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.
TOL - Toll Brothers Inc.
TOL

I like the post earnings action here. Friday gave us one of those "Calm After Storm" and "Non-ADX 1,2,3,4 Bullish" combos that I like so much.

EXAS - Exact Sciences Corporation

An old favorite of mine that came back to life this week after a deal with Pfizer. I thought about buying it Wednesday at the open but decided I didn't want to chase it. Bad move in hindsight but I'm still looking for a spot to get long. Barring a pullback I want to see it close above $72(ish) and turn that level from resistance to support.

WMT - Wal-Mart Stores, Inc.
WMT

One of my favorite combinations -- a "Calm After Storm" and "Non-ADX 1,2,3,4 Bullish". This looks primed for a retest of $100.

EAF - GrafTech International Ltd.
EAF

Some interesting action in the stock. I'm always looking for recent IPOs moving into new high territory, which this did recently. It was a dud of an IPO but has come on strong of late. I found this on the "Top 50 Bullish" list this morning and after looking at the news, I see this latest pullback was due to the company doing a secondary *and* a buyback. It's a little odd to see stuff like that so soon after an IPO. Nonetheless, this is now officially on my radar.

QQQ - PowerShares QQQ Trust, Series 1
QQQ

For all the weakness in tech the last few days, QQQ is only back to its 50-day moving average. It actually bounced off of that important line today. It's also not (yet?) in oversold territory based on stochastic (14, 3, 3). The broader S&P 500 (SPY) is barely out of overbought territory and is still a good deal above its 50-day moving average. So, as terribly as some tech stocks have been performing, I don't yet see a reason to rush in and be a buyer -- unless there are specific names you've been watching and they've hit your pre-defined levels.