Tuesday, June 26, 2012

Watchers for the 6-27-12 trading session


We finally got a tiny distribution session, let's hope for a bigger crack on Wednesday, but do not count on it. Given the low volume, this could be just more consolidation before even more advances. Short on on confirmed weakness cues or panic dumps at any time. No longs, get out a bit over 16.03. Avoid all big gaps, no A/H quotes. If it gaps over and fails back under 16 that would be ideal, or if it reaches for it and tops out.


See my previous comments, mostly still applicable. This has had a monster run, but might yet sell off. Ideally this gap over 14 and fall fails back under or peaks out near there to fade. Also a short on confirmed weakness cues or panic dumps at any time. Buy volume declining, a good sign. Might still not be over, so be careful. Set stops just over the high today. Up a tad A/H. No longs.


New Supernovae scan return. A 4 day move up which closed under the highs and above the open. Volume low most days, now huge. Eventually this can be shorted since it is up so absurdly. I suspect like many such plays it can go further than anyone expects, though. Conditional entry. On a higher open, it might yield a rapid green to red on Wednesday and spike down for a short scalp. This might even be a gap and crap. A fade on confirmed weakness cues anytime or heavy dumping on volume from or near the bell. Ideal is a flat or barely green or red open, followed by a big move down on volume to short into. Avoid big gaps, especially downward ones. Do not short into initial strength or greening. Box and drop to wait for the distribution print, if desired and avoid top fish timing fades. Keep flat on positive price action, avoid scalping long. Up at tad A/H. A 12 fail of some kind may prove pivotal.


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 2.36) 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 2.20 on pull backs to remain viable as a long, aside from any early noise. Down a bit over 1% A/H.


B/O scan. I like it long back over 2.21 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 may be too far away to use for risk managing stops. Also a long on spiking up at or near the gun as a scalp. Low volume on the rise, a fair sign for new buys. No A/H quote. Exiting below 2.10 or at worst 2 on fails after trigger entering might be prudent. Early r/g buy?


Bullish Engulfing. I like this long over the high (18.10) of Tuesday. Low volume on the rise, which is a fair 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 arguably not too far away to use for risk management via stops. Ideally stays above 18 on pull backs to remain viable as a long if it triggers. Exit under 17.80 surely. No big gaps/shorts. No A/H quote.


Red floater scan return. Idea is to play for more, real down side on day 2. Ended up a tad on Tuesday via a gap up that closed below the open after several up days. Stops just above 5.25 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 buy volume on Tuesday which means it may have decent chances for shorts. Avoid all longs & big gaps, especially large gap downs.

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