Trader Mike

Here are some charts that caught my eye as I went through my scans today — ADBE, EXAR, GOOG, GRMN, ITRI, MACR, MNTA, NBIX, PALM, PLAY AND RAIL:

You know how I love the money management aspects of trading — here’s a must-read article by Michael Taylor on scaling out of trades.

We’ve got another busy morning. How about that ITWO? I thought they were out of business! Anyway, the Nasdaq is just a hair away from 2200 and I can only imagine the number of stops the bears have set at that level. I won’t be surprised to see some up-thrusts through [...]

A few people have asked me questions about the dummy trades I keep talking about. Why not ask the Chairman himself? He’s moving his weekly chat to Monday night and the topic for next week is daytrading. His planned topics are “how to trade with trend, find low-risk spots to enter, and [...]

Glenn has a note on his site underneath a collection of links to stock blogs (BTW, thanks for the link Glenn) which reads:
Why do so many have to place ads everywhere on there sites? Does it really provide a source of income and why would you need it if you are a trader and good [...]

What a day! This was the best day in well over a year (maybe two) for me. I took 10 trades, 7 of which were winners. Charts of the big R-multiple winners are below. I didn’t annotate the entries b/c the true dummies already know where they are.
SERO [...]

Man I’m beat this morning. I did a little (one day early) birthday celebrating last night and I’m paying for it now. (Where’s my caffeine injection?) I would have just stayed in bed but I want to be here if we get some month-end mark-ups. It feels like the market wants to [...]

Man, that ISRG is a beast! I unfortunately got stopped out of it in my IRA last fall just days before it had a huge post-earnings gap up — just like it’s doing again today (sigh). It’s almost tripled from my initial buy point. Maybe there’s something to that buy & hope, [...]

Below is a chart of the Nasdaq. I’m not too concerned about that trendline break because I think it was a bit too steep to be sustainable. The thing to watch out for though is the fact that there’s not much support between here and 2100. All it needs is a little [...]

Potential swing trades:
Longs - None until August (after the earnings flood)
Shorts - None until August (after the earnings flood)
Potential day trades: