Friday, May 17, 2013

Watchers for the 5-20-13 trading session


New Supernovae scan return. A 1 day move up which closed above the highs and above the open. Volume modest 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.


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 6.00) and holds. Avoid shorts, keep flat on true weakness. Nice move above 5.50. Needs to keep above the Friday close, or at least above 5.75 on pull backs to remain viable as a long, aside from any early noise. Up A/H over 2%.


Red floater scan return. Idea is to play for more down side on day 2. Closed red over 1% on Friday off a gap down open that ended below the debut. Stop just above the Friday session high (14.12) 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 sell volume on Friday means it might have suspect chances to work. A 13.50 fail would be ideal or one at 13.75. Avoid big gaps/longs. Panic dump?


B/O scan. I like it long back over 4.19 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 Monday. 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 neutral sign for new buys. No A/H quote. Exiting below 4 on fails after trigger entry is possibly advisable. Early r/g? Chart gap above 4.19.


Bullish Engulfing. I like this long over 11.13/holds. 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 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 10.98 on pull backs to remain viable as a long if it triggers. No big gaps or shorts. No A/H quote.


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 open alternatively instead. Trigger is above the high of last time, here above 17.77/holds. Avoid all big gaps, especially up ones. If it gaps over the trigger or 17.73 let it test/hold/perk 1st before entering. No shorts, keep flat on redness. Modest buy volume, could mean their interest is plausible, suggesting reversal.


Bearish Engulfing. I like it short below the low (7.99) of Friday. Low volume on the drop, which is a fair 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 Monday. More conservatively a stop placed above Friday's close, too. The high on that day is likely not too far away to use for risk control via stops. Ideally keeps under 8.20 on any pull ups to stay viable as a short. Avoid all big gaps/longs. Up A/H about 0.50%.

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