Monday, May 07, 2012

Watchers for the 5-8-12 trading session


Again, I'm stubborn, see my previous comments. This is madly due for a sustained no-fake out spring day session. I like it long back over 4.50 and holds. Each distribution day has been on low volume. A good sign, despite the frustrating whip saw near miss on this Monday. Stops just under the low of today. No big gaps.


Also see my previous comments, this has really burned shorts, AND the volume came back today on accumulation, but watch anyway for the short, especially back under 13/holds. Or a spike up top fisher. Stops no higher than a tad above today's high at most. Up less than 1% A/H. Avoid all big gaps and longs.


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 1.29) and holds. Avoid shorts/big gaps keep flat on true weakness. Volume modest Monday, a fair sign for new buys. Needs to keep above the Monday close or at least over 1.20 on pull backs to remain viable as a long, aside from any early noise. Up 5% A/H. Scamex stock.


B/O scan. I like it long back over 8.05 and holds. Ideal to stay over that on tests aside from early noise if it triggers. Stops also possible just under the close on Monday or the 1st 30 minute low of Tuesday. Avoid all shorts and all big gaps. The low on Monday is arguably not 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 8 on fails after trigger entering might be prudent. Early r/g? No A/H quote.


Bullish Engulfing. I like this long over the high (12.08) of Monday. 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 Tuesday. More conservatively a stop placed under Monday's close, too. The low on that day is borderline too far away to use for stops. Ideally stays above 11.75 (12?) on pull backs to remain viable as a long if it triggers. No big gaps/shorts. Up over 1% A/H.


In play 2 ways. 1st, as a long on a perk test/hold of 4, or as a spike up at or near the gun as a buy scalp. Or, more likely, on a fall fail back under 4/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 4 in the appropriate direction 1st prior to entry except on scalps. News catalyst move.


I like this short on over extension on a gap and crap top fish or better a fall fail back under 1.16/holds.  Avoid big gap downs. Also short on confirmed weakness cues or panic dumps at any time, possibly scalping. Stops just above Monday's high at worst. More conservatively a bit over 1.20ish. No longs. A gap over or flat debut (likely) needs to fail at our level while a gap under ideally tests/fails it. Volume declining.

New users: Read my trading guide for my play set-ups!

Review my blog at Investimonials:

Follow me now on Twitter:

Watch my instructional trading videos on YouTube:

Subscribe to Big T by e-mail:

Subscribe to Big T in a news reader:

The blog has a terms of service. Be sure to read it at:

No comments: