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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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 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.

CYTX - Cytori Therapeutics Inc on quite the tear lately, watch for it to test $9 before thinking about shorting if it breaks it could squeeze quick and starting jump up by a dime at a time. If it breaks it, wait for it to show weakness and break back under $9.00.

HGR - Hanger Orthopedic Group Inc - If it can hold today’s gains this should test $14 fueled by the 52 week highs - notice the consolidation between $13-14 these past 2 weeks, supporting a move much higher.

NOG - Northern Oil & Gas Inc - Watching here for it to re-test the $15’s if it fails this may be a good short for a buck and a half. If it fails to break under $14 it’s probably going to consolidate and head towards more highs $16+

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 - 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.

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.

CBRX watching for an accelerated breakout for a short. $4.50 is where I’ll start watching because it will either top or break through towards $5 on a major squeeze - on which case I’d like to short into the strength and take the scalp when it corrects.

Previous thoughts HERE.

SINO is probably the best prospect for trading Tuesday. It’s going to remain volatile providing both multi dollar swings up and multi dollar swings down. I don’t think it will dip too much more from here (at least tomorrow - I’d expect a dip out of open towards the $16-16.50 level) but as always I could be completely wrong. No one knows its future yet (which is what leads to its volatility) there will be a battle both long and short. Friday had a large walk down all day after the big spike to start the day which got everyones attention to start chasing - as anticipated HERE. After the big move out of open (spike to $27.49) it consolidated through most of the afternoon before beginning to make lower lows through out the second half of the day .. leaving all longs scratching their head as to why they bought so high and created a domino effect nearing close scaring the new buyers into selling into the weakness. The big question is - are the buyers at these levels just buyers because they think its bottom, or is it big buyers that will soak up the float and support a move higher. If its anything like EFUT which went from $6.80s to $15 back down to $10 before taking off to new highs (and FFHL for that matter) its going to get very difficult for the trader if its controlled like EFUT was. At any moment a big buyer can show weakness to accumulate at a lower price.. they will. With EFUT there numerious fake breakouts before finally taking off that bored out all longs.

Another reason for a big sell off is DRYS performance over the last few days. Also keep in mind, its all hypothetical that it may carry the same momentum that EFUT had, its possible that was the biggest move this stock will have for months.

SINO

DRYS

If you haven’t jumped in chat yet, please check it out HERE.

Few on watch for tomorrow. Lots of plays today, if you are around during the trading day tomorrow take a stop in chat at http://www.investorslive.com/chat.php

PSDV nice walk up, finally got some volume and a breakout, watching for any follow through.

TWP - Watching for the gap and run towards $14. That’s the key level here, either it breaks $14 and squeezes more (where we watch for the short on any .50 to 1.00 move) or it doesn’t break $14 and we short it for a correction back to $13.

BHBC - Consolidation around the $2.50-2.75 level, watching for a $2.85 break which could push it through $3+ for a spike back towards $4. If no volume comes in and no follow through… this may just float around the same level and head back into the 2’s. So I’m only watching for the $2.85+ break.

TSYS has been flirting with $5 dollars for about 2 weeks now, closed today at $4.99. After a big dip today and closing at the high of the day this shows a bullish (longs in control) move which may be able to support the break to $5.50+

SINO is going to be the best one to trade tomorrow I expect swings both ways to be enormous $2.00-$3.00 both ways.

MXC / PDO / PFF

These again will be volatile I’m sure, MXC may want to gap a bit to try to scare shorts to cover or it may want to gap down to trap more shorts so it can bounce. Either way the bounce will be limited in my opinion and as you’ll see over the next few weeks the volume will go back to slim to none before it craters back to the $20-22s. But since there is volume, it is in play I do expect a slight bounce. If it test $30 it’all probably screw a few market sellers with the wide spread and those orders will fill $28 range. That’s where I’d buy for a bounce back to $35+

PDO and FPP I’m using the same game plan

PDO may want to test $17-18s before heading back to $22 - $23-25 is top in my opinion the move is done, longs will try to squeeze shorts again but there is a point where it even gets risky for the longs if they get stuck holding a bag of exactly what these companies were 2 weeks ago (nothing of interest to anyone .. anywhere)