Monday, May 02, 2011

Watchers for the 5-3-11 trading session


New Supernovae scan return. A more measured rise which closed off of the highs. Volume has picked up a lot. Eventually this can be shorted since it is up so absurdly. I suspect like many such plays it can go further than anyone expects, though. Conditional entry. On a higher open, it might yield a rapid green to red on Tuesday and spike down for a short scalp. This might even be a gap and crap. A fade on confirmed weakness cues or heavy dumping on volume from or near the bell. Ideal is a flat or barely green or red open, followed by a big move down on volume to short into. Avoid big gaps, especially downward ones. Do not short into initial strength or greening. Box and drop to wait for the distribution print, if desired and avoid top fish timing fades. Keep flat on positive price action, avoid scalping long. Down a bit A/H in the latest quote.


Another new Supernovae scan return. See my comments for the above stock, which this play resembles, for entry/exit/play management details. One difference is the volume is not as spectacular, which bodes less well for prospective shorts. Up 5% A/H in the latest quote. A more measured rise, the 1st day on heaviest volume.


See my comments for last time, mostly still in effect, for this with regard to entry/exit/play management tips. A 1st red day set up today, it advanced, but on anemic volume and less than 6.5% so it might still pan out. A Lebed pick in the past, but garbage in, garbage out!


This is now in play both ways. See also my previous comments for additional information. 1.50 is a psychological sell area. Indeed, it topped out there today, closing a bit under. No move in the quote A/H. If it opens flat or barely red and advances, a test of the above level could yield a fade on a fail there, or it could bust over and hold for a long. Lots of volume on this one, even today. A gap just over our key level if it tests it as support and holds is also a long, and a fall under without return a short. Avoid all big gaps, be flexible.


Huge surprise volume today with a move of over 52.5% for the Bulls. Late fade with a close off of the highs, I expect something similar Tuesday on a smaller scale. Possible scalp long on spiking up at or near the gun. Also possible is early weakness with a red to green and holds move for a long. At 5.50 in the latest A/H quote, this could be a sell point if we open there, but I am flat on that since the squeeze potential is too high.


Now on watch for over extension, this already hit and sold off at a typical psychological sell point at 3.50 so that might be the fail entry short tomorrow. Biggest volume yet on the rise. No A/H quote. I am flat on any hold above our key level, only into the fade if it pans out. Also a short on heavy volume dumping at or near the bell for a scalp, which might be held longer if it keeps gradually selling off. Also a fade on a gap over the above level and a fall under and holds. Avoid big gaps in either direction entirely.


Being promoted, volume began picking up Friday and exploded today, along with a nearly 61% move north. It might have a bit more tomorrow early if we do not gap up too much. Unless we spike up on a flat or nominally red open to scalp long, I am flat. I think longs are tardy, and am willing to wait for a great fade entry, which could arrive tomorrow or soon. Short on morning panic like dumps at or near the bell especially, or confirmed weakness cues. If it really gaps up it could crap soon after. A typical sell point is only a cent up.

Off table, keep watching LEE for the accumulation print session, which is long overdue. Avoid shorts, keeping flat on sustained weak price action. Possible scalp long on spiking up at or near the bell. When the bargain hunting session comes, it's likely to green all day though. CNTF is a new 52's play that is down a bit A/H. It might be a long on an early red to green move it it can hold 5. Could have been on my regular list.

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