Friday, April 20, 2012

Watchers for the 4-23-12 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 Monday 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 up price action, avoid buy scalps.


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 10.13) and holds. Avoid shorts/big gaps keep flat on true weakness. Volume large Friday, a lame sign for new buys. Needs to keep above the Friday close or at least over 9.60 on pull backs to remain viable as a long, aside from any early noise. More conservatively, needs to stay over 9.75ish.


Red floater scan return. Idea is to play for more down side on day 2. Ended down on Friday via a gap up that closed below the open after 5 up days. Stops just above 5.45 tops to cap losses on head fake fade entries. I'm only into the shorting possibility if it surfaces, keeping flat on strength. Also a short on heavy volume dumps/confirmed weakness cues. Moderately strong sell volume Friday which means it may have unclear chances for shorts. Avoid all big gaps, especially large gap downs. No buys. No A/H quote.


See my previous comments, for general considerations. This has really sped up and I am still not longing anymore, though probably leaving money on the table. Looking to fade this promoted overdone fiasco. Be not stubborn, though, and set reasoned stops on reversals if it whipsaws. Might die from where it's at or may make a run and peak at 2. Quite a ride thus far. Remember no top fishing, short only into weakness here.


Bullish Engulfing. I like this long over the high (1.00) of Friday. Big volume on the rise, which is a poor 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 Monday. More conservatively a stop placed under Friday's close, too. The low on that day is too far away to use for stops. Ideally stays above 0.90 on pull backs to remain viable as a long if it triggers. No big gaps/shorts. No A/H quote.


B/O scan. I like it long back over 0.75 and holds. Ideal to stay over that on tests aside from early noise if it triggers. Stops also possible just under the close on Friday or the 1st 30 minute low of Monday. Avoid all shorts and all big gaps. The low on Friday is too far away to use for risk managing stops. Also a long on spiking up at or near the gun as a scalp. Medium volume on the rise, a tepid sign for new buys. Exiting below 0.67 on fails after trigger entering might be prudent. Early r/g? Up over 1% A/H.


I like this long on a continuation (of momentum) play above 9 and holds. Obviously, aside from early noise or a typical red to green move this needs to hold 8.75 if tested to remain/be viable as a long. Also a long on spiking up at or near the bell for a long scalp. Keep flat on real weakness or trigger fail. Avoid all big gaps, as usual. Up A/H a bit over 0.50%. 9 over/under is the area of interest. A weak open with reversal possible.

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