Thursday, November 17, 2016

Watchers for the 11-18-16 trading session

DRYS

First red day Supernovae. Finished red almost 85% 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 extremely likely given the giant 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 big range too. Bad short signals yet watch it just in case.



TOPS

Another initial red session Supernovae. See my comments above for option approaches.


RCON

Another initial red session Supernovae. See my comments for DRYS for option approaches.


PTCT

Supernovae, still maturing. Watch again for a possible fade on weakness.



SCON

New Supernovae scan return. A 1 day move up which closed at the highs and above the open. Volume huge 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.



URRE

In play both ways. As a long on continuation of momentum above 1.61/holds. Or as a scalp up at or near the gun for a scalp buy. Or, as a short on a fall fail of 1.50/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 1.57. The fade is more likely given the price action on Thursday, but keep an open mind.


ELGX

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 open alternatively instead. Trigger is above the high of last time, here above 7.82/holds. Avoid all big gaps, especially down ones. If it gaps over the trigger or 7.81 let it test/hold/perk 1st before entering. No shorts, keep flat on redness. Modest sell volume, which may mean overt buy interest is still developing, suggesting reversal upwards is unclear.



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