Tuesday, August 09, 2011

Watchers for the 8-10-11 trading session


Again, see my comments from early on for this consolidating old Supernovae after its 1st red session. Volume on the buy dropping off, though a new high was set today. The good news it was only barely higher. The bad news is interest might be waning altogether. A fade on confirmed weakness cues or big sell dumps. Use the most recent high or the one tomorrow as a stop placement cue if it sets up for a fade. Honor those stops.


New Supernovae scan return. A 5 day move up which closed above the open and under the hod. Volume modest most days, now huge. 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 Wednesday 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. OTC, caution.


Not into top fishing this clunker, but a fade on a fall fail back under 2 would do. Low volume rise, which might help it squeeze on any reversal after a head fake trip to the red. Get out if you get sucked into that, the high today is too north for practical use. The best outcome would be a flat or nominally green open that heads south soon after a debut, or a slightly red one that fails to hold 2 with upward mobility. Avoid all big gaps.


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 (18.81) and holds. Up about 4.5% A/H. Avoid shorts, keep flat on true weakness. Nice move to make a new annual top price on big volume, which is one caveat for more longs. Needs to keep above the Tuesday close or at minimum over 18.00 on pull backs to remain viable as a long, aside from any early noise.


Bullish Engulfing. I like this long over the close of Tuesday and also 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 bit less than 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 just too far away to use for risk management via stops. Must keep above 2.50 to remain viable as a long. No big gaps or shorts.


Another bottom fishing expedition if the market continues to hold up tomorrow. Annual lows, but a daily doji print after a lot of dumping might provide a trade on spiking up at or near the bell for a long. Or on a pull back hold of 7.50 with perking up off there. The low today is a bit far away to use as a stop. The close or the initial 30 minute low tomorrow might suffice if it greens. Avoid big gaps and shorts. Buy only into clear strength.


B/O scan. I like it long on a continuation play over the close/high of today. Needs to stay above 2.20 on pull backs to remain viable for longs. 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. Medium buy volume today, not optimum for new longs. 2.50 test coming, which, if successful, means further gains or retreat on a fail there. No A/H quote.

Off table, I'm also watching OXGN for more greening if it can hold 1.50 and expand upon that price area. No shorts, volume on the rise was modest given the huge upward move today. Possibly just an early scalp.

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