Wednesday, August 31, 2011

Watchers for the 9-1-11 trading session


First red day Supernovae. Finished down less than 6% 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 modestly likely given the average degree of reddening today. 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 modest, range much more imposing. Mixed signals for new shorts.


Red floater scan return. Idea is to play for more, better down side on day 2. Closed negative a bit over 0.5% on Wednesday. Stop above the previous day session high (16.57) to cap losses on head fake fade entries. More conservatively, stop above the close on Wednesday 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 on Wednesday which means it might work out well enough.


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 (19.96) and holds. No A/H quote. Avoid shorts, keep flat on true weakness. Nice move to make a new annual top price on big volume, a poor sign for new buys. Needs to keep above the Wednesday close or at minimum over 18.00 on pull backs to remain viable as a long, aside from any early noise.


B/O scan. I like it long on a continuation play once more above 1.34ish. Needs to stay above 1.10 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 volume on the rise today, a fair sign.


Another B/O scan with another one as potential over 1.21 and holds, where some recent resistance is clear. Above that A/H but this being a Scamex stock, be sure it's holding before jumping in. Low volume on the rise, a plus for new longs. No shorts, avoid all big gaps and get out if it cannot keep above 1.00 naturally.


A similar situation here with resistance at 1.19 which would yield a long above 1.24 and holds. Not into a short, keep flat on weak price action. Low volume riser, a good sign for new buys. Avoid all big gaps. Must keep above 1.10 on pull backs to remain viable as a long. Really big move today, admittedly. Stop under the Wednesday close is possible if it triggers, more conservative but noise potential is higher. Also a long spiking up at or near the bell as a scalp.


A budding over extension play in the making, with a fall fail back under 15 and holds a fade entry cue to short. Stops placed just above the close today or the high possibly. Or use 15.50+ instead. Not into longs. Keep flat on more upside price action. Avoid all big gaps. No A/H quote.

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