Note: No watchers or summaries ocurred for the Tuesday, September 27th 2011 trading session due to my being out of town and unable to access the internet. Plays for Wednesday are given here. Enjoy!
SPNC
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 (7.73) and holds. Avoid shorts, keep flat on true weakness. Price correction on daily chart. Volume on the move up strong, which is a bad sign for new buys. Needs to keep above the Tuesday close or at minimum over 7.50 on pull backs to remain viable as a long, aside from any early noise. No A/H quote change.
TRX
Another bounce play as a possible scalp from or near the bell, since a peak selling print might have happened today. Now, it CAN go lower and it's only a buy on real greening or spike ups, etc. Such bottom fishing plays are risky and tight stops are essential, using the previous day's low usually. Avoid shorts, and all big gaps.
PNM
Red floater scan return. Idea is to play for more, real down side on day 2. Closed below the open but up a bit over 0.5% on Tuesday due to the gapper. Stop above Tuesday's session high (16.90) 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. Moderate sell volume Tuesday which is decent for fades. Honor stops.
QTM
B/O scan. I like it long on a continuation play above the close or high of Tuesday. Needs to stay above 2 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. Modest volume on the rise, a fair sign for new buys. No A/H quote. Perhaps let it test and hold 2 before entering, after 5 minutes.
EGLE
Now here's an interesting one in a stock market that's frankly been devoid of all the usual really good plays we like to get into. On very modest volume this hopeful reversal play rose over 11.5% today. The previous 7 prints were all downers. I like it long over the close or high of Tuesday and holds. Or on spiking up at or near the gun as a scalp. No shorts, or big gaps. Place a stop a bit under the close of Tuesday if it triggers. One good thing is it seems to have a bottom on recent charts around 1.60 if playing smaller size with a wide stop.
TRMS
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 2.45 on a test/hold/perk off to remain viable as a long. Avoid all big gaps or shorts.
BLOAQ
This is in play both ways. As a long scalp on a gap up with early momentum or spikes at or near the bell. It could have a strong morning. And, its 5 day return is pushing Supernovae territory. Aside from a recent red day, it has really extended with yearly highs soon approaching. A dump/panic and a fail to really take 0.20 is quite possible so it's a short on that or confirmed weakness cues. A Pinkie, I prefer the eventual short. If it gaps clearly down, avoid shorting too eagerly. A flexible approach is needed here based on live price action.
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SPNC
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 (7.73) and holds. Avoid shorts, keep flat on true weakness. Price correction on daily chart. Volume on the move up strong, which is a bad sign for new buys. Needs to keep above the Tuesday close or at minimum over 7.50 on pull backs to remain viable as a long, aside from any early noise. No A/H quote change.
TRX
Another bounce play as a possible scalp from or near the bell, since a peak selling print might have happened today. Now, it CAN go lower and it's only a buy on real greening or spike ups, etc. Such bottom fishing plays are risky and tight stops are essential, using the previous day's low usually. Avoid shorts, and all big gaps.
PNM
Red floater scan return. Idea is to play for more, real down side on day 2. Closed below the open but up a bit over 0.5% on Tuesday due to the gapper. Stop above Tuesday's session high (16.90) 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. Moderate sell volume Tuesday which is decent for fades. Honor stops.
QTM
B/O scan. I like it long on a continuation play above the close or high of Tuesday. Needs to stay above 2 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. Modest volume on the rise, a fair sign for new buys. No A/H quote. Perhaps let it test and hold 2 before entering, after 5 minutes.
EGLE
Now here's an interesting one in a stock market that's frankly been devoid of all the usual really good plays we like to get into. On very modest volume this hopeful reversal play rose over 11.5% today. The previous 7 prints were all downers. I like it long over the close or high of Tuesday and holds. Or on spiking up at or near the gun as a scalp. No shorts, or big gaps. Place a stop a bit under the close of Tuesday if it triggers. One good thing is it seems to have a bottom on recent charts around 1.60 if playing smaller size with a wide stop.
TRMS
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 2.45 on a test/hold/perk off to remain viable as a long. Avoid all big gaps or shorts.
BLOAQ
This is in play both ways. As a long scalp on a gap up with early momentum or spikes at or near the bell. It could have a strong morning. And, its 5 day return is pushing Supernovae territory. Aside from a recent red day, it has really extended with yearly highs soon approaching. A dump/panic and a fail to really take 0.20 is quite possible so it's a short on that or confirmed weakness cues. A Pinkie, I prefer the eventual short. If it gaps clearly down, avoid shorting too eagerly. A flexible approach is needed here based on live price action.
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
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