Trader Mike's Notes
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.
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.
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.
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.
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.
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