Tuesday, May 08, 2012

Watchers for the 5-9-12 trading session


Yet again, see my previous comments, a bounce session seems imminent. I know, I know, even  a broken clock is right twice a day, but I digress...It almost doji printed. Again, very low sell volume. Long over 4.40.


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 3.49) and holds. Avoid shorts/big gaps keep flat on true weakness. Volume strong Tuesday, a weak sign for new buys. Needs to keep above the Tuesday close or at least over 3.25 on pull backs to remain viable as a long, aside from any early noise. Down a tad A/H.


Red floater scan return. Idea is to play for more down side on day 2. Ended down on Tuesday via a gap up debut that closed below the open after a number of mainly up days. Stops just above 2.31 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. Medium sell volume Tuesday which means it may have average chances for shorts. Avoid all big gaps, especially large gap downs. No longs.


B/O scan. I like it long back over 9.45 and holds. Ideal to stay over that on tests aside from early noise if it triggers. Stops also possible just under the close on Tuesday or the 1st 30 minute low of Wednesday. Avoid all shorts and all big gaps. The low on Tuesday 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 9 on fails after trigger entering might be prudent. Early r/g? Down a tad A/H.


Bullish Engulfing. I like this long over the high (3.05) of Tuesday. 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 Wednesday. More conservatively a stop placed under Tuesday's close, too. The low on that day is not too far away to use for stops. Ideally stays above 3 on pull backs to remain viable as a long if it triggers. No big gaps/shorts. No A/H quote change.


I like this short on over extension on a gap and crap top fish or better a fall fail back under 2.75/holds.  Avoid big gap downs. Also short on confirmed weakness cues or panic dumps at any time, possibly scalping. Stops just above Tuesday's high at worst. More conservatively a bit over 2.75ish. No longs. A gap over or flat debut (likely) needs to fail at our level while a gap under ideally tests/fails it. Volume peak level. 


In play 2 ways. 1st, as a long on a perk test/hold of 6, or as a spike up at or near the gun as a buy scalp. Or, more likely, on a fall fail back under 6/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 6 in the appropriate direction 1st prior to entry except on scalps. Earnings catalyst.

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