Tuesday, September 20, 2011

Watchers for the 9-21-11 trading session


New 52's. Short term, these yearly high stocks often 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 (15.65) and holds. Avoid shorts, keep flat on true weakness. Price correction on daily chart. Volume on the move up big, which is a weak sign for new longs. Needs to keep above the Tuesday close or at minimum over 14.50 on pull backs to remain viable as a long, aside from any early noise. No A/H quote change.


B/O scan. I like it long on a continuation play above the close or high of Tuesday. Needs to stay above 2.75 on pull backs to remain viable for longs. Stops also possible just under the close on Tuesday or the 1st 30 minute low of Wednesday. Avoid all shorts and all big gaps. The low on Tuesday 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 volume on the rise, a weak sign for new buys. Up somewhat over 1% A/H. Perhaps let it test and hold 3 before entering, after 5 minutes.


Bullish Engulfing. I like this long over the close/high of Tuesday. Medium volume on the rise, which is a neutral 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 Wednesday. More conservatively a stop placed under Tuesday's close, too. The low on that day is possibly too far away to use for risk control via stops. Must keep above 1.50 on a test/hold/perk off to remain viable as a long. Avoid all big gaps or shorts.


I like this long on a continuation of momentum above 6.66 and holds. Mentioned Zacks.com today, if it can get going we might be in business. No shorts, and avoid all big gaps. Recent 50/200 SMA cross. Stops just under the close Tuesday or its low if swinging or taking a smaller position. Or use the initial 30 minute low on Wednesday, especially if it gaps down. Gold has been hot and cold but it cannot keep going sideways.


Red floater scan return. Idea is to play for more, better down side on day 2. Closed below the open down a bit over 2% on Tuesday. 6 previous days up until last time. Stop above Tuesday's session high (1.00) to cap losses on head fake fade entries. More conservatively, stop above the Wednesday high 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. Low sell volume Tuesday which is decent for fades. Honor stops.


Clearly 1.50 over/under is the key level to react to. Long over that on a take and hold or on spiking up at or near the bell as a scalp. Short on a failed test or a modest gap over and fall fail back under and holds or on early panic dumps as a scalp. The ascending triangle like chart pattern looks promising if it triggers. Avoid all big gaps. Ideal is a flat or nominally up or down debut that tests the level after the noise candle, long or short.


We can still bottom fish this, see my previous comments also. The sticking point is of course it getting (back) over 2 and holds on good volume. No shorts, avoid all big gaps. Long on spiking up at or near the gun as a scalp. Long also if it gaps a bit over 2, tests/perks off there. Up a bit over 2% to 2 A/H. No play under 2.

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:


No comments: