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Open’s Interest… This morning’s watch list. Thu Apr 17 2014 – If, Then… Market Timing

Open’s Interest… This morning’s watch list. Thu Apr 17 2014

By Rod David | April 17, 2014 - 7:06 am

Listed below are marijuana stocks meriting focus today, and any updates on stocks previously listed…

Today is the week”s last session. Volume evaporates by late-morning ahead of three-day holiday weekend. Usually, that also takes the market”s price volatility along with it. So, don”t rely on price action you see during the morning to persist through the noon hour. This is also “expiration”. That tends not to effect the marijuana sector since almost none of its stocks are optionable.

Several of yesterday”s “Open”s Interest” parameters were deserving of Trade Alerts that I would have triggered if not for my being on planes all morning. ATTBF, BRDT, PMCM, SPLI, TAUG and TRTC each probed above resistance. I”ll discuss them first, with their entry (and exit) parameters for today. Then I”ll list other coverage.

Yesterday”s qualifiers:

ATTBF surged at the open on higher volume. Its first dip touched and bounced off of the .86 resistance that I listed yesterday. ATTBF extended to fresh highs at 1.07 through the close while volume expanded again. A second consecutive higher close today would help to confirm the 1.72 target is in-play. I”ll buy a dip to .91-.95 if possible, and exit that position if the close seems likely to be under .86.

BRDT initially dipped but immediately reversed up into positive territory above my .401 resistance. The price level remained recovered through the close, which was under the morning”s high, but a late attack on .401 reacted up into the close. Today I”ll look to buy a probe above .465, or manage entry on that probe”s reaction down. I won”t hold that position if .40 appears not to be holding as support through the close. Otherwise, the stock is likely targeting .53 and .79.

PMCM gapped up to and through .0035 resistance. That went nowhere through the close, but I”ll continue giving it a benefit of the doubt so long as .0035 holds as support. Above .0039 on volume Thursday would help to confirm the pattern”s .0048 target.

SPLI immediately trended above.085 resistance. Volume quickly died during a pullback to .085 as support. Almost any fresh strength Thursday would suggest the pullback held and the rally was resuming, targeting .31

TAUG consolidated under.054 until a late spike up to almost .062. I”ll try buying between .52-.57 expecting a target of .082

TRTC Gapped up through .632 resistance. Volume was average, but it did expand into the close while price improved to session highs. I”ll look to buy almost any initial strength into positive territory, with a stop under .632.

Other coverage:

EDXC held its .17 resistance yesterday, but its break today still would target .24

ENRT trended up throughout the day and through almost all of its .33-.36 resistance. Volume was light, so I”m going to watch for a dip to .305 to buy, or for a shallower dip to bounce above .36 on volume, to put into play the .69 target.

ERBB opened up to .052 and traded sideways there throughout the day, closing there. I”m guessing that .052 is relevant. I”ll buy above it if volume is expanding, for a target of .07… But I”ll exit that if the close is back under .052

FITX was flat all day until spiking up at the last hour. Then it was flat again into the close. I”ll consider buying a dip to .061, especially if gapping down on light volume. Initial strength above .067 might be of interest, too. New highs won”t be in-play until actually closing above .085

GWPH volume surged at yesterday”s close. I”ll buy above yesterday”s 45.75 high to as high as 48.25, with potential up to 58.50 and 68.00

Repeating:

HPCS .0333 would target new highs above .06

MCIG Close above .59 would target .80

STEV above .23 would target .49

New mentions/parameters:

VAPR traded exclusively in positive territory yesterday, but volume stank. I”ll consider buying above yesterday”s .16 high on volume, but big resistance still lies above at .18. Minimum objective would be .28

ICBU bounced from a new low back up to the prior low on flat volume. I”ll consider buying if follow-through seems sustainable, possibly not until next week.

CANN surged back to its post-halt high. Closing higher Thursday would deserve extra confidence.

Monitoring CBGI, GRNH, MDCN, MDRM

Passing BABL, MWIP

Enjoy!

Posted in Bigger Picture