Tuesday, May 10, 2011

Watchers for the 5-11-11 trading session


See my comments from last time. At this point, we near a total gap fill from the 2 big dump candles from May 2-3rd. Some sellers might want to get out at or close to that. Presumptive inching up to 2.24-5ish in theory. Long on consistently strong price action. Short on our usual faltering cues. The upside is limited at this point unless we break out above 2.30 and holds.


Usually, after a failed 2nd red day on a popped Supernovae scan return, I would not keep it on a main list. This is exceptional due to how it reacts to 4, which is currently 2 cents above, or rather 4 cents above given that it's now down A/H. One could argue for a long over 4 and holds, but I am flat on that, and any spike ups. See my comments from last time as well, which are mostly still in effect for entry/exit/play management angles. I am looking for a dump on a failed test of 4, with morning panic, etc. If it just drops from the bell hard that might be short scalped. If it gaps over 4 a bit and fall fails back under that's a short, too. Avoid all big gaps.


3 White Soldiers. Another technical level early and close feedback type of trade that I like. 3.50 is that level/area. We closed above, a flat or nominally down but above 3.50 debut that tests and fails, or a gap under within in reason that reaches for it and fails is a short entry. A similar gap under and a break through and holds or a test off of there from a flat or gap up that perks/holds is a long. A live price action call. Stops are easy to place somewhat over/under the key level once in the play, or using the current session hi/low. Down a bit A/H but still over our key level. Avoid all big gaps.


A Google deal news catalyst sent this northward today. Some technical resistance at 4 exists to conquer for more upside possibly. We broke over solidly, but closed on the floor itself. Like the above stock, the play is analyzable in much the same way. Clear feedback that's likely close in price here. No A/H quote. Spiking up on volume holding 4 is a long scalp, with a longer hold on continued upside with more measured moving. Stop placement is easy over/under 4 somewhat, or the high/low of tomorrow. A fail at 4, especially a dump on heavy volume, is at least a short scalp, with a longer hold on more steady profit taking. Avoid all big gaps.


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 A/H quote. A low volume B/O which is a good sign going forward for longs assuming it sustains over the key technical level of 4.50ish. Surprise earnings winner catalyst with no run up into it. Pullback entry if it tests and holds 4.50 perking up off there.


Potential break out and new 52's, which are at 11.39 and in sight after a typical cup correction returning us to test highs from early April. Analyze particulars like as for the above stock, which this resembles if it triggers. A fail at our technical level yearly highs is a potential short but I am flat on fails. If it gaps over the annual high, then wait to test and hold before going long. Avoid all big gaps. Volume low on the rise, a good sign for longs.


New yearly highs, but starting to over extend and right at a psychological selling point, 13.50 which I would like to fade a fail off of. No A/H quote. If we gap a bit over, open flat, test and fall under it's a short. Also a short on a gap down and fail on a try to retake the above level. No more longs, keep flat on more greening. Stops are easy to handle using the over/under key level or the high/low of tomorrow. Avoid all big gaps.

Off table, keep watching ARTX which could go Supernovae on day 5, or might dump prematurely. It's shaping up to become an awesome short with the right price action and set up staging. I am flat on more upside. BIOS is nearing over extension as well, it's a fade on panic dumps or confirmed weakness cues, etc. I am also flat on more strength here.

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