Monday, May 30, 2011

Watchers for the 5-31-11 trading session


Again, see my previous comments for tips on entry/exit/ play management cues. Little has changed. A 1st red day Supernovae pop has had 3 up days, but buy volume keeps waning. My main concern here is getting caught in consolidation, a choppy and noisy way to lose money. This should have more down side, on fails if they arise. Another symbol WAMUQ has followed a roughly similar path, and is somewhat comparable.


Cheap or not, this is now on my official shorting list as one with fine potential on heavy volume dumping whenever it arises, good for at least a scalp, or on confirmed weakness cues. Some brokers allow special market orders that cap the range of possible fills, with the speed edge as compared to limit orders. This is handy on any play requiring pronto entry or exit. Keep that in mind here.


A nice close feedback reference type trade I prefer. Look at the daily chart going back 6 months. You will see it has had a few up days recently to test 3.25-6 which it fell from not once but twice. A triple top. Long on a take and hold of that as a continuation. Possible short on a fall fail at the same level. If we open a tad down and fail at or near the gun hard, or ideally test and distribute there, a fade beckons. Keep in mind this also made new 52's intraday. 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. No A/H quote.


PR news, EOM window dressing, low shorting interest all lead me to suspect this might see a continuation on the last day of May. Long scalp on spiking up from or near the bell, and long on consistently strong price action. Keep flat on real weakness and if it cannot keep above the closing price of Friday. Another 1.50 test could arise if all goes well, and it might even have more if it overcomes that. Keep flat on sells at that level too.


A big sell dump on heavy volume recently now undergoing a strong reversal it seems. Short covering profit taking could fuel a continuation. What's important is that holds 10 consistently, aside from the noise candle which might yield an early green to red move to buy. No shorts, a fail at 10 is a flat stance, to avoid squeezing risks. The good news is that the accumulation volume is ongoing, evinced by the still modest level of it.


A very similar scenario with close general analysis exists here. Tweezer Bottoms at 1.09 which longs hope is the floor. It needs to keep above the close Friday consistently, aside from the noise candle which might factor into an early red to green move up. Keep flat on real weakness. Might keep going over 1.23 & short covers.


More Tweezer Bottoms. I like this long on consistently strong price action and above Friday's close. Also above the high last time. Some near support at 0.33 for stops and of course at the aforementioned 0.27 under which all bets are off. Avoid shorts. Keep flat on clear weakness aside from the noise candle which might yield an early red to green buy. Also flat on heavy volume dumps at or near the gun.

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