Trader Mike

It seems like every week I find another website that’s stealing my (and others’ content in an attempt to get ad revenue from Google. (I think Google has made it too easy for people to sign up.) I just noticed another one a few minutes ago. Since so many people have no [...]

Eric wants to know if I think Intel is due for a bounce. My answer is ‘probably’. Although I see little in the chart to make me bullish I can see Intel moving back toward 19. Sellers appear to be exhausting themselves around the 18 level. The stock is oversold on [...]

Here’s a daily and a weekly chart of NIHD for Jack. Like many other stocks right now, the long term trend is bullish but the intermediate and short-term trends are down. If I wasn’t already in it I’d be in no rush to buy as long as that downward sloping trend channel is [...]

We’re set for a slightly higher open tis morning. Trading may be a bit muted until after the Fed meeting minutes are released at 2 PM. (Why can’t they just release them in the morning???) I may not do too much ahead of the release, unless, of course, my shorts start triggering…
Potential [...]

I got a suggestion today about adding trend indicators to these daily recaps:

I’m almost surprised that you don’t post a short-, medium- and long-term indicator each day with regard to the direction of the market. Seems this is what you are looking for when formulating your plays each day. It also seems that many people [...]

Looks like that retest of the recent lows may be starting already. The futures are down this morning for some or all of the following — Wal-Mart’s sales disappointment, a GM downgrade, European markets down ~1% across the board, and oil rising above $72/barrel.
Potential swing trades:

I’m starting to feel like all I do is complain about volume. I didn’t like the new S&P 500 highs on so-so volume on May 5th and I don’t trust the low volume rally we’ve had for the last two sessions. Even with decent volume I’d be surprised for the market to make [...]

Here’s a chart of LMT for James. This is one of those “no man’s land” charts — between its (now declining) 50-day moving average and its 200-day moving average. That tells me that the stock is bearish in the intermediate term (under the ‘fiddy’ but still bullish long term (above the 200). [...]

Despite the low volume yesterday the S&P and Nasdaq managed to break their steep downward sloping trendlines. They both sit right at resistance. It’ll be interesting to see if they can close above those resistance zones given that volume should be even lighter today.

Potential swing trades:

The market’s gapping up again, with an extra boost from the revised GDP numbers. However, unlike yesterday, today it’s actually trading above the previous day’s high. Maybe this will finally get some shorts to cover and bring in some real buyers…
Potential swing trades: