Thursday, April 07, 2011

Watchers for the 4-8-11 trading session


First red day Supernovae. Finished down almost 29% last time, so more down side might not be as 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 Thursday. No after hours quote. Wait for a fail. 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 was big. That's not a great sign for shorts.


Supernovae scan return, now maturing. See my previous comments, they are mostly still applicable. This just advanced again today, so it's still a top potential short on confirmed weakness cues or morning panic style dumps at any time. Keep flat on more greening. The latest article out describes how we got here:


Yesterday's news blurb did not have much effect, this went up due to the gap, almost daily doji printing. See my previous comments, they are still mainly applicable. We still might see some more down side action after the fall day on Wednesday. Short only into confirmed weakness cues or heavy sell pressure dumps or be flat.


Again, see my previous comments, little has changed. No obvious news or promotion, but it ran up huge again. Potential short on clear weakness. Keep flat on consistently strong price action, given the unknowns.


Earnings winner catalyst. Nice momentum, volume and break out. 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. Up nominally after hours. It needs to hold 11 if any pull back entry is contemplated, and to rebound clearly before acting. Hopefully the 11.20 area will be the bottom, instead.


New 52's. Analysis is similar to that for PIR above, refer to that for entry/exit play management details. Say the words "cancer cure" or something like that, and speculators go wild. It often has at least scalping legs on day 2 out of the gate. It might even green close again, but less spectacularly. Buy on spiking up at or near the bell. I would only hold longer than a scalp if it held up very convincingly, it would be safer just as a quickie.


This one surprised people today, and it might have a bit more left for the longs. An early red to green might be bought. This might happen off a flat or slightly red open. Also a long scalp on spiking up from or near the gun. New yearly highs are at 12, so some resistance is overhead. If that is taken out on Friday, or soon, it could keep going. If it gaps up, wait for a fill try and a rebound off that before buying. Not into a short here, I would keep flat on enduring weak price action. This might be held longer than a day if it slowly aims for 12.

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