Wednesday, April 11, 2012

Watchers for the 4-12-12 trading session


New Supernovae scan return. A 3 day move up which closed under the highs and above the open. Volume increasing the past few days, now huge. 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 anytime 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. Up A/H 2.5%+


Another new Supernovae, this one has comments similar to that for the above play, see those comments for details. A gap up that closed under the open off a steady decay. Another day possible tomorrow. No A/H quote.


Bullish Engulfing. I like this long over the high (3.43) of Wednesday. Modest volume on the rise, which is a fair 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 Thursday. More conservatively a stop placed under Wednesday's close, too. The low on that day is arguably not too far away to use for stops. Ideally stays above 3.30 on pull backs to remain viable as a long if it triggers. No big gaps/shorts. Up A/H about 0.50%.


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 (over 8.55) and holds. Avoid shorts/big gaps keep flat on true weakness. Volume large Wednesday, a tepid sign for new buys. Needs to keep above the Wednesday close or at least over 8 on pull backs to remain viable as a long, aside from any early noise. More conservatively, needs to keep above 8.50ish.


B/O scan. I like it long back over 3.98 and holds. Ideal to stay over that on tests aside from early noise if it triggers. 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 arguably 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. Exiting below 3.90 on fails after trigger entering might be prudent. Early r/g? No A/H quote.


I like this short on a gap and crap top fish or better a fall fail back under 4/holds. Avoid big gap downs. Also short on confirmed weakness cues or panic dumps at any time, possibly scalping. Flat on more upside and 4 test holds. Stops a bit above 4. Up 7% A/H. Also short on confirmed weakness cues. Low float, previous mover, so be careful and get out on reversals over 4ish/holds as it could keep going. Spike up open fade?


I like this short below 9/holds. Or on panic/spikes at any time, especially back beneath 9. If it gaps under let it test/fail at 9 before entering. Also a short on confirmed weakness cues. Down a tad A/H. No longs. Stay flat on strength. Avoid all big gaps. Support on daily chart is at 9, so it could really accelerate if that is taken out.

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