Thursday, November 15, 2012

11/15/12 Thursday Watchlist

$SPY went sideways to retest pivot and is now finally tanking. Some support underneath so we may see a bounce or some sideways-ness before more tankage unless there is good economic news to give it more support. I am still short-biased in this market but will acknowledge any spikes.

Earnings Losers
These are good set-ups to short so keep looking for borrows. Remember these will fade unless there is news/catalyst to spike it with volume. So cover on news/big volume (unless its panic selling of course).

CYTX - now down 40cents since it cracked key supp 3.86. a short on any spikes.

SNSS - cracked key level 4.29 as it could not find support there and faded 7%. No key supp until 3.52 so its still a short on any spikes.

DGIT - has been holding up above 9.92 but it will crack today unless there is a catalyst/news. At best it will retest its high near 10.25.

SQNM - I put this back on the list because the run just ended but becareful as this has some support due to recent news and speculation from insider buying. I would only day-trade this one because you never know what news will come after insider buying. Its moving on high daily volume so it'll drop faster, which is ideal for day trades.

Earnings Winners
I've been too aggressive on the long-side this week when I should not be. In this market your odds are much better waiting to buy a breakout than anticipating it. I had to rewatch Pennystocking part deux to re-discipline myself. DO NOT ANTICIPATE A BREAKOUT

JVA (i'm long 6.68) - my buy at 6.68 and holding was terrible because there just wasn't enough volume to indicate a bottom. I was too eager to get in on the action and not missing it. Be patient be disciplined. I will average down and sell quick. Probable bottom is key supp at 5.74 with some minor supp at 5.99. just wait for volume and let it pattern before entering. Only buy the breakout.

SYNC (i'm long 5.09) - I also jumped the gun on this one too. I failed to acknowledge the 11/12 PR which could explain the 12% spike we saw yesterday. I will sell into a gap-up/at the open if no vol. Let it pattern about 4.77 and 5.17 and wait for breakout vol.

ROSG - is at a major pivot here at 4. Two things could happen: (1) it will tank or (2) it will hold up and shorts will get squeezed. I am anticipating the latter. Again, buy the breakout do not anticipate it.

GALE - Still a buy esp if the market spikes today. It is consolidating premarket to retest key supp 1.72 so look out for morning spike with upside to key res at 1.99.

VRML - closed above key res 1.31 so look out for breakout vol with upside to key res 1.67


MIMV - chart looks good. vol looks good. this is a good potential breakout set-up. alot of activity due to speculation about some MSFT deal. the price action factors all of this into it so now looks like its ready to run. Buy the breakout don't anticipate it.

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