Wednesday, May 25, 2011

Watchers for the 5-26-11 trading session


See my previous comments for entry/exit/ play management tips on the failed 1st attempt at gravy on an initial red day Supernovae. It closed up by less than 2% on low volume which merits another look to fade on clear weakness cues or heavy volume dumps. It was noisy and it squeezed, let's hope that is not a factor next time.


First red day Supernovae. Finished down almost 20% last time, so more down side might be unrealistic. 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 possibly more likely given the high degree of reddening on Wednesday. Down a tad A/H. 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. Selling volume was light, price range moderate. A mixed bag for fades.


Also see my previous comments. These are valid for entry/exit/ play management tips. The hope for swings is another inch up day or 2 like from the 13th-17th of this month. Positive price action inching up is a long, keep flat on real weakness, avoiding all shorts. Ideally it opens flat or nominally up and just advances, or is weak early in a controlled manner and goes red to green soon after. Very modest volume on the rise today.


Bullish Engulfing. Many month down trend that might continue to see upside reversal Thursday. I like it long if it can  print above the open after 5 minutes with strong looking price action and otherwise hold 7. A stop just under the aforementioned level or the 1st 30 minute low tomorrow should be used, if day trading this set up. Moderate volume today on the rise, a plus. Cross fingers. Not into a short here, keep flat on real weakness.


A big day on fairly big volume saw this retake the 200 day SMA at 4.81 with the 50 day SMA at 4.93 which could mean if this gets over that and especially 5 on a successful test, further gains await. Long on that. I am just flat on a failed attempt. Up to almost the faster MA in A/H so hopefully we will get an answer early on.


I like this long over 2.36 and especially 2.42 if upward momentum continues. Not into a short so keep flat on true weakness, aside from initial feeble noise, which might yield a red to green long entry early. Up A/H a bit.


Yet another potential long, I like it on a pull back entry up or early red to green long assuming it can hold 5.50 on a test. The real question is how it deals with 6 shortly. Keep flat on truly weak price action. Above 6 and holds on volume with acceleration is a long, obviously. If it begins positively, you can scale in with half a position on the ride up to test 6 and the other half of one after it is conquered. Avoid all big gaps. Any gap over 6 needs to test the hopeful floor and survive before entering.

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