Friday, June 14, 2013

Watchers for the 6-17-13 trading session


First red day Supernovae. Finished down over 11.5% 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 is fairly 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 modest, range medium. At best, mixed short signals.


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 4.49) and holds. Avoid shorts, keep flat on true weakness. Nice move above 4. Needs to keep above the Friday close, or at least above 4.25 on pull backs to remain viable as a long, aside from any early noise. Up A/H a bit less than 0.50%.


B/O scan. I like it long back over 0.54 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 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 0.50 on fails after trigger entry is possibly advisable. Early r/g?


Bullish Engulfing. I like this long over 3.48/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 Monday. More conservatively a stop placed under Friday's close, too. The low on that day is too far away to use for stops. Ideally stays above 3.25 on pull backs to remain viable as a long if it triggers. No big gaps or shorts. No A/H quote.


In play both ways. As a long on continuation of momentum above 2.89/holds. Or as a scalp up at or near the gun for a scalp buy. Or, as a short on a fall fail of 2.70 and holds. Or as a scalp sell on a pop down at or near the bell. Avoid all big gaps. Be careful maintaining a short on a reversal back over 2.70. The fade is more likely given the price action on Friday, but keep an open mind. Modest float.


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 10.52/holds. Avoid all big gaps, especially up ones. If it gaps over the trigger or 10.42 let it test/hold/perk 1st before entering. No shorts, keep flat on redness. Low sell volume, which could mean overt sell interest has not fully waned, suggesting reversal may not be yet at hand. Down A/H a bit more than 0.50%.


I like this short on over extension on a gap and crap top fish or better a fall fail back under 1.32/holds. Avoid big gap downs. Also short on confirmed weakness cues or panic dumps at any time, possibly scalping. Keep in mind many plays like this go on longer than anticipated; it would not surprise me if it overtakes 1.33 and keeps going a bit. Stops above Friday's high at worst. Also a fade under 1.20. May not be done yet.

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