Thursday, June 02, 2011

Watchers for the 6-3-11 trading session

Stock picks even in the pennies are harder to come by in market downturns or a return of the Bear market. We might be headed that way after a 2 year run up the indices. The reason is amateur traders are less interested when the broader indexes are correcting. Pick your plays both ways very carefully!


I like this long over 1.48 and especially on a 1.50+ cross. Light volume advance today with a close lower than the open. I am flat on truly weak price action outside of an early red to green move, or a fail at the above key levels. Also long on spiking up from or near the bell as a long scalp.


This has really cooked the past few days, with peak volume today. It might have a bit more left, to buy into. Alternatively, it could gap up and crap. Read:  Down about 3% A/H setting up a possible early red to green long entry. I am willing to short on morning panic and confirmed weakness cues or the gap up and crap. The longs are likely shorter term or scalps on spike ups at or near the gun. Obviously, this is live price action situation.


Here's an interesting chart with what are effectively Tweezer Bottoms and multiple support touches at 0.75 with Bullish Engulfing added to the mix. The plays are as follows: Long on consistent printing above the opening price level tomorrow if it's above the close of today, etc. Stops no lower than the floor I just mentioned, or below the close today or the early 1st half hour low tomorrow. Alternatively, a short below the support I mentioned, but that might not be tested tomorrow so it's likely to be either long or a no play.


A play that strongly resembles the above one. Here, some support is at about 6.50 the past few days and a few months prior. Bullish Engulfing and near Tweezer Bottoms, too. Long on consistent prices above the open price tomorrow and the close price of today. Stops no lower than the above support level or just under the close today or the initial 30 minute low of Friday, ideally. A fade entry below 6.50 on a fail there.


I like this long above 10.90 on a take and hold of it with some volume. Price correction cup since a big up day last April 20th. More resistance on the daily chart at the same ceiling mentioned a few months prior but a bit closer to 11 proper. Volume was light on the rise to a near challenge of this resistance. A good sign, BTW.


Due to the unchanged state of the price relative to the previous close, this Red floater scan return is still in play with the exact same comments in effect as last time. See those comments for entry/exit/play management tips. Sell volume got even lighter, though, which is not ideal. I am hoping for no consolidating drift. Stops are placed just above the high of today which was 7.65 if shorting. Not into longs at this point, even on new highs.


See my previous comments here as well. Little has changed. Strategy tips are nearly the same. No very near the 0.90 level of resistance I mentioned. Essentially this Tweezer topped. If it breaks over and holds, a long on continuation in theory. I am flat on that, given the move up so far is overdone and volume on the buy side is beginning to wane a bit. I am looking to fade a gap over and fall back under the ceiling I mentioned or a fail decay there on a test or on heavy volume dumping at or near the open/confirmed weakness cues.

Off record, here's a few picks: ADLR is nearing annual highs at 1.74 and has been generating investor, trading, and analyst interest lately on suspicion of being undervalued. Long swing on new 52's, etc. with some possible profits taken near 2. ENMD has fallen on hard times in the past 6 months. Huge reversal today has it near a ceiling at 5ish. I like a short on a fall fail there or a modest gap over and move back under and hods. Or on morning panic whenever it arises/confirmed weakness cues. A long in theory over 5 and holds, but I am flat on that or any spiking up at or near the gun to over 5. I think that's a likely bag holder unloading zone.

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Anonymous said...

Been doing this for 8 years now. There will always money to be made. Wall Street will find a way to make something out of nothing.

Big T said...

Thanx for your comments.

Big players are not similarly situated as us little fish, in terms of resources and rules,etc.

But riding their coattails can work sometimes...