Trader Mike

We had a big selloff today but it came on decreasing volume. The indices were short-term overbought so this could be looked at as a well-needed drop just to cool things off a bit.
Although the Nasdaq cleared its trendline yesterday it also made a shooting star-like candlestick. That turned out to […]

I’ve had a few people ask for my thoughts on Apple (AAPL) today. As I mentioned in the links section today, I agree with Howrd’s take that it’s over-owned and that there’s too much overhead resistance in the stock. It got a good bounce off of $150 today but it’s still locked in […]

I recently inherited (literally) a stack of trading & technical analysis books, VHS tapes and DVDs. I’ve listed many of them for sale on Amazon at very competitive prices. Take a look and maybe you’ll find a deal on something you’ve been meaning to add to your library.

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The market is at an interesting juncture right now. The indices look like they’ve had nothing more than an oversold bounce last week. Most of the indices have had big percentage moves off of the lows but have failed to break their downtrends which began in May or June. They look […]

Did anything interesting happen in the market while I was away? I hope you’ve all navigated the big slide well and took the clues from Duru’s mention of T2108 being at extreme levels and Cramer capitulating to cover your shorts and/or get long before yesterday. I’m looking forward to going through my […]

I’m taking a few weeks off. Look for posting to resume around the end of July.
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Goldman Sachs giveth and Goldman taketh away. This morning I mentioned that I didn’t think that the whole financial sector didn’t deserve to rise in sympathy with Goldman on its earnings news. Well apparently Goldman agreed with me because a little while later they warned about more losses in the financials. […]

It’s good to see Goldman lifting the financial sector this morning although I’d argue that many of the tag-along companies probably don’t deserve it. If this strength hold it should break a 6 week downtrend on the XBD and bring that index back over its 50-day moving average. It would also help […]

Earlier today Steve mentioned that he was waiting for a blowoff top in oil before buying DUG and asked if I had similar thoughts. If I did, I certainly wouldn’t use DUG as a way to short oil b/c as I explained the other day DUG is NOT the inverse of the price […]

Oil bears must be running scared this morning after Saudi Arabia announced an increase in oil production and the price of oil actually rose 3%. (If it’s supposed to go down but it goes up instead that’s some serious trouble for the shorts.) That surge in oil to a new all-time high, along with […]