Tuesday, May 22, 2012

Watchers for the 5-23-12 trading session


Again, see my previous comments. This whipsaw prone maturing Supernovae is still in play for the fade, which could be soon, since its volume on the buy side seems to be in decline. Patience is usually a virtue for shorts.


Bounce play back over 0.85/holds. No shorts. Trigger long only. Place a stop just under 0.78 at the lowest. Or use the previous session close, or initial 30 minute low of Wednesday. Avoid all big gaps, especially down ones. If it gaps just over/under the entry level, let it test/hold/perk 1st before a buy. Spike scalp, too.


In play both ways. Ideally, as a fall fail fade back under 4. If it gaps over, let it test/fail before shorting. A/H up a tad over 4. Also a short on panic dumps at or near the bell or in the afternoon. No huge gaps. Long on more upside on a test/hold/perk off 4. Cancer news sometimes has legs. If this maintains 4 it could have more. Also long on spiking up at or near the gun for a scalp. A live price action situation.


Red floater scan return. Idea is to play for more down side on day 2. Ended down almost 6.5% on Tuesday via a gap up that closed below the open after staggered up days. Stops just above 6.60 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. Medium sell volume on Tuesday which means it may have unclear chances for shorts. Avoid all big gaps, especially large gap downs. No buys.


See my previous comments. This might have more down side and in the manner I originally outlined. Watch over/under 0.15 as indicated last time. A sizable gap up prevented easier shorts back under the key price.


Hammer scan long. The tail is arguably not too long to use the low as a stop level unless the position is large. Some support is on the daily chart right where it bottomed. Use a bit under today's close for risk control. Trigger is above the high of last time, here above 5.38/holds. Avoid all big gap, especially up ones. No A/H quote. If it gaps over the trigger let it test/hold/perk 1st before entering. No shorts, keep flat on redness.


Bullish Engulfing. I like this long over the high (1.38) of Tuesday. Moderate volume on the rise, which is a decent 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 Wednesday. More conservatively a stop placed under Tuesday's close, too. The low on that day is too far away to use for stops. Ideally stays above 1.25 on pull backs to remain viable as a long if it triggers. No big gaps/shorts. Pinkie, be careful. Honor stops.

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