It’s about time, after not bouncing the first attempt it turns out that sure enough, it did want to test its previous low, it did, and now its far from it!

Here’s my previous post found HERE.

SINO - Watch for the $10 test, that is the all time low from this recent IPO. The big players in this deal may try to hold it there and a 50% bounce is possible as we saw earlier. It has not yet tried to bounce and has lost nearly all volume. If $10 breaks watch for the panic to play the bounce. If it dips more than 50 cents I will probably take a starter position since theres not too much downside risk, IMO. Again only a small position so that I can sell easily with a small loss if it does opposite of what I am thinking, or I’ll have the ability to add to the position if I want to let it slide a bit before it attempts another bottom.

So… 25% bounce already, I was/am looking for a 50% bounce from lows (which I figured was around $10 - 50% will be $15.)
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Other Stocks off the SAME scan worth noting, reversals and breakouts are in progress:
One thing I enjoy about doing this blog is at times reviewing old scans can at times be your best scan. Everyone trades differently, typically I look for a breakout pattern out of consolidation and increased volume among other things I input into my scan. But at times what I’m scanning for may be lacking one or two pieces to match my criteria, so I’ll never see it.

Try it out see if there are patterns that you like, most of the time the stocks I pick are either breaking off bottom or breaking out, SO if they aren’t in play the very next day theres a good chance they will consolidate and make a move very shortly after. If you scroll down to the bottom of each blog you can view previous scans and just scroll back, you can use the tag could on the right side of the most popular stocks, or you can navigate through the categories.

Here’s a few that my scanner picked up recently from THIS POST and are currently worth watching along with tonights scan found HERE. The quoted text is from the previous scan and still applies. Any added comments I have added below.

(FMD) A breakout over $4 is imminent! $4 break is a good buy in my opinion.

FMD - First Marblehead Corp has dropped quite a bit in recent months. If it can move above $4 that will break a double top and turn into a multi day move towards $6.00. If it really gains momentum this could fill the gap back towards $8 if you look back towards mid April. Watch for a dip Tuesday and if it gains strength and breaks through $4 definately put it on watch for a buy.

(CKNN) - I’m a buyer on a .50 break - you can’t ignore the volume today but I’m still not a fan of these low priced Nasdaq’s - but I’m sure someone who reads this loves them!

CKNN usually I’m not a fan of these low priced Nasdaq’s since they probably have a looming de-list if their share price isn’t above $1.00. But at the same time some of these stocks usually run through $1.00 on plays like that - so I’m watching to see if this can hold its gains and consolidate a higher level, if it can I’d expect it to turn into a good play since it has dropped significantly over the past few months. However - if it can’t consolidate and start heading higher, its not worth to keep it on watch.

(XRIT) $2 has proved to be tough support, it has started its reversal

XRIT- if this holds $2 support this can become an easy double, it has room to run towards $4.00 with a bottom reversal and minor short squeeze, if it can’t break over $2.50 this may head back to new lows.

(GTE) the break over $7 gave it an accelerated move towards $7.50 - hit a high of $7.76 today and settled at $7.60, this is why the breakout trade is worth it!

GTE - Gran Tierra Energy Inc. - consolidated after the last run and is now ready to attempt more highs, last time it stopped right at $7. If it fails to break again this may turn into a long term short towards $5. Watch for the gains to hold from today, if it can start to break higher it may be worth it to be in when it attempts the $7 break as it may accelerate towards $7.50+ on a squeeze.

These are all good plays to have on your radar tomorrow but I did my daily nightly stock scan HERE.

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Tags: CKNN, FMD, GTE, SINO, XRIT

This entry was posted on Tuesday, June 17th, 2008 at 1:07 am and is filed under NASDAQ, Plays, Recaps. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.