FSPM
First red day Supernovae. Finished down over 22% 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 huge 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 large, range sizable. Lame short signals at best on those counts, but watch it.
HEMP
Supernovae, still maturing. See my initial comments on this stock for general approach tips. Possible fade entry on redness. Rose over 14% Wednesday on lesser volume.
BRDT
New Supernovae scan return. A 5 day move up which closed below the highs and above the open. Volume varied most days in the run, a bit less Wednesday. 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 Thursday 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, no scalps.
KBALB
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 16.40) and holds. Avoid shorts, keep flat on true weakness. Nice move above 15. Needs to keep above the Wednesday close, or at least above 16 on pull backs to remain viable as a long, aside from any early noise. Early sustained prices over 16.37 are ideal for aggressive entry.
BDSI
Bullish Engulfing. I like this long over 7.96/holds. Low 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 Thursday. More conservatively a stop placed under Wednesday's close, too. The low on that day is probably not too far away to use as a stop. Ideally stays above 7.73 on pull backs to remain viable as a long if it triggers. No big gaps or shorts.
PTX
In play both ways. As a long on continuation of momentum above 3.89/holds. Or as a scalp up at or near the gun for a scalp buy. Or, as a short on a fall fail of 3.50 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 3.50. The fade is more likely given the price action on Wednesday, but keep an open mind. Up A/H almost 2% so let it settle first before entering.
RKUS
Hammer scan long. The tail is not too long to use the low as a stop level unless the position is fairly large. Use the previous session open alternatively instead. Trigger is above the high of last time, here above 12.70/holds. Avoid all big gaps, especially up ones. If it gaps over the trigger or 12.66 let it test/hold/perk 1st before entering. No shorts, keep flat on redness. Modest buy volume, which could mean overt buy interest is arriving, suggesting reversal upwards is soon at hand.
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First red day Supernovae. Finished down over 22% 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 huge 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 large, range sizable. Lame short signals at best on those counts, but watch it.
HEMP
Supernovae, still maturing. See my initial comments on this stock for general approach tips. Possible fade entry on redness. Rose over 14% Wednesday on lesser volume.
BRDT
New Supernovae scan return. A 5 day move up which closed below the highs and above the open. Volume varied most days in the run, a bit less Wednesday. 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 Thursday 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, no scalps.
KBALB
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 16.40) and holds. Avoid shorts, keep flat on true weakness. Nice move above 15. Needs to keep above the Wednesday close, or at least above 16 on pull backs to remain viable as a long, aside from any early noise. Early sustained prices over 16.37 are ideal for aggressive entry.
BDSI
Bullish Engulfing. I like this long over 7.96/holds. Low 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 Thursday. More conservatively a stop placed under Wednesday's close, too. The low on that day is probably not too far away to use as a stop. Ideally stays above 7.73 on pull backs to remain viable as a long if it triggers. No big gaps or shorts.
PTX
In play both ways. As a long on continuation of momentum above 3.89/holds. Or as a scalp up at or near the gun for a scalp buy. Or, as a short on a fall fail of 3.50 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 3.50. The fade is more likely given the price action on Wednesday, but keep an open mind. Up A/H almost 2% so let it settle first before entering.
RKUS
Hammer scan long. The tail is not too long to use the low as a stop level unless the position is fairly large. Use the previous session open alternatively instead. Trigger is above the high of last time, here above 12.70/holds. Avoid all big gaps, especially up ones. If it gaps over the trigger or 12.66 let it test/hold/perk 1st before entering. No shorts, keep flat on redness. Modest buy volume, which could mean overt buy interest is arriving, suggesting reversal upwards is soon at hand.
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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