Wednesday, June 29, 2011

Watchers for the 6-30-11 trading session


Another curious volume print. See my previous comments for general tips on entry/exit/play management, etc. This time, with little range, a white candle with big accumulation arose. I'm still looking to fade this on decay.


I have hunch we might get more out of this failed 1st red day Supernovae. Yes, it closed down over 28.5% on Tuesday, but a gap up today closed positive by 7% due to that, it finished underneath the opening price level. See my previous comments, they mostly still apply. Treat it accordingly. Fade weakness only, though.


New Supernovae scan return. A 1 day move up which closed off of the highs and above the open. Volume print huge and out of the blue. 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 Thursday 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. No A/H quote. Up now merger news, this went up over 100% today and it a blast from the past that has provided good trades.


B/O scan. I like it long on a continuation play over the close of today or better yet the high. Some resistance at 4.15-4.18 so long over that and holds, too. Stops just under the close today or the 1st 30 minute low of tomorrow. Avoid all shorts and all big gaps. The low of today is too far away to use for risk managing stops. Also a long on spiking up at or near the gun as a scalp. Modest volume on the rise today, a plus for new buys.


Bullish Engulfing. I like this long over the close of Wednesday or better yet the high. Low volume on the rise, which is a good sign for new buyers. Keep flat on real weakness aside from a typical red to green move, etc. Down A/H a bit over 0.5% so that might precipitate one. Stops just under the low last time or the initial 30 minute one on Thursday. More conservatively a stop placed under Wednesday's close, too. The low on that day is probably not too far away to use for risk management via stops.  Might stall at 3.00 but if not it might mean more upside awaits, as it does over 3.21. A fail at 3 means no longs, but I am flat on that if it does.


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 (12.81) and holds. Down barely A/H. Avoid shorts, keep flat on true weakness. Needs to keep above the Wednesday close or at least over 12.00 at worst on pull backs to remain viable as a long, aside from any early noise. Nice move on medium volume to finally overtake 12, which may help new longs if it continues.


I like this long above 10.70 or more conservatively, 10.88 on a continuation of momentum. Modest volume on the move up today, a good sign for new longs if it triggers. Stop below the close today or the 1st 30 minute low on Thursday. The low today is probably a bit far off to use as the out. If it makes it over 10.50 a challenge to the entry levels should come soon after. Early test preferable. No shorts, avoid any big gaps.

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