CNIT
Supernovae, still maturing. It ended up over 3.5% today. Potential short.
CMLS
First red day Supernovae. Finished red over 15% 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 likely given the big red result of Tuesday. 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 low, range larger. Weak short signals at best on those counts, but watch it.
NETE
New Supernovae scan return. A 5 day move up which closed under the highs and above the open. Volume near highs Tuesday. 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 Wednesday 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.
GIGA
Another new Supernovae, see my comments for the above stock for general approach tips.
HECC
Red floater scan return. Idea is to play for more down side on day 2. Closed down a bit under 8.50% on Tuesday off a gap up open that ended below the debut. Stop just above the Tuesday session high (2.53) 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. Decent sell volume on Tuesday means it may have unclear chances to work. A 2.25 fail may be ideal. Avoid big gaps/longs. Panic dump?
CBAY
In play both ways. As a long on continuation of momentum above 1.69/holds. Or as a scalp up at or near the gun for a scalp buy. Or, as a short on a fall fail of 1.60/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 1.69. The fade is more likely given the price action on Tuesday, but keep an open mind.
PSTG
Bullish Engulfing. I like this long over 13.81/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 Wednesday. More conservatively a stop placed under Tuesday's close, too. The low on that day is too far away to use for stops. Ideally stays above 13 on pull backs to remain viable as a long if it triggers. No big gaps or shorts.
New users: Read my trading guide for my play set-ups!
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Supernovae, still maturing. It ended up over 3.5% today. Potential short.
CMLS
First red day Supernovae. Finished red over 15% 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 likely given the big red result of Tuesday. 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 low, range larger. Weak short signals at best on those counts, but watch it.
NETE
New Supernovae scan return. A 5 day move up which closed under the highs and above the open. Volume near highs Tuesday. 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 Wednesday 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.
GIGA
Another new Supernovae, see my comments for the above stock for general approach tips.
HECC
Red floater scan return. Idea is to play for more down side on day 2. Closed down a bit under 8.50% on Tuesday off a gap up open that ended below the debut. Stop just above the Tuesday session high (2.53) 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. Decent sell volume on Tuesday means it may have unclear chances to work. A 2.25 fail may be ideal. Avoid big gaps/longs. Panic dump?
CBAY
In play both ways. As a long on continuation of momentum above 1.69/holds. Or as a scalp up at or near the gun for a scalp buy. Or, as a short on a fall fail of 1.60/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 1.69. The fade is more likely given the price action on Tuesday, but keep an open mind.
PSTG
Bullish Engulfing. I like this long over 13.81/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 Wednesday. More conservatively a stop placed under Tuesday's close, too. The low on that day is too far away to use for stops. Ideally stays above 13 on pull backs to remain viable as a long if it triggers. No big gaps or shorts.
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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