KERX
First red day Supernovae. Finished down more than 21.5% last time, so more down side might not be in the cards. If it had fallen much less than 10% then more 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 rather likely given the clear red result of Friday. 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 after the noise candle. Avoid spike up long scalps, too. Selling volume was medium, range more extensive, not ideal signals for new shorts.
WUHN
See above. Another initial red session Supernovae, by virtue of a gap down. It doji printed Friday on modest selling volume. 0.30 fail ideal.
ABIO
See my comments on KERX for general tips on yet another 1st red day Supernovae. Closed south by almost 24.5% Friday. Not huge selling volume, but wider range, mixed signals for new shorts.
MJNA
New Supernovae scan return. A 5 day move up which closed below the highs and above the open. Volume rising most days, peak Friday. 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 Monday 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 scalps.
OMCL
New 52's. Short term, these yearly high stocks often 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 18) and holds. Avoid shorts, keep flat on true weakness. Nice move above 16.50. Needs to keep above the Friday close, or at least above 17 on pull backs to remain viable as a long, aside from any early noise. 18+ ideal.
RTIX
Red floater scan return. Idea is to play for more down side on day 2. Closed up over 0.50% on Friday off a gap up open that ended below the debut. Stop just above the Friday session high (4.98) 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. Moderately strong buy volume on Friday means it might have suspect chances to work. A 5 fail would be ideal. Or 4.92. Avoid big gaps/longs. Gate dump?
BBVA
Bullish Engulfing. I like this long over 10.05/holds. Moderate volume on the rise, which is a neutral 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 Monday. More conservatively a stop placed under Friday's close, too. The low on that day is not too far away to use for stops. Ideally stays above 9.88 on pull backs to remain viable as a long if it triggers. No big gaps or shorts. No A/H quote. 10+ ideal, obviously.
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
First red day Supernovae. Finished down more than 21.5% last time, so more down side might not be in the cards. If it had fallen much less than 10% then more 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 rather likely given the clear red result of Friday. 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 after the noise candle. Avoid spike up long scalps, too. Selling volume was medium, range more extensive, not ideal signals for new shorts.
WUHN
See above. Another initial red session Supernovae, by virtue of a gap down. It doji printed Friday on modest selling volume. 0.30 fail ideal.
ABIO
See my comments on KERX for general tips on yet another 1st red day Supernovae. Closed south by almost 24.5% Friday. Not huge selling volume, but wider range, mixed signals for new shorts.
MJNA
New Supernovae scan return. A 5 day move up which closed below the highs and above the open. Volume rising most days, peak Friday. 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 Monday 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 scalps.
OMCL
New 52's. Short term, these yearly high stocks often 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 18) and holds. Avoid shorts, keep flat on true weakness. Nice move above 16.50. Needs to keep above the Friday close, or at least above 17 on pull backs to remain viable as a long, aside from any early noise. 18+ ideal.
RTIX
Red floater scan return. Idea is to play for more down side on day 2. Closed up over 0.50% on Friday off a gap up open that ended below the debut. Stop just above the Friday session high (4.98) 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. Moderately strong buy volume on Friday means it might have suspect chances to work. A 5 fail would be ideal. Or 4.92. Avoid big gaps/longs. Gate dump?
BBVA
Bullish Engulfing. I like this long over 10.05/holds. Moderate volume on the rise, which is a neutral 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 Monday. More conservatively a stop placed under Friday's close, too. The low on that day is not too far away to use for stops. Ideally stays above 9.88 on pull backs to remain viable as a long if it triggers. No big gaps or shorts. No A/H quote. 10+ ideal, obviously.
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
No comments:
Post a Comment