Trader Mike

Today was apparently time for the larger cap stocks to shine. The S&P 500 and Nasdaq were up almost four times as much as the Nasdaq and almost 3 times as much as the Russell 2000 on a percentage basis. Despite the impressive large cap gains, those indices have just completed round […]

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 […]

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. […]

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 […]

Trading was choppy today but at least the bulls can say that the indices ended on the upside and that they fianlly reached oversold territory. I think that oil’s early weakness and subsequent rally had a lot to do with the slide the indices had intraday today. Apple and Yahoo also helped […]

A perfect storm of bad news today left all sectors down except for gold, oil & gas. The indices didn’t even wait for the oil inventory report or the Beige Book to break yesterday’s lows. Each of those reports just gave sellers more reason to sell. You know things are bad […]

It looks like a pretty flat open today. Perhaps we’ll get a double inside day made today. But, the two items on the economic release calendar could very well move the indices outside of yesterday’s range.
On Today’s Calendar:

10:30 — Crude Inventories
2:00 — Fed’s Beige Book

More Calendars: U.S. Earnings | Conf. Calls | […]