FNMA
First red day Supernovae. Finished down almost 28% 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 very likely given the large red result of Wednesday. 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 wider. At best, weak short signals.
FMCC
See the above comments for this related equity. Also plunged with same price action. Potential short, but again given it reddened so much today gravy may not arrive.
TGIC
Another initial red session Supernovae, see the comments for the 1st stock mentioned. Same approach. Also fell on fairly decent volume over 22% so more reddening could be meager.
QUAN
Yet another 1st red day Supernovae. Again, see the comments for FNMA which define the rough shorting approach. This one still fell a lot, over 18%, but that's less than the first 3 stocks. Also volume was less, etc.
ARTX
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 1.93) and holds. Avoid shorts, keep flat on true weakness. Nice move above 1.50. Needs to keep above the Wednesday close, or at least above 1.75 on pull backs to remain viable as a long, aside from any early noise. Up A/H over 0.50%.
CPST
Red floater scan return. Idea is to play for more down side on day 2. Closed south 2.5% or so on Wednesday off a flat open that ended below the debut. Stop just above the Wednesday session high (1.18) 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 Wednesday means it might have unclear chances to work. A 1.17 fail would be ideal. Avoid big gaps/longs. Panic dump?
CLSN
B/O scan. I like it long back over 1.59 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. Huge volume on the rise, a poor sign for new buys. Up about 2% A/H. Exiting below 1.50 on fails after trigger entry is possibly advisable. Early r/g?
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First red day Supernovae. Finished down almost 28% 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 very likely given the large red result of Wednesday. 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 wider. At best, weak short signals.
FMCC
See the above comments for this related equity. Also plunged with same price action. Potential short, but again given it reddened so much today gravy may not arrive.
TGIC
Another initial red session Supernovae, see the comments for the 1st stock mentioned. Same approach. Also fell on fairly decent volume over 22% so more reddening could be meager.
QUAN
Yet another 1st red day Supernovae. Again, see the comments for FNMA which define the rough shorting approach. This one still fell a lot, over 18%, but that's less than the first 3 stocks. Also volume was less, etc.
ARTX
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 1.93) and holds. Avoid shorts, keep flat on true weakness. Nice move above 1.50. Needs to keep above the Wednesday close, or at least above 1.75 on pull backs to remain viable as a long, aside from any early noise. Up A/H over 0.50%.
CPST
Red floater scan return. Idea is to play for more down side on day 2. Closed south 2.5% or so on Wednesday off a flat open that ended below the debut. Stop just above the Wednesday session high (1.18) 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 Wednesday means it might have unclear chances to work. A 1.17 fail would be ideal. Avoid big gaps/longs. Panic dump?
CLSN
B/O scan. I like it long back over 1.59 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. Huge volume on the rise, a poor sign for new buys. Up about 2% A/H. Exiting below 1.50 on fails after trigger entry is possibly advisable. Early r/g?
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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