Wednesday, October 07, 2015

Watchers for the 10-8-15 trading session


Supernovae now reddened but not by a lot and still up tons, so with caution a possible fade on weakness.


Same thing here. Watch again, but be careful and only short a dump if it happens at all.


This recently reddened Supernovae rose today, but the red session was really modest, so a possible short might yet be had. Again, be careful here.


First red day Supernovae. Finished red over 9% 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 fairly likely given the sizable 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 modest, range bigger. Mixed short signals at best on those counts, but watch it.


Supernovae, still maturing. See my previous comments, still in effect. Rose over 3% today on peak volume but ended below the opening price.


New Supernovae scan return. A 5 day move up which closed below the highs and above the open. Volume medium 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.


In play both ways. As a long on continuation of momentum above 2.66/holds. Or as a scalp up at or near the gun for a scalp buy. Or, as a short on a fall fail of 2.50/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 2.50. The fade is more likely given the price action on Wednesday, but keep an open mind.

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