Monday, June 25, 2012

Watchers for the 6-26-12 trading session


Yeah, I'm not just stubborn, I'm really stubborn. Hopefully a 6 fail. Low volume rise again. Literally straight up for ages, this could yield a short at some point. See my previous comments, still in effect. Stop over 16.


First red day Supernovae. Finished red by less than 5% last time, so more down side might be realistic. If it had fallen much more than 10% then less could be expected as plausible. Always watch day 2 of a busted one. The plan is to play for more reddening on day 2. Conditional entry. A flat, nominally green or red open that immediately sells off on heavy volume or sports traditional confirmed weakness cues is a fade entry. Keep flat on high volume greening or strength, especially early. This is somewhat ess likely given the medium degree of reddening on Monday. Avoid entries as a short on big gaps up or down, but down is probably worse. Keep flat on consistently strong price action, like trading above the opening price level. Avoid spike up long scalps, too. Volume declining, which is not bad news for shorts.


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 1.15) and holds. Avoid shorts/big gaps keep flat on true weakness. Volume medium Monday, a neutral sign for new buys. Needs to keep above the Monday close or at least over 1.10 on pull backs to remain viable as a long, aside from any early noise.


B/O scan. I like it long back over 4 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 too far away to use for risk managing stops. Also a long on spiking up at or near the gun as a scalp. Big volume on the rise, a poor sign for new buys. Up 2.5% A/H. Exiting below 4 or at worst 3.75 on fails after trigger entering might be prudent. Early r/g possible to buy.


Bullish Engulfing. I like this long over the high (4.09) of Monday. 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 Tuesday. More conservatively a stop placed under Monday's close, too. The low on that day is arguably not too far away to use for risk management via stops. Ideally stays above 4 on pull backs to remain viable as a long if it triggers. Exit under 3.95 surely. No big gaps/shorts. No A/H quote.


See my previous comments. Still applicable. I am still short biased on over extension. Place a stop just over 13 and honor it. Down a tad A/H so a weak open and an early r/g is possible but I am avoiding longs here.


I like this short on over extension on a gap and crap top fish or better a fall fail back under 3/holds. Avoid big gap downs. Also short on confirmed weakness cues or panic dumps at any time, possibly scalping. Down a tad A/H. Keep in mind many plays like this go on longer than seems rational; it would not surprise me if it overtakes 3.15 and keeps going a bit. Stops above Monday's high at worst.

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