Trader Mike's Notes

  • CMG - Chipotle Mexican Grill, Inc.

    CMG

    exclusive to Pro Members

  • WIX - Wix.com Ltd.

    WIX

    I bought some of this yesterday when I noticed the Bollinger Band Squeeze turning into an Upper Bollinger Band Walk -- one of my favorite transitions -- range contraction to range expansion. It's following through nicely as it pushes into new all-time high territory...

  • CATM - Cardtronics, Inc.

    exclusive to Pro Members

  • CASA - Casa Systems, Inc.

    There's really not much to like about the technical picture on this right now but I picked some up in my IRA anyway. This recent IPO has been an IBD favorite and is currently "on sale" after doing a secondary offering the other day. So I thought I'd give it a shot with a stop loss under the April lows.

  • FSLR - First Solar, Inc.

    exclusive to Pro Members

  • CASA - Casa Systems, Inc.

    exclusive to Pro Members

  • SPY - SPDR S&P 500

    SPY

    This is more a broad market comment than a SPY one... I see some flashes of hope for the bulls on the General Market Overview page today. First, the most "unusually active" signal today was the "Stochastic Buy Signal". Next, SPY continues to hold above its 200-day moving average. And finally, the percentage of stocks above their 50-day moving averages, while near oversold levels, is well above its February low. In fact, that indicator is making higher highs and higher lows. So the selling isn't quite as broad-based as it was back in February. It appears, based on IWM, that the small caps are holding up the best. But the market really needs to find some fresh leadership because tech is looking really tired right now. I'll be looking for some buy candidates tonight among stocks in the "Stochastic Buy Signal" and "Strong but Oversold" scans...

  • JBL - Jabil Circuit, Inc.

    JBL

    exclusive to Pro Members

  • LX - LexinFintech Holdings Ltd.

    LX

    exclusive to Pro Members

  • QQQ - PowerShares QQQ Trust, Series 1

    QQQ

    We've had quite a bounce off the lows from three weeks ago. The Nasdaq-100 (QQQ ) is just a hair away from making a new all-time high. The other major indices don't look quite as good as QQQ but they are now all back above their 50-day moving averages. (The small caps just managed that feat today.) While this recovery has been impressive on the index level, I'm a little concerned that most stocks are not fully participating. The percentage of stocks above their 50-day moving averages is only at 45(%) today (See the General Market Overview page). If you're a bull, you'd like to see some broader participation. Something to keep an eye on...

  • SNAP - Snap Inc.

    A nice set of alerts on this today. I almost hate to say it (because I shorted it a few days after the IPO & was & still am a non-believer in the company) but this loos ready for another leg higher.

  • FN - Fabrinet

    FN

    exclusive to Pro Members

  • TRV - The Travelers Companies, Inc.

    TRV

    exclusive to Pro Members

  • RXN - Rexnord Corporation

    RXN

    exclusive to Pro Members

  • EBAY - eBay Inc.

    exclusive to Pro Members

  • SPY - SPDR S&P 500

    SPY

    exclusive to Pro Members

  • SPY - SPDR S&P 500

    SPY

    Another selloff today which pushed the SPY and QQQ beneath their Tuesday lows! The % of Stocks above their 50-day moving averages (chart attached or view it on the General Market Overview page) has dropped to 20, so by that measure the market is officially oversold. That doesn't mean that it can't become even more oversold, but I like to use that as a sign that it's time to start covering my shorts and possibly look for some bargains.

  • VTI - Vanguard Total Stock Market ETF

    VTI

    Another good day to review the General Market Overview page. This Wilshire 5000 ETF tells the same story as what happened on the Nasdaq, S&P 500 and Dow today -- they all got rejected by or dropped back under their 50-day moving averages. I'll be watching those moving averages closely over the coming days. Remember cash *is* a position! No reason to force things. Preserving capital for easier times is a very valid strategy. I've been content to sit and watch the last couple of days. I'd really like to see the % of stocks above their 50 day moving averages drop under 20. Then I'd feel better about all the sellers being flushed out. Barring that, I want to see the indices close above their 50-day moving averages.

  • NVDA - NVIDIA Corporation

    Like I said on Friday, in times like these you should check out the "Strong but Oversold" scan. It's a place where you can often find some good bargains among the market's leaders. I found NVDA there today. It dropped 9% today and closed just above its 50 DMA. Be warned though, it reports earnings in a few days...

  • VTI - Vanguard Total Stock Market ETF

    VTI

    Obviously a bad day for the bulls today, with all the major indices down around 4%. What's striking to me is the % of stocks above their 50-day moving averages. (See that indicator on the General Market Overview page). It's dropped to 27%. That's the lowest level in over a year. I pay close attention to that indicator during broad selloffs. Once it gets below the mid 20's that's usually a sign that the market is oversold. So we're really close...