Saturday, September 01, 2012

Watchers for the 9-4-12 trading session


New Supernovae scan return. A 3 day move up which closed under the highs and above the open. Volume modest 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 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. 0.70 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 2.57) and holds. Avoid shorts/big gaps keep flat on true weakness. Volume strong Friday, a poor sign for new buys. Needs to keep above the Friday close or at least over 2.25 on pull backs to remain viable as a long, aside from any early noise.


Red floater scan return. Idea is to play for more down side on day 2. Ended down over 0.5% on Friday via a gap up that closed below the open after 1 big up day. Stops just above 8.72 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. Modest sell volume on Friday which means it may have decent chances for shorts. Avoid all longs and big gaps, especially large gap downs. No A/H quote.


B/O scan. I like it long back over 2.85 and holds. Ideal to stay over that on tests aside from early noise if it triggers. Stops also possible just under the close on Friday or the 1st 30 minute low of Tuesday. Avoid all shorts and all big gaps. The low on Friday is likely too far away to use for risk managing stops. Also a long on spiking up at or near the gun as a scalp. Moderate volume on the rise, a decent sign for new buys. No A/H quote. Exiting below 2.80 on fails after trigger entering might be prudent. Early r/g buy?


Hammer scan long. The tail is not too long to use the low as a stop level unless the position is very big. Use the previous session close alternatively. Trigger is above the high of last time, here above 21.38/holds. Avoid all big gaps, especially up ones. 21.50+ is the ticket. No A/H quote. If it gaps over the trigger or 21.50 let it test/hold/perk 1st before entering. No shorts, keep flat on redness. Possible early weakness r/g move to buy.


Bullish Engulfing. I like this long over the high (0.64) of Friday. Modest 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 Tuesday. More conservatively a stop placed under Friday's close, too. The low on that day is too far away to use for stops. Ideally stays above 0.60 on pull backs to remain viable as a long if it triggers. No big gaps/shorts. No A/H quote.


I like this short on over extension on a gap and crap top fish or better a fall fail back under 5.50/holds. Avoid big gap downs. Also short on confirmed weakness cues or panic dumps at any time, possibly scalping. No A/H quote. Keep in mind many plays like this go on longer than expected; it would not surprise me if it overtakes 5.60 and keeps going a bit. Stops above Friday's high at worst.

Off record, watch ABCP for a fade entry back under 2.50/holds. Keep flat on more greening. Almost made my ordinary list...

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