Bigger Picture

It”s baaaaccckk… Livedeeeessskk…
Let”s start at 2:15 ET. We”re ending at 2:45.
http://marketfy.com/product/marijuana-stock-technical-trade-alerts/livedesk/

In case you aren”t already aware, the SEC is focusing on potential scams in the MJ stock sector. Certainly, it tarnishes any stock quoted in pennies, and reinforces my avoiding stocks that trade under a penny. But having heard from the SEC, they”re unlikely to issue such a blanket statement again in the near-term.

We must still be vigilant in protecting ourselves. This should reinforce basic portfolio strategies. Be conservative in the size of any purchase, diversify, research. Don”t underestimate the value in using expanding volume to confirm any relevant chart move. Even then, there is no escaping the immediate ripple effect on sector stocks — there is only the potential for picking up cheaper shares of legitimate industry participants.

I am no less confident about the sector. I am no less confident in the sector”s potential to outperform during this summer when the broader market traditionally does not. Frankly, I had intended to add three specific stocks today, before the SEC warning chilled the environment. I will be monitoring today”s close for clues as to whether today”s press release is a last straw that breaks the camel”s back, or an inevitable development that is now in our rear view mirror.

http://www.sec.gov/News/PressRelease/Detail/PressRelease/1370541842876

LiveStream is reporting that there was a power outage at their data center.
Follow this page for updates on the status of LiveStream: http://status.livestream.com/#

This impedes our having a morning Livedesk. I really want to have one today, so if the problem is not resolved by noon, then I”ll make alternative arrangements for the afternoon.

Welcome to Open”s Interest for Friday

(No video today, click here for the evening”s Livedesk… Setups and parameters are below…)

TAUG dropped sharply at one point Thursday as it got hit with a lot of “supply,” i.e. selling. It was a great opportunity to watch price drop while discussing why it should be absorbed. It”s difficult to be totally detached and emotionless as your position spikes down. Impossible, actually, unless you”re willing to go room temperature. Anyway, the close was unchanged from Wednesday. 

There”s no assurance of resuming the rally, or not repeating the spike down. STEV”s price, too, which was also hit, but not by anything we could scapegoat. Anyway, it also recovered enough to close at its pullback limit. Both offered practice nonetheless and not freaking out. So, there”s that.

I”ll continue updating FSPM parameters for subscribers that have been buying. Surging sharply on earnings Thursday wouldn”t have been relevant if not already firming on schedule off of Monday”s lows.

I generally don”t introduce new coverage on Fridays, but there are a couple of current items below that I would consider if they”re hit intraday. Let me know if there are any in the sector that interest you which don”t have active parameters. 

I”ll do the weekly Universe update this weekend. We covered a lot of ground in the evening”s Livedesk, perhaps because there wasn”t a market to get back to. Should we try another time slot than 5:30pm ET next Thursday?

Current weekly universe coverage links: First half || Second half

Click here for the previous Open”s Interest issue parameters.

On-demand chart analysis requests for non-MJ stocks.

Enjoy!

Breakout (consolidations or basing that is forming
an accumulative pattern )

IGRW .048 pullback ||.062 resistance || .044 stop || .10 target
The pattern is right, but I”m reluctant due to its low float.

(- INSY short) no support || 29.50 bounce || 32 stop || 22 target
Target probed to 20.52 Thursday, held through close, looking to buy

Pullback Limit
(breakouts and bounces that have retraced 61.8%…
these situations are often make, or break)

MWIP no pullback || .365 resistance || .315 stop || .495 target
Running out of time to rally out of this “handle,” if that what it is.

Bottom Fish
(basing after extended decline — not really a “trade”)
(breakdown unconfirmed a 2nd day — only buy strength)

none

Third-day Surge
(2-day surge to fresh highs at risk of peaking — don”t chase higher)

none

Not a Charm
(third test of retested low — lower lows coming?)

(- MDBX ) 17.75 support || 20.25 bounce || 22.50 stop || 12.25 target
Dipped back down Thursday ahead of earnings, which read weird.

(- MJNA ) .18 support || .198 bounce || .22 stop || .10 target
Didn”t close higher Thursday, but any strength would be bullish.

(- VAPR ) no support || .12 bounce || .13 stop || .075 target
Raised target.

Falling Knife
(trying to catch the reaction to a steep drop — ouch)

FSPM 2.70 pullback || 3.10 resistance || 2.65 stop || 4.00 target
Raised parameters due to surge on earnings

MCIG .375 pullback || .45 resistance|| .34 stop || .57 target
Bought Thursday in anticipation of a breakout.

TAUG .032 pullback || .042 resistance || .029 stop || .055 target
Managed to close unchanged after early sell-off.

TRTC .46 pullback || .52 resistance || .43 stop || .64 target
Reported earnings, won”t chase strength, will consider a dip.

TTDZ no pullback || .0245 resistance || .195 stop || .035 target
Held its .018-.020 support again Thursday.

Rocket Launch (sudden explosive interest that gains traction)

STEV .17 pullback || .21 resistance || .155 stop || .21 and .25 targets
Already firming when I bought Wednesday morning

Monitoring
(observations of other stocks of interest)
BRDT “not a charm” no longer a concern.
GWPH covered short… may re-enter long, or short.
FITX would consider buying strength into the weekend.
TWMJF Very attractive retrace of Wednesday”s key-reversal.
VAPE fresh low testing 2.00 for “bottom-fishing.”
VPOR gapped up to and through .111 and .124 instead of trending.

Open”s Interest is the daily pre-open reference for marijuana stock patterns currently of interest, including other insights and overviews.

The non-MJ initiative is all about widening the universe of stocks available to me for this service”s educational component.

Our priority will always be to justify having “Marijuana” in our name. But where this sector may lack both tradable AND teachable moments, you are always encouraged to suggest a stock that”s of interest to you currently. I”ll then use those suggestions to identify opinion and parameters where possible to trade, and also to identify patterns and analytical technique where possible to teach.

I won”t be producing stock pics outside of the MJ sector, but I won”t hesitate to mention setups I see that are probably of interest to traders generally. There also won”t be broader market analysis or intraday timing in this product.

Non-MJ Stock guidelines

1. As its name suggests, MSTT is primarily about MS and T — marijuana stocks, and technicals. Marijuana stock reviews won”t be abridged for any reason. Non-marijuana stocks will be reviewed after marijuana stock current coverage.

2. Judging from the volume of tickers that you posted on Friday (5/9), it won”t be possible to fulfill all requests. I”m still going to try. More time will be spent on charts that have an informative pattern or technical indicator. Very little time will be spent otherwise. But in every case, I will try to also offer an opinion, and some sort of parameters.

3. Add my name (Rod) to your request so my search will find it. Be sure your symbol is accurate, and all upper-case. Prioritize them in multiple requests, but dilute their significance by being overwhelming.

4. Please take an extra moment to include any specific question, e.g. Is it peaking/bottoming? Does my stop at $X make sense? What”s the next target?… Please don”t bother just throwing a ticker up there, or asking for a general “discussion” or “review.” Include a specific question, or else I might dismiss your chart for it not having a visible pattern.

5. The bottom line is that these are your requests, not my suggestions. I”m applying the same analytical techniques as to MJ stocks, and exploiting your requests to serve as charting and technical analysis educational examples.