Trader Mike's Notes

  • SPY - SPDR S&P 500

    SPY

    Another note about the Trend Table for the indices. My last note pointed out how it was all red and I thought we had to get "some kind of bounce". Well that was almost *the* bottom. Today a lot of that red flipped to green as a few indices rose above their 50 and/or 200-day moving averages. So the picture is a lot prettier (if you're a bull). But I'll also note that that trend table is almost all green now, so if you believe in mean reversion, expect to see some red or yellow creep in, most likely in the short-term trends.

  • SPY - SPDR S&P 500

    SPY

    I just wanted to note the relatively rate occurrence of a completely red index trend table on the General Market Overview page. Just like I become a nervous bull when that table is all green, I'm a nervous bear with it all red. *Some kind of bounce* wouldn't surprise me here -- whether it sticks and doesn't roll over again is a whole different matter.

  • NFLX - Netflix, Inc.

    I like the "Calm After Storm" and hammer(-like) candlestick made today. This has now more than filled its huge post-earnings gap from last week and is trying to bounce off its 200-day moving average.

  • QQQ - PowerShares QQQ Trust, Series 1

    QQQ

    This is more a broad market comment than a QQQ note. It's obviously been a rough week for the bulls. Today was the worst single day percentage loss for the Nasdaq 100 (QQQ) in 7 years. It's now perched just above its 200-day moving average. At times like these I like to look at the percentage of stocks above their 50-day moving averages, which is plotted on the "General Market Overview" page. The market is in oversold territory when that percentage drops below 25 (or so). It's at 20.59 today, just a hair above where it and the market bottomed in February. So I view that as a sign that the market is likely to snap back soon. Note that this is the same indicator I mentioned in my October 2nd IWM note, when I wrote about the poor breadth of the market. Rallies on poor breadth never matter until they do!

  • FIVE - Five Below, Inc.

    The General Market Overview page told me that there were a lot more Bullish Engulfing patterns today than normal. This is my favorite of the bunch -- 50 DMA support, filled its gap from a month ago, oversold stochastic, Pocket Pivot and it's at the lower Bollinger Band

  • ISRG - Intuitive Surgical, Inc.

    You know the selling is serious -- and maybe near an end(?) -- when the mighty ISRG gets hit!

  • COUP - Coupa Software Incorporated

    and another one from the "Strong but Oversold" scan.

  • ALRM - Alarm.com Holdings, Inc.

    another one from the "Strong but Oversold" scan. It's closing in on that gap up from August, which *should* be support.

  • OKTA - Okta, Inc.

    One from the "Strong but Oversold" scan (A great one to look at at junctures like the current one.) -- Definitely a mixed technical picture, as seen by the recent signals. I do like that it closed its earnings gap from September and found a bit of support there today.

  • CYBR - CyberArk Software Ltd.

    I like the gap fill here. Let's see if it can bounce now.

  • CTRL - Control4 Corporation

    Double top or a simple pullback to the 50-day moving average???

  • IWM - iShares Russell 2000 ETF

    IWM

    Small cap stocks aren't looking so hot these days! The % of stocks above their 50-day moving averages is only at 38%. Pretty poor breadth as the major indices hover right near all-time highs. Something to keep an eye on.

  • TTD - The Trade Desk, Inc.

    TTD

    A rare pullback in TTD. Looks like it want to test its 50-day moving average.

  • ALDX - Aldeyra Therapeutics, Inc.

    I like the "Calm After Storm" plus "!,2,3 Pullback" combo on this stock. They have a secondary stock offering coming though so we've got to see how the market handles those additional shares.

  • CATM - Cardtronics, Inc.

    It's been a wild ride in this since it reported earnings in August. The big drop late last week had me concerned that the stock had broken. But there's potential for it to find support in this area -- it's near its 50 day moving average and the mid-August support zone around $30.

  • NKTR - Nektar Therapeutics

    I have mixed feeling about this chart. In the shorter term, I like the pullback to the 50 DMA and its oversold stochastic reading. However, I don't like the overhead resistance the longer term chart reveals. It's under its 200-day moving average (around 72 at the moment) and it's got that huge gap down in early June. So there are trapped longs looking to sell when they reach break-even again. If I were to trade this, I'd take a shot here with a tight stop and the 200 DMA as my initial target.

  • FNKO - Funko, Inc.

    It's been quite the ride in FNKO of late. This September slide has brought it all the way back under its 50-day moving average (by a hair). There's also a bit of support around $20 from mid-August. It's stochastic reading hit oversold today, so it's primed for a bounce here. It'll be interesting to see if this can catch a bid and get back above its 50 DMA.

  • TNDM - Tandem Diabetes Care, Inc.

    This is why I love the stock market -- undiscovered (only to me apparently) gems. I don't think I'd ever heard of this stock (I need to run the Percentage Change over 30 & 90 days scan more frequently). I just checked SwingTradeBot's "Most Tracked" stocks page for the first time in a long while and saw this on the list. This stock is up around 1,800% YTD. It's now got one more person tracking it.

  • MDB - MongoDB, Inc.

    MDB

    I have to admit that my personal bias against their technology has (foolishly!) kept me on the sidelines (at least I wasn't short). The tech and investing world clearly is of a different opinion as evidenced by its great rally since IPOing last year.. Time for me to just act based on the chart and put my bias aside.

  • BJ - BJ's Wholesale Club Holdings, Inc.

    BJ

    I like the pullback in this recent IPO & I'll likely buy some if it can take out Friday's high of $29.20. (My stop loss will be about 1 ATR below my entry.)