Wednesday, October 05, 2011

Watchers for the 10-6-11 trading session


New Supernovae scan return. A 4 day move up which closed above the open at the hod. Volume increasing most days, like today . Eventually this can be shorted since it is up so absurdly. I suspect like many such plays it can go further than anyone expects, though. Conditional entry. On a higher open, it might yield a rapid green to red on Thursday and spike down for a short scalp. This might even be a gap and crap. A fade on confirmed weakness cues or heavy dumping on volume from or near the bell. Ideal is a flat or barely green or red open, followed by a big move down on volume to short into. Avoid big gaps, especially downward ones. Do not short into initial strength or greening. Box and drop to wait for the distribution print, if desired and avoid top fish timing fades. Keep flat on positive price action, avoid scalping long. No A/H quote change.


Red floater scan return. Idea is to play for more, real down side on day 2. Closed below the open down a bit over 1% on Wednesday. Stop above today's session high (17.77) 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 Wednesday which is neutral at best for new fades.


Another bottoming play like DRYS DYN KOG etc. Daily doji print today near key level like 3 means if it opens flat or nominally up/down and tests/holds perks up off 3 it's a long. Also long on spiking up at or near the gun as a scalp. Not a lot of volume on the draw today, which may mean this is a false bottom and more dumping is in store Thursday. A live price action situation as a fall fail of 3 and holds is a short. Or on morning panic like sells, possibly as a scalp. Avoid all big gaps. No A/H quote. Stops placed under today's close/low.


B/O scan. I like it long on a continuation play above 3.09 and holds. Needs to stay above 3.00 on pull backs to remain viable for longs. Stops also possible just under the close on Wednesday or the 1st 30 minute low of Thursday. Avoid all shorts and all big gaps. The low on Wednesday is possibly not 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. Nice move back above breached support at 3 to take and hold the line.


Bullish Engulfing. I like this long over the high of Wednesday. 4 is the ticket to eclipse. 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 Thursday. More conservatively a stop placed under Wednesday's close, too. The low on that day is possibly not too far away to use for stops. Must keep above 4.00 consistently to remain viable as a long. Avoid all big gaps/shorts. A low floater, if it gets going it should be respected. Half position over today's close the other over 4 is possible.


Long on continuation and above 2.30 and holds. Low volume rise a plus for new buys. Avoid all big gaps and shorts. Needs to keep over 2.10 consistently to remain viable as a long. Lots of momentum on this one.


Long over 1.88 as a trigger and holds. Or on spiking up at or near the gun as a scalp. No shorts or big gaps. Low volume on the rise, a plus for new buys. One hopes Thursday does not pan out like after August 9. A similar move led to a dud the next day. Nice chart with consolidation/basing that begs to be a sustained B/O.

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