Thursday, June 21, 2012

Watchers for the 6-22-12 trading session


Yeah, I'm stubborn, what can I say. This has burned lots of early shorts, and it still screams short on weakness, though on low volume it has and may continue to rise a bit more before a correction. See my previous comments, as usual, which are mostly identical. No big gap downs or longs. No A/H quote shift.


Red floater scan return. Idea is to play for more down side on day 2. Ended down about 3% on Thursday via a gap up that closed below the open after several up days. Stops just above 5.35 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. Small sell volume on Thursday which means it may have decent chances for shorts. Avoid all longs & big gaps, especially large 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 11.71) 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 11.50 on pull backs to remain viable as a long, aside from any early noise. Up A/H almost 2.5% but might squeeze shorts.


B/O scan. I like it long above 6.17. 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 possibly 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 neutral sign for new buys. No A/H quote. Avoid all big gaps. Possible stop just under 6?


Bullish Engulfing. I like this long over the high (11.10) of Thursday. Big volume on the rise, which is a poor 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 too far away to use for risk management via stops. Use 10.50 instead. Ideally stays above 11 on pull backs to remain viable as a long if it triggers. No big gaps/shorts.


Bearish Engulfing. I like it short below the low (4.15) of Thursday. Small volume on the drop, which is a good sign for new sellers. Keep flat on real strength aside from a typical green to red move, etc. Stops just above the high last time or the initial 30 minute one on Friday. More conservatively a stop placed above Thursday's close, too. The high on that day is probably too far away to use for risk control via stops. Ideally keeps under 4.30ish on any pull ups to remain viable as a short. Avoid all big gaps/longs.


In play both ways. 1st, as a fall fail fade back under 4. If it gaps over, let it test/fail before shorting. A test from below that fails there works, too. Up A/H 1%-ish. 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 If this maintains this it could have more. Also long on spiking up at or near the gun for a scalp. An over/under live price action call. Possible red to green long after a weak open and 4 test that prevails. 

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