Bigger Picture

Last hour updates…
ATTBF — Still holding the opening bar”s range. Can”t give sellers much credit.
EDXC — I”ll look to buy a dip tomorrow under .185. Meanwhile, there is vulnerability here to a short-squeeze to fresh session highs. That probably would prevent such a deep dip tomorrow.
ENRT — Still having difficulty holding .36 support. But not selling this test.
ERBB — Not selling, holding.
FITX — Still holding .085 resistance, will look for dip to buy, it”s too late for a break higher to be credible.
MCIG — Still ranging around .59, not buying.
SPLI — Interesting intraday pattern, very elastic and sellers aren”t getting anywhere for their efforts despite the opening dip. The dip essentially held the .105-.110 support described pre-open, so probably buying it today.
TRTC — Firming back above .70 from its intraday dip into the buy zone, but I”m not buying due to the lack of elasticity.

Today”s Livedesk was recorded before a real audience, and can be replayed from the Livedesk page linked in the site”s sidebar. Let”s start the afternoon thread here.

How about a little lunch hour Livedesk? See you there at 12:45 ET (linked from the site”s left sidebar).

Several stocks we”re following most closely have probed fresh highs and then reversed into negative territory. The swings have been abrupt and volume has generally been above average. Last week”s lows might be retested sooner rather than later — which would make a durable bottom likelier to form. This is not an environment to chase stocks higher… (Scroll down on the Activity Feed to the Open”s Interest post, where I am updating intraday observations.)

Let”s assess where we are, before listing today”s coverage and parameters. Media focused on 420 celebrations, and I”m very interested to learn whether that will sustain the positive news cycle that helped stocks to rally last week. The Denver Post picture gallery showed overwhelming crowds, but they were hardly mainstream. Another dip can”t be avoided, but dipping after a positive close Monday would be likelier to hold a retest of last week”s lows, and less likely to launch a new downleg.

Subscribers might have noticed some of the content and schedule shifting, which is response to your feedback, which really helps me to define what is useful, and when. Three items on this:

1. Now that a trading environment seems to have returned, we”ll reinstate the pre-close Rush Hour on-demand stock analysis requests that help you to make decisions before the close. 

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3. I”ve gotten tremendous positive feedback on the Open”s Interest parameters (this blog post that you”re reading now, or perhaps having read to you). It will be published nightly after today, instead of in the morning. Soon, daily annotated charts will be provided regularly.

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Click here for Thursday”s Open”s Interest. Today”s current coverage is listed below…

Portfolio”s holdings:

ATTBF Resistance is at 1.36, and price behavior there will considered for exiting if tested Monday. But my bias is to hold for the 1.72 target.

ENRT I entered into strength instead of waiting for weakness, and probably won”t hold long if the close isn”t holding .36

ERBB This pattern shouldn”t require much delay at this stage before surging through .067, so not yet extending by noon Monday would be compelling to exit.

New coverage:

TWMJF Finally, complexity that can be analyzed. I”ll consider buying a dip to 2.80, or strength above 3.30. Fresh highs through 4.00 would target 5.25.

NVLX Thursday”s opening spike up held .35 resistance through the day. Immediately recovering .405 would form a setup targeting new highs above .60. It”s a specialized setup, and not gapping up would remove the stock from

Repeating:

EDXC Firmed up to .17 resistance and then pierced it, on average volume. I”ll buy early strength, but not weakness in this pattern.

FITX Didn”t dip Thursday, but gapped up and surged to fresh highs attacking .085 resistance. I”ll consider buying a dip testing .073, or strength above .085, targeting new highs.

ICBU Decent volume accompanied Thursday”s fresh highs. One buy signal candidate is .1025, or a pullback under .074, targeting .135.

SPLI Wednesday”s surge through .085 resistance and holding it as support extended Thursday to higher highs. I”ll consider buying a dip between .105-.110, and possibly early strength above .125, still targeting .31.

TAUG Inverted head & shoulders pattern forming. I”m still interested in buying an early dip to .52-.57, or a fresh high above .62, targeting .82.

TRTC I”ll consider buying a dip to .63-.69. It already qualified at Wednesday”s gap up through .632 and extended almost 25% into the weekend. If I had gotten long then, I might consider exiting some into initial strength up to .83-.87

Fading interest:

GWPH will always be monitored, but its shallow strength Thursday isn”t compelling. By the way, it is one reason to be skeptical of the sector”s current bounce.

HPCS .0333 would target new highs above .06

MCIG Close above .59 would target .80

STEV above .23 would target .49

Enjoy!