Thursday, August 04, 2011

Watchers for the 8-5-11 trading session

HEARQ

Essentially a 1st red day Supernovae. Finished down just 1% last time, so more down side might be realistic. If it had fallen much more than 10% then less 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 a lot less likely given the low degree of reddening today. 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 small, range too. Good signals for new shorts. Pink sheet stock, caution. Consolidating?


ATSG

B/O scan. I like it long on a continuation play over the close of today, or possibly the high of 6. Needs to stay above 5.50 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. Big buy volume today, not optimal for new longs. One of the few winners in today's bloodbath on Wall Street. No A/H quote.


MBND

Bullish Engulfing/Parabolic Sar scan. I like this long over the close or high of Thursday. Medium volume on the rise, which is a decent sign for new buyers. Keep flat on real weakness aside from a typical red to green move, etc. Down over 4.5% A/H. Stops typically just under the low last time or the initial 30 minute one on Friday. The low on Thursday is too far away to use for risk management via stops. More conservatively a stop placed under Thursday's close, too. Needs to keep above 3.20 on pull backs. No big gaps or shorts.


ZAGG

If the market continues to dive on Friday, especially early, I like this short on a fall fail back under 15 and holds with strong volume. Down A/H almost 2% to 14.77 so the test might come the other direction where it reaches for the trigger level and fails there to fade into when it regains its descent. Place a stop just above 15 or over the high today, though that is probably too far away. Or use the initial 30 minute high tomorrow.


EK

B/O scan. I like it long on a continuation play above the 2.60 high. Keep flat on really weak price action, aside from he usual red to green move. 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 not too far away to use for a stop. Also a long on spiking up at or near the gun as a scalp. Small buy volume today, likely a good sign. Down 2% A/H.


TMX

Red floater scan return. Idea is to play for more, better down side on day 2. Closed below the open down 1% on Monday. Stop above the previous day session high (17.73) to cap losses on head fake fade entries. More conservatively, stop above the close on Thursday 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. Medium level sell volume today which is decent if it sets up to fade. Get out on 17.89+ and holds.


LBAS

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 (0.64+) and holds. Avoid shorts, keep flat on true weakness. Nice chart, perpetual new highs. Volume on the move up modest, which is a fair sign for new longs. Needs to keep above the Thursday close or at minimum over 0.60 on pull backs to remain viable as a long, aside from any early noise. OTC stock, caution.


New users: Read my trading guide for my play set-ups!

Review my blog at Investimonials:

Follow me now on Twitter:

Watch my instructional trading videos on YouTube:

Subscribe to Big T by e-mail:

Subscribe to Big T in a news reader:


The blog has a terms of service. Be sure to read it at:



http://traderbigt.blogspot.com/2010/02/please-read-my-terms-of-service-i.html

No comments: