Monday, August 08, 2011

Watchers for the 8-9-11 trading session


The worst part here is the volume drying up. It closed north less than 2.5% today but consolidation seems evident. Nevertheless, see my previous comments back dating a few days, this might yet yield a red session. As long as the high of 0.915 remains intact it might be played on weakening if it finally sets up. A stop can be placed above if it breaks out of consolidation over that area and holds. How long are we to wait for a move?


See my previous comments on this, they mostly still apply. The good news is it essentially held 1.00 and closed above the open but negative due to the gapper. I like it long with a stop just under the low today. It's bottom fishing, and in this market that's risky given the resurgent bear, but it is a possible play. Also possible for stops is to use the 1st 30 minute low of Tuesday, if it's above the one today preferably. Avoid all big gaps and shorts. No A/H quote. More conservative exits on the fail of 1 and holds, but that might be noise prone.


Also see my comments from last time, still mostly in effect. This more bottom fishing for long bounces, but it seems to be holding the 8.70ish area so stops can be placed modestly below on longs. Sell volume seems to be drying up, which may help buyers if it sets up. No A/H quote. Long back over 9/holds or the high today.


I like this long above 5.25 if the market rebounds. Also showing up on my Bullish Engulfing and Parabolic Sar scans. The low today is too far away for stops, so use one just under the close today of the initial 30 minute low tomorrow. No shorts, avoid all big gaps. Big volume and nice reversal move. No A/H quote.


This stock seems to be holding 7 as a floor. If the market rebounds, this could too. I like it long above 7.75ish. It might also thrive above 8. Set a stop under the close today or the low. It cannot be held much under 6.96 even on a swing. No A/H quote. As usual, avoid all big gaps. Big sell volume today is a plus, too.


Bullish Engulfing. I like this long over the close of Monday and also the high. Medium volume on the rise, which is a fair sign for longs. Keep flat on real weakness aside from a typical red to green move, etc. No A/H quote. Stops typically just under the low last time or the initial 30 minute one on Tuesday. The low on Monday is arguably a bit far away to use for risk management via stops. More conservatively a stop placed under Monday's close, too. Must keep above 6 consistently to remain viable as a long. No big gaps or shorts.


A final bottom fisher with insider buying. Sell volume diminishing. No A/H quote. Avoid big gaps. I like it long on a test and hold of 10 or early weakness and a push back over. Might be a swing this week if it stabilizes. That is a big if considering the free fall this market is experiencing right now. On the other hand, wild swings might be possible in the broader indexes in the coming few days. Remember this happened in both the 2002 and 2008 market collapses. The trouble is catching a falling knife can be hazardous to your short term health.

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