Open’s Interest… Tue May 13 2014
Welcome to Open”s Interest for Tuesday
(Setups and parameters are below…)
Thank you all for the feedback Monday on how you use this service. I encourage everyone at least to click here and to read the comments for any tips.
I wrote a weekly Filter THIS! column. Its message was that the recent interest in looking outside of the marijuana sector is reminiscent of a gradual exodus of traders I recall during the Mar 2000 – Oct 2002 bear market. So many had left, that prices couldn”t fall any further. And just when they were looking the other way, prices started rallying.
Prices started rallying Monday, too.
Volume still left something to be desired. And apparently a lot of “earnings” announcements are hours or days away — those realities might bite. But I have to respect double-digit percentage bounces after my downside targets have presumably fulfilled selling pressure.
My review current Open”s Interest coverage includes strategies for entering either weakness or strength. Share your own tactics and observations in the comments for this post.
Current weekly universe coverage links: First half || Second half
Click here for the previous Open”s Interest issue parameters.
Reminder to SAVE THE DATE for a webinar/Livedesk this Thursday. We”ll start this one at 5:30pm ET, and review the service”s usage, including the information below…
Enjoy!
Breakout (consolidations or basing that is forming
an accumulative pattern )
IGRW .044 pullback ||.062 resistance || .044 stop || .10 target
Raised resistance parameter
(- INSY short) no support || 29.70 bounce || 29.70 stop || 22 target
Lowered stop and resistance after 31.55 support break, still bearish
Pullback Limit
(breakouts and bounces that have retraced 61.8%…
these situations are often make, or break)
none
Bottom Fish
(basing after extended decline — not really a “trade”)
(breakdown unconfirmed a 2nd day — only buy strength)
STEV no pullback || .17 resistance || .145 stop || .21 and .25 targets
Potential was kept alive by last-minute surge Monday
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?)
(- VAPR ) .11 support || .15 bounce || .135 stop || .05 target
Lowered stop after Monday”s fresh low.
Falling Knife
(trying to catch the reaction to a steep drop — ouch)
FSPM no pullback || 2.65 resistance || 2.40 stop || 4.00 target
Not yet rallying by noon Tuesday could disqualify the pattern
ICBU no pullback || .05 resistance || .034 stop || .077 target
Not yet rallying by noon Tuesday could disqualify the pattern
MCIG .375 pullback || .45 resistance|| .34 stop || .57 target
Bounced sharply off of .34 support Monday, BIG reversal setup
TAUG .029 pullback || .035 resistance || .027 stop || .055 target
Corrected opening bounce into .29-.31 support, can”t delay rally
TRTC .46 pullback || .52 resistance || .43 stop || .64 target
Raised parameters after Monday”s rally from .40 sup through .43 resis
Rocket Launch (sudden explosive interest that gains traction)
none
Monitoring
(observations of other stocks of interest)
BRDT “not a charm” may be forming.
GWPH want to cover the short before Wednesday”s close.
MWIP must avoid lower lows to finish its C&H
TWMJF almost any strength on volume for “pullback” to end.
VAPE fresh low testing 2.00 for “bottom-fishing.”
VPOR “not a charm” may be forming.
The video also mentions EAPH, ATTBG, TTDZ, MWIP and FITX.
Open”s Interest is the daily pre-open reference for marijuana stock patterns currently of interest, including other insights and overviews.