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.
SPLK - Splunk Inc.

This one is interesting to me. I know the company from working in the IT industry, so I might be a little biased. It's another one which had a good initial earnings reaction but then sold off. I'm a little concerned that the now 3-day drop has gone a little too far and has done some technical damage. I'm expecting the bulls to at least be able to create a little bounce some where around the current price or the 50 DMA which is just a few points lower.

I should add that one of the things I like about running my scans and/or looking at the site's signals is that can help to overcome my feelings that I'm not being objective. The reason I saw this is because, as usual, I ran a Combo Scan combining the "Calm After Storm" and "Non-ADX 1,2,3,4 Pullback". So I can justify my trade (if I make one) based on that alone.

PANW - Palo Alto Networks, Inc.

This has now filled its post-earnings gap and I'm on watch for a reversal. September had a resistance zone from about 230 - 238 and that *should* be able to now turn into support.

MRNA - Moderna, Inc.

I thought this IPO would have done much better had it not came public in the middle of the worst market in 10 years. It reports earnings tomorrow and I can't wait to see how it reacts. I think the IBD crew will be all over this "IPO base" if it can make a new high.

GKOS - Glaukos Corporation

This stock pops up on my radar a lot. I've traded it 3 times over the years, with 2 winners and 1 loser. That's not surprising to me looking back at the chart -- it just doesn't trend very well. There are a few huge gaps followed by weeks of sideways trading or slow drips back to fill the gap. I've decided this is one I just won't trade. Too bad I didn't buy it in my long term account when I first traded it at 26 in June of 2016. Oh well.

EBIX - Ebix, Inc.

If I was a true believer in this company (I'm not, I know nothing about it) I'd give this a shot on the long side here. It looks to me to be turning the corner. It had a good initial post-earnings reaction but got crushed at its 200-day moving average. It's now trying to bounce off the 50 DMA... but here's where the true believer part comes in. When the 200 is above the 50 DMA I consider the area between those two lines to be "no man's land". By definition it's long(er) term bearish and short(er) or intermediate term bullish. There are easier trades to take, IMHO.