Trader Mike

Another day, another 2% gap…
On Today’s Calendar:

10:30 — Treasury Secretary Paulson speaks

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:

If, like me, you missed I.O.U.S.A. during its theatrical run you can now watch the condensed, 30 minute version online:

By now, you may have heard about our acclaimed documentary I.O.U.S.A., a film that boldly examines the rapidly growing national debt and its consequences for the United States and its citizens. The film has been a [...]

China’s announcement of a stimulus package has world markets flying this morning. Our own QQQQ is already trading about 3% higher in the pre-market session. That’s a good pop but it’s still well below last week’s high. I’d be surprised if the indices made it to the November 4th highs today but, [...]

We’ve got a flat/mixed open for a change, which may be a good sign given all the angst over the jobs report which was released this morning.
On Today’s Calendar:

10:00 — Pending Home Sales
10:00 — Wholesale Inventories

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Four longs and one short candidate:
99 [...]

Here are ten charts that stood out to me while going through my swing trade scans. Almost all are short candidates. There are tons of charts like this right now, most of which are short-term overbought and near resistance. Many of these made some kind of bearish candle yesterday (bearish engulfing or [...]

It looks like another tough day for the bulls thanks to weak earnings reports and October same-store sales numbers.
On Today’s Calendar:

nothing

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:

It’s back to reality today. The last three days of our recent melt up were wiped out today on slightly decreasing volume. Today also marked the first VIX increase in four sessions. The VIX still looks toppy though and I think a close below 45 would be a huge milestone.

While the percentage [...]

I’m just now getting a chance to look at the charts after yesterday’s rally. I was surprised to see that the Nasdaq didn’t breakout above its October 17th high on yesterday’s pop. So it still hasn’t broken its pattern of lower highs. The S&P has but with this morning’s weakness it’s in [...]

I just got back from voting. It *only* took 45 minutes. I wasn’t expecting the 3 & 4 hours people were reporting for early voting but I didn’t think I’d be back at home in time for the market to open. I had planned on this being a wasted day for trading [...]

I’ve still got my eyes on the resistance around the highs of October 17th, 20th and 21st (depending on which index you’re looking at). Until the bulls can produce a high above those highs I have to consider this rally nothing but a retracement in a larger downtrend.

On Today’s Calendar:

10:00 — Construction Spending
10:00 — [...]