Open’s Interest… Thu July 3 2014

By Rod David | July 2, 2014 - 7:36 pm

Welcome to Open”s Interest for Thursday…

(Setups and parameters are below)
This week”s Universe || Last Open”s Interest

Wednesday”s Livedesk was one hour long, and covered many MJ stocks. Be sure to check it out for ideas and levels beyond those discussed below…

TAUG bounced Wednesday off of my .0425 pullback limit and spent the afternoon ranging around .048. That isn”t optimal for extending the bounce, so be careful if long.
VPOR extended above resistance, forming an Ascending Triangle that should spike up at Thursday”s close if the rally”s momentum remains intact.
ATTBF bounced from its opening dip to .55 where I was considering to buy, and even touched a .51-cent handle where the pattern”s stop would trigger. But that was the product of a high-volume opening plunge that often either repeats, or else remains stuck for awhile.
VAPE closed under its 2.85 stop, suggesting that the rally”s momentum has lapsed. Immediately recovering 3.00 would reinstate the rally”s momentum.
ERBB may be up to its old tricks, surging at the open and drifting downward through the balance of the session. A post-close report of 1.5m shares below the market must be rejected at Thursday”s open to avoid drifting even deeper into the weekend.

Speaking of which, this is not only a three-day holiday weekend, but the session closes early at 1:00pm ET. I”m already reluctant to buy on Fridays, and would be only more discerning in this situation. But I wouldn”t go deeper into July without some exposure when Washington is coming

…
Enjoy!

SYMBOL	suppt	resist	target	stop	SETUP
VAPE	1.83	2.05	3.45	2.85	BOTTOM FISHING
	Wed closed under stop after attacking target within a nickel
EDXC	.09	.125	.18	.075	BOTTOM FISHING
	Wed”s close suggests almost any higher should be steep
VPOR	.06	.07	.135	.07	BREAKOUT
	Extended its rally Wed, raised stop again
TAUG	.038	.048	.066	.036	PULLBACK
	Bounced off of original pullback target, can”t afford delay
GWPH	86.75	91	117	103	PULLBACK
	Want short exposure before WA recreational steals spotlight
INSY	25.25	34.10	36	31.90	PULLBACK
	Closed under stop Wed, but gap up would be credible
-MDBX	17.95	20.15	12.25	18.50	PULLBACK
	Volume expanded into Wed”s closing dip
ERBB	.029 / .0225	.034	.050	.025	UP/DOWN-CRASH
	Wed”s post-close block had better not have legs

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

Up/Down-Crash
(extended trending with only 1-2 countertrend closes, ready to snap back)

Pullback Limit

(breakouts and bounces that have retraced 61.8%…

these situations are often make, or break)

Bottom Fish

(basing after extended decline — not really a “trade”)

(breakdown unconfirmed a 2nd day — only buy strength)

Third-day Surge

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

Not a Charm

(third test of retested low, triangle — lower lows coming?)

Falling Knife

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

Rocket Launch

(sudden explosive interest that gains traction)

Monitoring

(observations of other stocks of interest)

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

Posted in Bigger Picture