Trader Mike's Notes

  • 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.


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

  • WIX - Ltd.


    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


    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.


    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.


    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


    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.

  • FN - Fabrinet


    Here's a bottom-fishing play. Nice consolidation the last 3 days. I'd like this if it can breakout above February 6th's high.

  • TRV - The Travelers Companies, Inc.


    Another post-earnings pullback. This needs to get back over its 50 DMA, which it closed just below.

  • RXN - Rexnord Corporation


    Here's another post-earnings pullback that I like. This one also bounced off its 50-day moving average...

  • EBAY - eBay Inc.

    I like the pullback here. It's closed the post-earnings gap but I'd like the market to firm up before I'd touch this given that it's still so close to its highs.

  • SPY - SPDR S&P 500


    Quite a set of signals for SPY today. Stochastic reached oversold, a bounce off the 200 DMA, a bullish doji... We need to get some follow through next week. The 50 DMA is the obvious resistance level to keep an eye on. For many years I've referred to stocks (or indices) that are between their 50 and 200 DMAs as being in no-man's land. They're stuck between being bullish for long(er)-term investors and bearish for intermediate term investors/traders. It will be interesting to see which group wins.

  • SPY - SPDR S&P 500


    Another selloff today which pushed the SPY and QQQ beneath their Tuesday lows! The % of Stocks above their 50-day moving averages (chart attached or view it on the General Market Overview page) has dropped to 20, so by that measure the market is officially oversold. That doesn't mean that it can't become even more oversold, but I like to use that as a sign that it's time to start covering my shorts and possibly look for some bargains.

  • VTI - Vanguard Total Stock Market ETF


    Another good day to review the General Market Overview page. This Wilshire 5000 ETF tells the same story as what happened on the Nasdaq, S&P 500 and Dow today -- they all got rejected by or dropped back under their 50-day moving averages. I'll be watching those moving averages closely over the coming days. Remember cash *is* a position! No reason to force things. Preserving capital for easier times is a very valid strategy. I've been content to sit and watch the last couple of days. I'd really like to see the % of stocks above their 50 day moving averages drop under 20. Then I'd feel better about all the sellers being flushed out. Barring that, I want to see the indices close above their 50-day moving averages.