Tuesday, June 21, 2011

Watchers for the 6-22-11 trading session


First red day Supernovae. Finished down almost 19% last time, so more down side might not be 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 fairly more likely given the high degree of reddening on Tuesday. No A/H quote change. 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 large, as was range. Not an ideal case for new shorts.


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 (12.94) and holds. No A/H quote. Avoid shorts, keep flat on true weakness. Nice move to make a new annual top price, with medium volume which is not a bad sign for new longs. Needs to keep above the Tuesday close or at least over 12.40 on pull backs to remain viable as a long, aside from any early noise.


Another yearly high stock with analysis similar to that for the above equity. See those comments for tips. Needs to hold over 8.50 and expand on that price level aside from early noise to remain viable for the longs.


Red floater scan return. Idea is to play for more, better down side on day 2. Down a tolerable 2.5% today, with fairly strong sell volume, which is less promising. Stop above the previous session high (2.04) or another recent one at 2.05 to cap losses on head fake fade entries. More conservatively, stop above the close on Tuesday if it starts off net negative. I'm only into the shorting possibility if it surfaces, keeping flat on strength. Also a short on heavy volume dumps/confirmed weakness cues. 2 test is also key. If it can take and hold it, it might keep going, but I am in cash there, too.


Trying to hopefully bust out out of a flag like consolidation pattern, this one might be longed above 1.91 and especially 2.00 with strong volume. Low volume on the rise today, another promising sign for new longs. I'm flat on clearly weak price action or negative cues. The pattern has been brewing since near the start of June.


Bullish Engulfing. I like this long over the close of Tuesday or better yet the high. Low volume on the rise, which is a good sign for buyers. Keep flat on real weakness aside from a typical red to green move, etc. Up about 1% A/H. Stops just under the low last time or the initial 30 minute one on Wednesday. More conservatively a stop placed under Tuesday's close, too. The low on that day is not too far away to use for risk management via stops, arguably. Several down sessions from an uptrend in the daily chart before today's move up, indicating possible reversal. Might stall at 4.50 but if not it might mean more upside awaits.


10 is obviously key here. I like this long on a take and hold of 10 on big volume. Several days of reddening until the last 2 sessions. Up A/H over 10 by the way. Might challenge it on a pullback early and even fall under, then go red to green early for longs, who will hope it holds. A fail there means no long. I'd keep flat.

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