side on day 2. Avoid longs & big gaps, keeping flat on more greening cues. Short only into confirmed weakness cues or heavy sell pressure dumps. Ideal is nominally green or flat debut that decays.


Positive drug news spin helped this spike its volume and price to nicely break out to 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. No really close support means limited long options. Beacon touted this today, just a "me too" comment probably. Nice chart on the daily.


Basically a daily doji print, with the greening in the gap. I am hoping to fade this on the usual confirmed weakness cues or heavy sell pressure dumps. Avoid longs, keep flat on more positive price action. Volume is declining, so hopefully it will help things along. Ideal is a nominally up or flat open that heads south quick. Avoid big gaps in any direction. A Pinkie on my unofficial list last time up on ballistic test hype that may wane.


First read this: http://www.hotstocked.com/article/4401/novadel-pharma-inc-otc-nvdl-continues-the.html
I may have been a bit off in my timing, but I cannot see how this news lift lasts much if any more. Analysis is similar here as for BORK above. Also see my comments on both last time, they are still mostly appropriate.


Nice technicals, volume expansion, and new 52's at 2.82 that are coming into view. Down after hours a bit, I am looking for an early red to green move to go long, or spiking up at or near the bell to long scalp into. I am flat on enduring weakness. Much depends on it holding the 2.40 level, which had been an area of resistance.

Off table, I am watching DRMX for a possible fade off profit taking dumps. A favorable mention on this clunker with shady internals and financing options is not likely to have a lot of legs. Also eye DYNT for another run at 2. It's down after hours, so a possible red to green long might be had. It may peak out at 2 for a fade entry on over extension or just drop and maintain at the open for the short. I prefer the peak out if possible. If it holds 2 it could keep going, but I would scale out some of the position if up on the initial entry.

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