Thursday, May 10, 2012

Watchers for the 5-11-12 trading session


Again, see my previous comments. Little has changed. This potential over extension advanced again today, with declining volume, so a retreat is near in the cards likely. Stop above today's high at most. Avoid big gap downs.


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 13.98) and holds. Avoid shorts/big gaps keep flat on true weakness. Volume strong Thursday, a weak sign for new buys. Needs to keep above the Thursday close or at least over 13 on pull backs to remain viable as a long, aside from any early noise. No A/H quote change.


Red floater scan return. Idea is to play for more down side on day 2. Ended up a tad on Thursday via a gap up that closed below the open after 3 up days. Stops just above 19.70 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. Modest volume on Thursday which means it may have fair chances for shorts. Avoid all big gaps, especially large gap downs. No buys. No A/H quote change.


B/O scan. I like it long back over 2.09 and holds. 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 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 2 on fails after trigger entering might be prudent. Early r/g? No A/H quote.


Bullish Engulfing. I like this long over the high (0.32) of Thursday. 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 Friday. More conservatively a stop placed under Thursday's close, too. The low on that day is arguably too far away to use for stops. Ideally stays above 0.30 on pull backs to remain viable as a long if it triggers. No big gaps/shorts.


In play 2 ways. 1st, as a long on a perk test/hold of 5.50, or as a spike up at or near the gun as a buy scalp. Or, more likely, on a fall fail back under 5.50/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. Down A/H less than 0.50%. If it gaps over or under it needs to test 5.50 in the appropriate direction 1st prior to entry except on scalps.


A daily chart eying a potential B/O with a rough cup correction interim over 4.50/holds. No shorts, keep flat on really weak price action. Modest buy volume today, a decent sign for potential longs if it triggers. Or on consistent moves above the noise candle, or as a scalp buy on spike ups at or near the gun. Avoid big gaps. No A/H quote. Resistance is clear on the chart the past few months at the above level. Possible swing play.

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