CATY
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 19.15) and holds. Avoid shorts/big gaps keep flat on true weakness. Volume large Wednesday, a poor sign for new buys. Needs to keep above the Wednesday close or at least over 18.50 on pull backs to remain viable as a long, aside from any early noise. Nice move over 18.50 on daily chart.
GMO
Red floater scan return. Idea is to play for more, real down side on day 2. Closed up over 2.5% on Wednesday off a gap up that ended below the debut. Stop above the previous day session open (4.14) to cap losses on head fake fade entries. More conservatively, stop above the close on Wednesday 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 Wednesday means it might have decent chances to work. A 3.80 fail would be ideal. No A/H quote. Avoid all big gaps/longs. Gate dump?
ADNC
B/O scan. I like it long back over 6.94 and holds. Ideal to stay over that on tests aside from early noise if it triggers. Stops also possible just under the close on Wednesday or the 1st 30 minute low of Thursday. Avoid all shorts and all big gaps. The low on Wednesday is 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 shift. Exiting below 6.50 on fails after trigger entry might be advisable. Early r/g buy?
BODY
Bullish Engulfing. I like this long over 11/holds. Modest volume on the rise, which is a decent 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 Thursday. More conservatively a stop placed under Wednesday's close, too. The low on that day is arguably not too far away to use for stops. Ideally stays above 10.80 on pull backs to remain viable as a long if it triggers. No big gaps/shorts. No A/H quote.
MTG
In play both ways. I like this long over 2.16 and short on a fall fail back under 2 or a rebuffed attempt. Could use a bit more volume. Avoid all big gaps. The easiest play will be a flat or nominally up/down debut that challenges 2.16 successfully, and overtakes the trigger price. Or the same with a ceiling at 2. Any gap over 2.16 needs to be played carefully. If it's just over, and holds on a test and perks off, longs are in play. If it does not hold the floor, a short is. As usual, heavy volume spikes up or down are scalp bait with discretion.
BRCD
Hammer scan long. The tail is not too long to use the low as a stop level unless the position is very large. Use the previous session close alternatively instead. Trigger is above the high of last time, here above 5.69/holds. Avoid all big gaps, especially up ones. 5.70+ is the ticket. No A/H quote. If it gaps over the trigger or 5.70 let it test/hold/perk 1st before entering. No shorts, keep flat on redness.
ONVO
Bearish Engulfing. I like it short below the low (2.61) of Wednesday. Big volume on the drop, which is a poor 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 Thursday. More conservatively a stop placed above Wednesday's close, too. The high on that day is too far away to use for risk control via stops. Ideally keeps under 2.75ish on any pull ups to remain viable as a short. Avoid all big gaps/longs.
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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 19.15) and holds. Avoid shorts/big gaps keep flat on true weakness. Volume large Wednesday, a poor sign for new buys. Needs to keep above the Wednesday close or at least over 18.50 on pull backs to remain viable as a long, aside from any early noise. Nice move over 18.50 on daily chart.
GMO
Red floater scan return. Idea is to play for more, real down side on day 2. Closed up over 2.5% on Wednesday off a gap up that ended below the debut. Stop above the previous day session open (4.14) to cap losses on head fake fade entries. More conservatively, stop above the close on Wednesday 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 Wednesday means it might have decent chances to work. A 3.80 fail would be ideal. No A/H quote. Avoid all big gaps/longs. Gate dump?
ADNC
B/O scan. I like it long back over 6.94 and holds. Ideal to stay over that on tests aside from early noise if it triggers. Stops also possible just under the close on Wednesday or the 1st 30 minute low of Thursday. Avoid all shorts and all big gaps. The low on Wednesday is 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 shift. Exiting below 6.50 on fails after trigger entry might be advisable. Early r/g buy?
BODY
Bullish Engulfing. I like this long over 11/holds. Modest volume on the rise, which is a decent 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 Thursday. More conservatively a stop placed under Wednesday's close, too. The low on that day is arguably not too far away to use for stops. Ideally stays above 10.80 on pull backs to remain viable as a long if it triggers. No big gaps/shorts. No A/H quote.
MTG
In play both ways. I like this long over 2.16 and short on a fall fail back under 2 or a rebuffed attempt. Could use a bit more volume. Avoid all big gaps. The easiest play will be a flat or nominally up/down debut that challenges 2.16 successfully, and overtakes the trigger price. Or the same with a ceiling at 2. Any gap over 2.16 needs to be played carefully. If it's just over, and holds on a test and perks off, longs are in play. If it does not hold the floor, a short is. As usual, heavy volume spikes up or down are scalp bait with discretion.
BRCD
Hammer scan long. The tail is not too long to use the low as a stop level unless the position is very large. Use the previous session close alternatively instead. Trigger is above the high of last time, here above 5.69/holds. Avoid all big gaps, especially up ones. 5.70+ is the ticket. No A/H quote. If it gaps over the trigger or 5.70 let it test/hold/perk 1st before entering. No shorts, keep flat on redness.
ONVO
Bearish Engulfing. I like it short below the low (2.61) of Wednesday. Big volume on the drop, which is a poor 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 Thursday. More conservatively a stop placed above Wednesday's close, too. The high on that day is too far away to use for risk control via stops. Ideally keeps under 2.75ish on any pull ups to remain viable as a short. Avoid all big gaps/longs.
New users: Read my trading guide for my play set-ups!
Review my blog at Investimonials:
Follow me now on Twitter:
Watch my instructional trading videos on YouTube:
Subscribe to Big T by e-mail:
Subscribe to Big T in a news reader:
The blog has a terms of service. Be sure to read it at:
http://traderbigt.blogspot.com/2010/02/please-read-my-terms-of-service-i.html
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