Sunday, July 10, 2011

Watchers for the 7-11-11 trading session


First red day Supernovae. Finished down over 14.5% 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 more likely given the high degree of reddening on Friday. No A/H quote. 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 medium, range more imposing. Mixed signs for new shorts.


This appears to be consolidating, with a drop off in buy volume though. See my previous comments, little has changed. Still in play for more reddening if it weakens appropriately. Avoid all big gaps and longs.


Again, see my prior analysis for entry/exit/play management tips. This may still have a bit more down side left if it falters clearly. Avoid longs and all big gaps. A negative is sell volume was modest, though it weakened intersession before closing down more modestly. Lots of room for more reddening, but do not top fish it.


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 (11.61) and holds. No A/H quote. Avoid shorts, keep flat on true weakness. Needs to keep above the Friday close or at least over 10.75ish at worst on pull backs to remain viable as a long, aside from any early noise. Nice move on strong volume to make new annual highs out of a modest consolidation period.


Bullish Engulfing. I like this long over the close of Friday or better yet the high. Medium volume on the rise, which is a fair sign for new buyers. Keep flat on real weakness aside from a typical red to green move, etc. No A/H quote. Stops just under the low last time or the initial 30 minute one on Monday. More conservatively a stop placed under Friday's close, too. The low on that day is probably too far away to use for risk management via stops. May fail at 4.50 back under but if not it might mean more upside awaits. An early test and fail of the above level means longs are out, but I'm flat on that. This is only a long, with triggers.


B/O scan. I like it long on a continuation play over the close of Friday or better yet the high. Stops just under the close on Friday or the 1st 30 minute low of tomorrow. Avoid all big gaps. The low of Friday is too far away to use for risk managing stops. Also a long on spiking up at or near the gun as a scalp. Medium volume on the rise Friday, a decent sign for new buys. No A/H quote. Any pull back that tests and holds no less than 3 is a possible buy, too. Keep flat on failed tests. This stock has been a past promotion.


I like this long on a continuation play over 6.60 and holds or a pull back that essentially holds 6.50 aside from early weakness/weak opening. No shorts on any fails, stay away from big gaps. Medium volume on the rise, a positive sign for new longs. A roughly similar play is AUGT but I do not like the heavier volume on the rise which means to many are in heading for the key 4 test. So it's not on my official list.

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