Open’s Interest… Fri May 16 2014
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.