Trader Mike's Notes

  • 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

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  • 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

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  • 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.

    Percent above 50dma 02082018
  • 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...

    T2108 feb 2018