Trader Mike's Notes

These notes are here primarily to show my process and how I use the scans to find setups. This is NOT an attempt to be a stock picking service! I want people to use the site's extensive functionality to find their own setups which match their trading plans, strategies & risk tolerances.
UPWK - Upwork Inc.

When the market sells off like it's currently doing (% of stocks above their 50 DMAs dropped below 26 today) I always like to run the Strong but Oversold scan to find some high relative strength stocks on sale. UPWK is my favorite of the bunch that popped up today (others include CRM, NVDA & KNBE). It bounced off its lower Bollinger Band & proceeded to reclaim its 50 DMA while also forming a Bullish Engulfing candlestick.

IWM - iShares Russell 2000 ETF
IWM

Noticeable relative weakness in the small caps is evident here. You can also see that in the % of stocks above their 50 day moving averages. It always makes me nervous when I see that indicator heading toward the 20s. I'm not sure if the larger cap indices can continue to cruise along near all-time highs with such poor breadth in thee broader market.

ABNB - Airbnb, Inc.

Quite a set of signals fired for ABNB today. The most important, in my mind, is that it's closed above its 50 DMA for the first time in a few months. I also like that it's trying to bust out of a Bollinger Band Squeeze. Let's see if it can get any follow-through.

SEMR - SEMrush Holdings, Inc.

A recent IPO making new highs always gets my attention. This is too extended for my tastes but it's been added to one of my watchlists. I'm hoping to get a better entry point in the coming few weeks.

CLOV - Clover Health

I almost hate to say it but this looks primed for a bounce. This is exactly the kind of action I created the "Calm After Storm" to find. I'd have more confidence in a bounce if this wasn't a meme stock though. Another thing I don't like is that it's pulled back under the low of June 8th -- So it could be setting up for a pattern of lower lows & lower highs. I could easily see CLOV bouncing weakly and setting up a short entry in a few days. Whatever it does, it should be interesting.