Thursday, April 02, 2015

Watchers for the 4-6-15 trading session


Supernovae still maturing. See my previous comments, still applicable. Up over 5% on small volume. Short possible.


Supernovae, still maturing. Rose on peak volume over 37% today. Potential short on weakness. See my comments from last time.


First red day Supernovae. Finished red over 5% last time, so more down side might be in the cards. If it had fallen much more than 10% then less 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 moderately likely given the average red result of Thursday. 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 moderate, range medium. Tepid short signals at best on those counts, but watch it.


New Supernovae scan return. A 2 day move up which closed below the highs and below the open. Volume peak Thursday. 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 Friday 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.


In play both ways. As a long on continuation of momentum above 3.11/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/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. The fade is more likely given the price action on Thursday, but keep an open mind.


B/O scan. I like it long back over 2.12 and holds. Ideal to stay over that on tests aside from early noise if it triggers. Stops also possible just under the close on Thursday or the 1st 30 minute low of Friday. Avoid all shorts and all big gaps. The low on Thursday is 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. Exiting below 2.05 on fails after trigger entry is possibly advisable. Early r/g buy?


Bullish Engulfing. I like this long over 13.06/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 on Friday. More conservatively a stop placed under Thursday's close, too. The low on that day is almost not too far away to use for stops. Ideally stays above 12.75 on pull backs to remain viable as a long if it triggers. No big gaps or shorts.

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