Wednesday, May 09, 2012

Watchers for the 5-10-12 trading session


See my previous comments. Over extension still in play with similar approaches. Volume lessened, place stop over today's high a most. No A/H quote. Avoid all big gap downs. If well up, let it trade under the open 1st before shorting. A fall day is coming soon, if not tomorrow.


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 10.02) and holds. Avoid shorts/big gaps keep flat on true weakness. Volume strong Wednesday, a weak sign for new buys. Needs to keep above the Wednesday close or at least over 9.50 on pull backs to remain viable as a long, aside from any early noise. No A/H quote change.


B/O scan. I like it long back over 5.15 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 decent sign for new buys. Exiting below 5 on fails after trigger entering might be prudent. Early r/g? No A/H quote change.


Bullish Engulfing. I like this long over the high (15.03) of Wednesday. 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 Thursday. More conservatively a stop placed under Wednesday's close, too. The low on that day is too far away to use for stops. Ideally stays above 14.75 on pull backs to remain viable as a long if it triggers. No big gaps/shorts. Down almost 1.5% A/H.


I like this short on over extension on a gap and crap top fish or better a fall fail back under 1.50/holds.  Avoid big gap downs. Also short on confirmed weakness cues or panic dumps at any time, possibly scalping. Stops just above Wednesday's high at worst. More conservatively a bit over 1.59ish. No longs. A gap over or flat debut (likely) needs to fail at our level while a gap under ideally tests/fails it. Volume peaked.


In play 2 ways. 1st, as a long on a perk test/hold of 7.50, or as a spike up at or near the gun as a buy scalp. Or, more likely, on a fall fail back under 7.50/holds as a short. Panic dumps back under there at any time are also sell scalps. Or on typical confirmed weakness cues. Avoid all big gaps. No A/H quote. If it gaps over or under it needs to test 7.50 in the appropriate direction 1st prior to entry except on scalps.


I like this long on a continuation (of momentum) play over 5.06 and holds. Price correction move on the daily with previous high @ 5.05. Obviously, aside from early noise or a typical red to green move this needs to hold 5 on a test 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 a fall fail at 5 if tested. Avoid all big gaps, as usual. No A/H quote.

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