Monday, June 04, 2012

Watchers for the 6-5-12 trading session


See my previous comments again. Supernovae still maturing. Volume on the buy side lessening, a promising sign, but be respectful of it still. A 3.40 05 3.50 fail is ideal here. As are any confirmed weakness cues, etc.


New Supernovae scan return. A 1 day move up which closed under the highs and above the open. Volume varied most days, now modest. 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 Tuesday 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. A 2.75 or 2.50 fail of some kind may prove pivotal. Down A/H over 1%. 1:6 stock split situation.


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 7.28) and holds. Avoid shorts/big gaps keep flat on true weakness. Volume large Monday, a poor sign for new buys. Needs to keep above the Monday close or at least over 6.90 on pull backs to remain viable as a long, aside from any early noise. No A/H quote.


Red floater scan return. Idea is to play for more, real down side on day 2. Closed up almost 4.5% on Monday off a gap up that ended below the debut. Stop above the previous day session high (6.70) to cap losses on head fake fade entries. More conservatively, stop above the close on Monday if it starts off net negative. I'm only into the shorting possibility if it surfaces, keeping flat on strength. Also a short on heavy volume dumps/confirmed weakness cues. Big buy volume on Monday means it might have fair chances to work. A 5.50 fail would be ideal. Ignore A/H quotes. Avoid all big gaps and longs. Pinkie, so be careful.


B/O scan. I like it long above 2.25. 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. Modest volume on the rise, a fair sign for new buys. No A/H quote. If it does not spike up at the outset and retreats, letting it test and hold/perk off 2.20+ first is suggested.


Bullish Engulfing. I like this long over the high (0.67) 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 almost too far away to use for stops. Ideally stays above 0.65 on pull backs to remain viable as a long if it triggers. No big gaps/shorts. No A/H quote change.


In play both ways. Ideally, as a fall fail fade back under 2. If it gaps over, let it test/fail before shorting. A test from below that fails there works, too. Up over 6% A/H. 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 2. 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 2 test that prevails.

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