9 Jul 15

I have been sitting back for the last 2 weeks not trading much and just waiting. I've made 3 trades in 2 weeks, haven't made a watch list mostly because I couldn't find anything worth mentioning. First time trading in this type market so taking it slow, reading advice from veteran traders and waiting for things to develop in to something that I see as tradeable, long or short.

My plan...long positions will be with small (non margin) size, ..I won't chase, I'm not buying breakouts unless the breakout level is tested and proven as support. I will be shorting breakdowns (when I can find shares). I will dip buy stocks that have news at proven support, not speculative chart plays. Morning spikes are failing and falling back to proven support levels.

Most important time of the day IMO for potential buys is the 1hr to 30mins before the open, with the PM %gainers on substantial news and then waiting on the big dip at proven support, though the bounces have been slow and some flat..so minimize risk and buy at support..no chasing..

SRPT -  Ideally get a morning spike to 29.50-.75 to get short, also watching for g/r moves and breaking 28. If it breaks 28, I'll take some off and let it swing with a target of 25.00.

WBAI - reactive trade. Double bottom based off of Mid April, Mid May support. Tied to Chinese market so if it begins to bounce (potential news catalyst) at all then watching for long entry. A break below 15.50 I might try it short with a small position (though the risk/reward is questionable), also be watching g/r. Down 40ish% over the last 10 days. More interested in a long position than a short. speculative based on markets.

CAS - missed this one by a day. So watching for g/r moves or a morning spike closer to the 6s the better for a possible short. No substantial support until the mid to low 4s.

SIGM - watching this for short also. Ideally morning spike to mid 11s. In lieu of that g/r moves and breaking below 10.78 to be a solid short. If it breaks below 10.78 no substantial support until high 8s to 9.

TCS - Earnings play. Overall loss on earnings but beat street forecasts. Got as high as 19.19 today and pulled back to 17.32(red). Mid-day resistance at 18.30, mid day support at 17.60-.70. I bought it today at 17.83 and sold it at 18.26. Didn't intend it to be a scalp but double topped at 18.30. Closed AHs at 17.80, so good choice to get out. Traded pretty thin most of the afternoon both on the bid and ask. If it can break 18.30 could see it test 19.00.

SGYP - watching for morning spike to mid 9s. I was short o/n from 9.86 and covered at 9.53. when it started to bounce at the open, which turned out to be way early. LOD was 8.75 which is support from 6 Jul. Also watching for g/r moves and a break below 8.75.

HNR - Reactive trade long or short. Went against the grain today and had good gains. HOD 1.40 closed 1.33. Watching for g/r to short, r/g for long. 1.75 level becomes high interest in a short position. Not real interested in a long position but not ruling it out on a big dip. No new news that I could find, so today may have just been a dead cat bounce.Wait and see how it acts.

Good Luck,

Hoop