Open’s Interest… Wed June 25 2014

By Rod David | June 24, 2014 - 8:08 pm

Welcome to Open”s Interest for Wednesday

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

ERBB”s recovery keeps running into the problem of too much enthusiasm. Another opening surge was quickly punished Tuesday. That punishment was exacerbated by the broader stock market reversing sharply from the morning”s new highs.

I noted this literal reversal of fortune during Tuesday”s last hour. My point was to forewarn that I was considering going to cash before the close. If I were to sell one position, then I would sell entirely. This would make sense if an extended downturn were beginning.

Ultimately, I decided to hold through at least Wednesday”s open. “Fatter” targets like GWPH and MDBX were still comfortably above supports that I would expect to be giving way if speculative fervor were crumbling. April”s top was the product of over-extended and too few attractive MJ stocks — a top now would be due to MJ stocks other than GWPH that have yet to firmly establish uptrends.

More weakness is likely Wednesday morning, but a little wilting could still be recovered.

..
Enjoy!

SYMBOL	suppt	resist	target	stop	SETUP
TAUG	.020	.0265	.036	.019	FALLING KNIFE
	Fresh high created lower offset, not yet too deep
VRCI	.054	.08	.125	.04	FALLING KNIFE
	Pullback closing in on its support
TWMJF	2.70	3.25	4.15	2.60	BREAKOUT
	Still testing its support, can”t afford further delaying rally
GWPH	86.75	91	99	90.35	PULLBACK
	Raised support to within its recent range
ATTBF	.37	.46	.51	.37	BOTTOM-FISHING
	Gap up through resistance Tuesday closing in on target
INSY	25.25	34.10	36	27.30	PULLBACK
	Dropping coverage Wednesday for lack of volatility
-MDBX	17.95	20.15	12.25	19.50	PULLBACK
	Still suspicious of the bigger buy orders, but staying short
ERBB	.029 / .0225	.034	.050	.025	UP/DOWN-CRASH
	Huge open Tuesday melted away quickly

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