Trader Mike's Notes

  • 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.

  • MDB - MongoDB, Inc.

    MDB

    This looks to me like it's itching to break out. I'm watching for a close above 60...

  • CARA - Cara Therapeutics, Inc.

    Another pullback that I like but also another stock reporting earnings the first week of August -sigh-

  • SRPT - Sarepta Therapeutics, Inc.

    I was in this in late June, looking for it to bounce back to the June highs. I got bored with it a couple of weeks ago and decided to exercise a stop-out based on time. It's now started a Bollinger Band Squeeze, which could presage a big move -- one way or the other.

  • AAOI - Applied Optoelectronics, Inc.

    Some interesting action here. I found this on the Non-ADX 1,2,3,4 Bullish scan. I like the attempt to hold the 50-day moving average and that it's oversold according to stochastic. But as with so many stocks right now, the wildcard of earnings is right around the corner.

  • CARS - Cars.com Inc.

    A recent IPO near new highs always gets my attention. Plus it's got one of my favorite signal combos today: a Non-ADX 1,2,3,4 Bullish with a Calm After Storm. It's also forming a base that's cup-with-handle-ish. Earnings are due soon though...

  • PVTL - Pivotal Software, Inc.

    One of those earnings gap pullback plays I like so much. I'd like to see it close above 25 to give me more confidence that it's bouncing...

  • APPN - Appian Corporation

    I like that this is now oversold and attempting to bounce off its 50 -day moving average. One could argue that its working on a Cup with Handle(ish) pattern (starting in January), although I think it's pulled back a little too far to officially qualify

  • CMG - Chipotle Mexican Grill, Inc.

    CMG

    Here's another one breaking out of a Bollinger Band Squeeze...

  • WIX - Wix.com Ltd.

    WIX

    I bought some of this yesterday when I noticed the Bollinger Band Squeeze turning into an Upper Bollinger Band Walk -- one of my favorite transitions -- range contraction to range expansion. It's following through nicely as it pushes into new all-time high territory...

  • CATM - Cardtronics, Inc.

    A nice set of signals on this today plus I like the gap fill and that it's bouncing (trying to?) off its 50-day moving average and recently reclaimed the 200 DMA.

  • CASA - Casa Systems, Inc.

    There's really not much to like about the technical picture on this right now but I picked some up in my IRA anyway. This recent IPO has been an IBD favorite and is currently "on sale" after doing a secondary offering the other day. So I thought I'd give it a shot with a stop loss under the April lows.

  • FSLR - First Solar, Inc.

    Nice looking Cup with Handle breakout. Earnings are due soon though...

  • CASA - Casa Systems, Inc.

    I like the pullback on this recent IPO, which is also on the IBD 50 right now. (It's on the SwingTradeBot "Top 50 Bullish" scan list too)

  • SPY - SPDR S&P 500

    SPY

    This is more a broad market comment than a SPY one... I see some flashes of hope for the bulls on the General Market Overview page today. First, the most "unusually active" signal today was the "Stochastic Buy Signal". Next, SPY continues to hold above its 200-day moving average. And finally, the percentage of stocks above their 50-day moving averages, while near oversold levels, is well above its February low. In fact, that indicator is making higher highs and higher lows. So the selling isn't quite as broad-based as it was back in February. It appears, based on IWM, that the small caps are holding up the best. But the market really needs to find some fresh leadership because tech is looking really tired right now. I'll be looking for some buy candidates tonight among stocks in the "Stochastic Buy Signal" and "Strong but Oversold" scans...

  • JBL - Jabil Circuit, Inc.

    JBL

    One of the few "Non-ADX 1,2,3,4" setups I liked today. It's undergoing a test of its 200-day moving average and just closed its post-earnings gap from two weeks ago.

  • LX - LexinFintech Holdings Ltd.

    LX

    Nice looking breakout to a new high for this recent IPO. I wonder when their first earnings report will be issued. I'd hate to step in front of that...

  • QQQ - PowerShares QQQ Trust, Series 1

    QQQ

    We've had quite a bounce off the lows from three weeks ago. The Nasdaq-100 (QQQ ) is just a hair away from making a new all-time high. The other major indices don't look quite as good as QQQ but they are now all back above their 50-day moving averages. (The small caps just managed that feat today.) While this recovery has been impressive on the index level, I'm a little concerned that most stocks are not fully participating. The percentage of stocks above their 50-day moving averages is only at 45(%) today (See the General Market Overview page). If you're a bull, you'd like to see some broader participation. Something to keep an eye on...

  • 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.