Trader Mike's Notes
Full disclosure, I'm long OLED in my retirement account from much lower levels... This looks washed out to me. It got crushed the last couple of weeks over AAPL & iPhone fears. So I was pleasantly surprised at how well it held up today given how hard Apple got hit. OLED reports earnings in a couple of weeks though...
I found this on the "Strong but Oversold" scan today. It's been a while since anything interesting has been on this scan but it's getting good now. This is a good scan to run to find names to add to your watchlists. The idea being that when (and if!) the market firms up, these may be some of the best performers.
Be sure to check out the General Market Overview page today. A lot of red added to the index trend table today as ADX / Directional Movement has swung to "Strong Downtrend" for the Dow, S&P and Wilshire 5000. SPY looks like it could easily reach its 50-day moving average in another day or two, as there's not much resistance between here & there. The lower Bollinger Band is also around the same price as the 50 DMA, so that area *should* be able to provide some support.
I really like the pattern this has made since September. It's sort of a cup & handle forming. But it's reporting earnings early next week, so I'll leave it alone until after the report...
Here's an interesting one which popped up on the "Top 50 Bullish" scan today. It's a little too thinly traded for my liking though.
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