Monday, May 29, 2017

Watchers for the 5-30-17 trading session

GLYC

Despite more down moves, still up a lot. Watch again for a bit more red to fade into. Volume dying, though, so don't be surprised if it bounces at once and do not be stubborn on any reversals.


ADPTQ

This doji printed up a bit, so watch again for a possible fade of this maturing Supernovae.

(No chart.)

SPI

First red day Supernovae. Finished red over 33.5% 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 Friday. 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. Sell volume was moderate, range larger. Substandard at best short signals yet watch it.



CBAY

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 4.81) and holds. Avoid shorts, keep flat on true weakness. Nice move above 4.25. Needs to keep above the Friday close, or at least above 4.50 on pull backs to remain viable as a long, aside from any early noise. Early sustained prices over 4.57 are ideal for aggressive entry.



MRMD

I like this short on over extension on a gap and crap top fish or better a fall fail back under 0.80/holds. Avoid big gap downs. Also short on confirmed weakness cues or panic dumps at any time, possibly scalping. Keep in mind many plays like this go on longer than anticipated; it would not surprise me if it overtakes 0.83 and keeps going a bit. Stops above Friday's high at worst. No longs, keep flat on upside. 



WBAI

B/O scan. I like it long back over 9.96 and holds. Ideal to stay over that on tests aside from early noise if it triggers. Stops also possible just under the close on Friday or the 1st 30 minute low of Tuesday. Avoid all shorts and all big gaps. The low on Friday is too far away to use for risk managing stops. Also a long on spiking up at or near the gun as a scalp. Decent volume on the rise, a weak sign for new buys. Exiting below 9.50 on fails after trigger entry is possibly advisable. Early r/g buy?



CIEN

Bullish Engulfing. I like this long over 23.87/holds. Modest 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 Tuesday. More conservatively a stop placed under Friday's close, too. The low on that day is not too far away to use for stops. Ideally stays above 23.29 on pull backs to remain viable as a long if it triggers. No big gaps or shorts.



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