Sunday, June 05, 2011

Watchers for the 6-6-11 trading session


New Supernovae scan return. A recent popper. A rebound move up which closed off of the highs and above the open. Volume regaining strength. 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 Monday 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.


A green finish due to a gap up despite its close under the open on Friday. Might be running out of gas by Monday or soon. Possible gap and crap to short into. Stops above the high last time or the 1st 30 minute one tomorrow. Fade into heavy volume selling or confirmed weakness cues only. If it can print consistently under the close of last time, that would be ideal. Be patient, and if faked out respect the stop to avoid squeezes.


Bullish Engulfing. I like this long over the close of Friday or better yet the high. Low volume on the rise, which is not a bad sign for buyers. Keep flat on real weakness aside from a typical red to green move, etc. Down A/H so that might be a possible entry scenario. Stops Just under the low last time or the initial 30 minute one on Monday. Longs should worry if it falls under 1.50 and really worry on moves below 1.40 that endure.


Red floater scan return. Idea is to play for more, better down side on day 2. Stop above the previous session high (8.10) or better yet another recent one at 8.20 to cap losses on head fake fade entries. More conservatively, stop above the close on Friday 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.


Depending upon how the silver index fares Monday, this could work out for a short on a fall fail at 7.80 recent support. Earlier support at 7.71 so more confirmation is 7.69 or lower. No longs, keep flat on consistently strong price action. Also a short on heavy volume dumping or confirmed weakness cues.


Potential short under 14.46 or more conservatively, 14.40 on Monday. Also a short on heavy volume dumping or confirmed weakness cues. No longs, keep flat on consistently strong price action. This like the above stock is a conditional entry. Odds are usually better waiting for daily chart technical levels to be sunk.


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 and holds. No A/H quote. Avoid shorts, keep flat on true weakness. Big volume and no run-up into the break out, but firm insiders announced a sizable buy of shares which may have been a catalyst.

Off record, keep watching CPRX for an early long from spiking up at or near the gun or a gap and crap fade entry if it goes parabolic. If the buy scalp pans out sell half and hold if it keep inching forward. Follow also NWBO for more reddening if it continues to slide. Stops above 0.90 or more conservatively 0.89 if shorting. Also a short on confirmed weakness cues or panic dumps. See my comments from last time on this play.

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