Thursday, November 03, 2011

Watchers for the 11-4-11 trading session


New Supernovae scan return. A 1 day move up via news which closed off of the highs and above the open. Volume low most days, now big. 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 Friday 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. Pinkie cheapie here.


Another new Supernovae, this one had a 3+ day move up with diminishing volume, indicating a reversal may soon be at hand. Otherwise, analysis is similar for any such play, so see my comments above for general tips on entry/exit/play management angles. Also a Pinkie cheapie.


Supernovae, now re-maturing. It had a few red days on it but has almost hit its highs again from Monday. Treat this like a new Supernovae scan essentially, so the comments on the above 2 stocks broadly apply. Big volume today. Stops no higher than today's high or Monday's at most. No A/H quote change. Consolidating?


Try not to laugh, but after bouncing back today to nearly erase the Wednesday loss, this could be cautiously longed with constant monitoring if it can see 2.40+ or better yet 2.51+ on Friday. The relatively moderate buy volume might help matters for new buys if it triggers. Could redden, but it has to break the low of today and that means unless it gaps well down it has to travel a bit to be in contention for more reddening, so that's probably out. Any inching up or spike ups at or near the gun could be longed/scalped, but I would trigger it.


Bullish Engulfing. I like this long over the high of Thursday. Low volume on the rise, which is a good sign for new buyers. Keep flat on real weakness aside from a typical red to green move, etc. 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 management via stops. Ideally keeps above 1.40 on pull backs to remain in the play long. No big gaps or shorts. No A/H quote.


B/O scan. I like it long above 3 and 3.10. Ideal to stay over that on tests aside from early noise if it triggers. 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 is probably 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 decent sign for new buys. No A/H quote. Resistance at 3 which if overtaken/held might mean more gains are in store. If it gaps just over, test/perk off to enter, ideally. A scale in can be used with 1/2 taken on the 3 piercing, 2nd 1/2 over 3.10.


This appears to have promotion hitting, and it might be good for another up day Friday into the weekend. A cautious long with constant monitoring on more inching up or spikes at or near the bell. A short soon, but probably not yet. OTC a cheap one that will be back under 1 soon enough. Also long over 1.05 and holds.

Off record, watch CECO for a bottom fishing buy play Friday or soon. Watch it from the earliest you can and set a stop no lower than today's low. This is a day trade, often little more than a scalp, on a brief time frame chart in the morning. It might not be done yet, so try to catch a falling knife at your own risk.

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