Thursday, September 22, 2011

Watchers for the 9-23-11 trading session


Again, see my previous comments. This has frustrated shorts a lot, but it still might provide a clean drop to fade into on confirmed weakness cues or panic dumps. Low volume red session in addition to a gap down has mixed potential for new sellers. Avoid all longs, big gaps, etc. Only short if it really falters.


The broader market is diving lately, so any long play with a non-promotion based stock is suspect, but I like this to buy on a trigger only over 12.20 and holds. It came close today, despite the Dow. Avoid all big gaps and shorts, keeping flat on weak price action. It needs to consistently hold 12, set stops just under that.


Red floater scan return. Idea is to play for more, better down side on day 2. Closed below the open but up over 9.5% on Thursday. 2 previous days of up closes. Stop above Thursday's session high (1.85) to cap losses on head fake fade entries. More conservatively, stop above the Friday 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. Big buy volume Thursday which is fair for fades if it decays. Obey stops.


Bullish Engulfing. I like this long over the close or high of Thursday. 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 Friday. More conservatively a stop placed under Thursday's close, too. The low on that day is arguably not too far away to use for risk control via stops. Must keep above 6.00 on any pull back to remain viable as a long. Avoid all big gaps or shorts.


B/O scan. I like it long on a continuation play above the close or high (3.39) of Thursday. Needs to stay above 3.00 on pull backs to remain viable for longs. Stops also possible just under the close on Thursday or the 1st 30 minute low of Friday. Avoid all shorts and all big gaps. The low on Thursday may be a bit too far away to use for risk managing stops. Also a long on spiking up at or near the gun as a scalp. Huge volume on the rise, a poor sign for new buys. No A/H quote.


With 7 out of 8 sessions risings, despite this making my BO scan, I like this short on a fall fail back under 1 and holds, or at least as a scalp fade on spiking down/morning panic dumps at or near the open. No longs, avoiding all big gaps. No A/H quote. Ideally, it opens flat or barely up/down and breaks under 1 to fade. If it gaps under and tests it early while failing, that may suffice as well. Stops just over the high of Thursday or the close or the initial 30 minute high Friday if applicable.


Cancer news catalyst might have some typical legs Friday if it gets going. A long scalp on spike ups at or near the gun. Or if it trades consistently above the open after 5 minutes go long. Another Bullish Engulfing situation. No A/H quote. Needs to keep above 9 at minimum for longs to remain plausible after entry. Stops just under the close Thursday more conservatively. The low of the same is too far away for managing risk.

Off table, you can watch KGN and even NOAH for early/at bell bounces. Such bottom fishing is risky, though. You are trying to catch a falling knife as it were...

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