Tuesday, May 14, 2013

Watchers for the 5-15-13 trading session


First red day Supernovae. Finished down 35%+ 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 is rather likely given the big red result of Tuesday. 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 big, range was too. At best mixed signals for new shorts here.


Supernovae, still maturuing. Finished up over 10% today on strong volume. Still looking to fade a dump.


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 13.93) and holds. Avoid shorts, keep flat on true weakness. Nice move above 13.50. Needs to keep above the Tuesday close, or at least above 13.50 on pull backs to remain viable as a long, aside from any early noise. Up a tiny tad A/H.


Red floater scan return. Idea is to play for more down side on day 2. Closed red on Tuesday off a flat open that ended below the debut. Stop just above the Tuesday session high (2.73) 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. Moderate sell volume on Tuesday means it might have unclear chances to work. A 2.50 fail would be ideal. Avoid big gaps/longs. Panic dump?


B/O scan. I like it long back over 4.89 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 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. Low volume on the rise, a good sign for new buys. Tiny A/H quote change. Exiting below 4.80 on fails after trigger entry is possibly advisable. Early r/g?


Bullish Engulfing. I like this long over 14.30/holds. 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 Wednesday. More conservatively a stop placed under Tuesday's close, too. The low on that day is likely not too far away to use for stops. Ideally stays above 14.20 on pull backs to remain viable as a long if it triggers. No big gaps or shorts. Up A/H less than 0.50%.


Hammer scan short. The tail is not too long to use the high as a stop level unless the position is very large. Can use a bit above Tuesday's open for risk control. Trigger is below the low of last time, here under 8.84/holds. Avoid all big gaps, especially down ones. No A/H quote move. If it gaps under the trigger let it test/hold/fall from there 1st before entering. No longs. The other idea is to play for a 9 fail as the ceiling. Stop above Tuesday's high at the most if more aggressive.

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