Open's Interest... Thu May 15 2014

Welcome to Open's Interest for Thursday

(No video today, click here for the morning's Livedesk... Setups and parameters are below...)

The jury has returned. My opening comment in this space yesterday (after Tuesday's session) was that the verdict is not yet in, regarding a bottom. On Wednesday, the jury came back to the courtroom.

Monday's relatively broad array of bounces mostly didn't follow-through Tuesday, or didn't follow-through much. And volumes generally contracted. Neither factor contradicted whether a bottom is forming. In fact, I described how that action was potentially bullish for this stage of a bottoming effort.

Follow-through on Wednesday was broad-based. More gainers than losers, more up $ volume than down, and... wait for it... more volume expansion. That last factor is a biggie. Its doesn't inoculate against a pullback -- it reflects that turning the tide is more difficult.

That observation was one motivation to cover the GWPH short. Covering the MDBX short opened yesterday morning won't be far behind if it. One of the better performers -- including Monday -- has been ATTBF. Its maximum bearish bounce limit was tested at Wednesday's close, so Thursday will be very revealing.

Current weekly universe coverage links: First half || Second half

Click here for the previous Open's Interest issue parameters.

REMINDER: Webinar/Livedesk THIS EVENING. We'll starting at 5:30pm ET, for a how-to us this service's features, including the information below...


Breakout (consolidations or basing that is forming
an accumulative pattern )

IGRW .048 pullback ||.062 resistance || .044 stop || .10 target
The pattern is right, but I'm reluctant due to its low float.

(- INSY short) no support || 29.50 bounce || 32 stop || 22 target
Target me to within 80 cents Wednesday, will monitor for a buy

Pullback Limit

(breakouts and bounces that have retraced 61.8%...
these situations are often make, or break)

MWIP no pullback || .365 resistance || .315 stop || .495 target

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 -- lower lows coming?)

(- MDBX ) 17.75 support || 20.25 bounce || 22.50 stop || 12.25 target
Entered Wednesday, will cover quickly if not extending down Thursday

(- MJNA ) .18 support || .198 bounce || .22 stop || .10 target
Very bullish to negate this bearish pattern (by closing higher Thursday)

(- VAPR ) no support || .129 bounce || .135 stop || .05 target
Didn't confirm Monday's break.

Falling Knife

(trying to catch the reaction to a steep drop -- ouch)

FSPM no pullback || 2.65 resistance || 2.40 stop || 4.00 target
Dropping from coverage if not in-play by noon Thursday

MCIG .375 pullback || .45 resistance|| .34 stop || .57 target

TAUG .032 pullback || .042 resistance || .029 stop || .055 target

TRTC .46 pullback || .52 resistance || .43 stop || .64 target

TTDZ no pullback || .0245 resistance || .195 stop || .035 target

Rocket Launch
(sudden explosive interest that gains traction)

STEV .17 pullback || .21 resistance || .155 stop || .21 and .25 targets
Already firming when I bought Wednesday morning

(observations of other stocks of interest)
BRDT "not a charm" may be forming.
GWPH covered short... may re-enter long, or short.
yes, that FITX. Tested (and held) a key support Wednesday
TWMJF key-reversal Wednesday, watching its retrace.
VAPE fresh low testing 2.00 for "bottom-fishing."
VPOR all-clear above .111 and .124.

Open's Interest is the daily pre-open reference for marijuana stock patterns currently of interest, including other insights and overviews.

Posted to Stock Technical Trader on May 14, 2014 — 7:05 PM
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