Trader Mike

Note: I have an appointment in the morning so there won’t be watchlist for Monday.

Obviously last week was bad for the bulls. There was a lot of technical damage done on higher than average volume. The usual index charts are below along with a bunch of individual stock charts. Sorry that i couldn’t get to all of the requested charts…

Here’s the Nasdaq chart:

Jerry wrote:

I wanted to know your option on GOOG. For the first time GOOG posted good earnings and the stock goes down…

I’m not sure if this is the first time it dropped post-earnings but I could be wrong… I’ve been watching GOOG the last several days as it’s tried to climb back above its 200-day moving average. It looks ready to break down to me but I’ve thought that before and it didn’t happen. I still think that late March gap is begging to be filled. The chart looks really bad to me in this shorter time frame:

But when we zoom out a bit I see a huge symmetrical triangle. Based on …

David Faber’s latest documentary, “The eBay Effect - Inside a Worldwide Obsession” airs on CNBC tomorrow at 8 and 11 PM Eastern time:

“The eBay Effect - Inside a Worldwide Obsession” is the latest production from the Peabody Award winning CNBC Documentary team and reporter David Faber. It’s an unprecedented look at the eBay you don’t know, with exclusive, behind-the-scenes access to the world’s leading online commerce site.

An estimated 1.8 billion items, worth approximately $40 billion, are expected to be traded this year on this global electronic marketplace. If eBay employed the 430,000 people who earn an income selling on its site, it would be the nation’s number two private sector employer. How did this company, just …

eBay is about to come out of an ascending triangle that it’s been forming for about 5 weeks. I guess one could just play the break, long or short, depending on which way it breaks but personally I wouldn’t want to be long eBay as long as it’s under its 50 and 200-day moving averages.

I’ve always been fascinated by eBay. BusinessWeek has an article about their need to find new sellers to meet all the demand of eBay’s buyers. (I’ve copied the text of the article below)

Here’s an interesting look at the powerhouse that is EBay. The section about the new day traders is particularly interesting:

One product, to be unveiled this week at EBay Live, is earmarked for traders, who may also be big buyers on EBay. The product is called Andale search, or “The Google for EBay,” as Shah puts it. The search product, which is free, lists items based on the last transaction price, not unlike the data you might see watching trading in stocks or commodities. In this way, a buyer can better gauge what to bid.