Sunday, November 06, 2011

Watchers for the 11-7-11 trading session


New Supernovae scan return. A 4 day move up which closed off of the highs and above the open. Volume increasing most days, now peak. 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 Monday 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. Another cheapie here.


Also a new Supernovae scan return, this one had a big gap up in another price range area and also advanced nicely. Up over 1% A/H. It's a 1 day move currently. News catalyst. See my comments for the above play, roughly applicable here aside from the particulars just mentioned. Might not be done yet, fade only clear fails.


First red day Supernovae. Finished down a bit over 5.5% last time, so more down side might be realistic. If it had fallen much more than 10% then less could be expected as plausible. Always watch day 2 of a busted one. The plan is to play for more reddening on day 2. Conditional entry. A flat, nominally green or red open that immediately sells off on heavy volume or sports traditional confirmed weakness cues is a fade entry. Keep flat on high volume greening or strength, especially early. This is only somewhat likely given the modest red result of Friday. Avoid entries as a short on big gaps up or down, but down is probably worse. Keep flat on consistently strong price action, like trading above the opening price level. Avoid spike up long scalps, too. Selling volume was modest, range medium. Not very unfavorable signals for new shorts either.


Another 1st red day Supernovae scan return, closing south by a bit less than 3.5% on Friday. Analysis is similar to that for the above play, so see those comments for general tips on entry/exit/ trade management. Very modest selling volume is another plus for new fades. Range a bit wider, but manageable. No A/H quote.


New 52's. Short term, these yearly high stocks usually 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 (6.69) and holds. Avoid shorts/big gaps keep flat on true weakness. Nice daily chart move ascending triangle B/O above 6. Volume large today, a poor sign for new buys. Needs to keep above the Friday close or at least over 6 on pull backs to remain viable as a long, aside from any early noise. No A/H quote.


Multiple top on the daily chart at 0.95 coincidentally the 200 day simple moving average. In play both ways. As a long above that and holds or on spiking up (scalp) at or near the gun. Or as a short on spike downs (scalp) at or near the bell or on fails at the above level as a ceiling. If it gaps just over, let it test/hold/perk before buying or fall fail back under before shorting. OTC cheapie, be aware. My bet is fade more likely.


Incredible. See my comments for last time, still applicable. 2.51+ test coming, if that tests and holds it could keep going, or we might see another sell off at/near there as a logical profit taking point. A live price action situation with a long bias, at least up to the resistance level. Monitored longs on likely inching up are key here.

Off table, 2 plays caught my eye. ALSK a Red floater, has had 7 of 8 up sessions in a row and is a fade on confirmed weakness cues/spike downs with a stop not much higher than 7.85 while BIOF a revamped Supernovae, could be short term topping as well with some daily chart resistance from 0.60-0.63 or so, etc.

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: