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From Trader Mike - view blog entries - visit this blogApril 22, 2020 at 6:49 pm ET
Selling were able to push the market back into Friday morning’s Google-inspired gaps. Things were even worse for the the Russell 2000 which gave back all of Friday’s gains and then some. It’s ... ( more)
From Trader Mike - view blog entries - visit this blogApril 22, 2020 at 9:37 am ET
I’ve long wondered how long current supplies of all kinds of commodities (natural resources) will last given how rapacious humans (especially Westerners) can be. After watching ‘Human Footprint’ on National Geographic Channel last week ... ( more)
From Trader Mike - view blog entries - visit this blogApril 22, 2020 at 9:16 am ET
Feels like we’re in for another quiet consolidation day as the futures point to a slightly lower open…
On Today’s Calendar:
10:00 Existing Home Sales
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential ... ( more)
From Trader Mike - view blog entries - visit this blogApril 21, 2020 at 6:19 pm ET
We can simply sum up today as a low volume consolidation day. My outlook is the same as it was over the weekend.
Trend Table
No changes
Trend
Nasdaq
S&P 500
Russell 2000
Primary
Down
Down
Down
Intermediate
Up
Up
Up
Short-term
Up
Up
Up
(+) Indicates an upward reclassification today
(-) Indicates ... ( more)
From Trader Mike - view blog entries - visit this blogApril 21, 2020 at 9:21 am ET
The market’s set to retreat from resistance at the open today. I’m curious to see if Friday’s gaps can become support.
On Today’s Calendar:
nothing
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | ... ( more)
From Trader Mike - view blog entries - visit this blogApril 19, 2020 at 9:12 pm ET
Friday capped off a great week for the bulls. For the week the Nasdaq was up 4.9% and the S&P was up 4.3%. However, the bulls weren’t able to end the week above ... ( more)
From Trader Mike - view blog entries - visit this blogApril 18, 2020 at 9:09 am ET
Google has lit a fire under the market with their earning’s report. It seems that they’ve surprised most on the Street b/c recently I’ve been seeing so many ANALyst notes about how their click-through ... ( more)
From Trader Mike - view blog entries - visit this blogApril 17, 2020 at 9:23 am ET
The futures last steam overnight and are now indicating a slightly lower open. I guess Merrill Lynch’s numbers are to blame. There’s potential for more than the usual amount of chop today thanks ... ( more)
From Trader Mike - view blog entries - visit this blogApril 16, 2020 at 7:07 pm ET
The bulls have to be thrilled with the action today. The indices gained well over 2% today on increasing volume. The rally wiped out last Friday’s GE-induced losses and pushed the indices back ... ( more)
From Trader Mike - view blog entries - visit this blogApril 16, 2020 at 9:02 am ET
Things are looking good for the bulls this morning. Intel had a good earnings report last night and this morning’s CPI seems to be a non-factor.
On Today’s Calendar:
10:30 — Crude Inventories
2:00 — Fed’s Beige ... ( more)
From Trader Mike - view blog entries - visit this blogApril 15, 2020 at 9:21 am ET
The futures have been a bit choppy this morning although they’re still indicating a higher open. I think people are still trying to figure out the implications of this morning’s hotter than expected PPI ... ( more)
From Trader Mike - view blog entries - visit this blogApril 14, 2020 at 7:57 pm ET
It was a pretty quiet day with respect to price and volume. So the technical picture hasn’t really changed, except that the market’s a little more oversold. It looks like the indices are ... ( more)
From Trader Mike - view blog entries - visit this blogApril 14, 2020 at 9:13 am ET
Things may have seemed really bad on Friday, especially if you were watching GE-owned CNBC, but the technical damage to the indices wasn’t so bad. Sure the 50-day moving averages were broken on ... ( more)
From Trader Mike - view blog entries - visit this blogApril 13, 2020 at 3:10 pm ET
Michelle B just pointed me to this video by Ed Seykota. (hat tip to BZBtrader)
That “what do we do with a hot news flash?” line had me LMAO
Post from: Trader Mike's Blog
The Whipsaw ... ( more)
From Trader Mike - view blog entries - visit this blogApril 11, 2020 at 9:16 am ET
One of the last things I wrote last night was that I wouldn’t put too much weight on the technical picture with the unpredictability of earnings season upon us. General Electric (GE) is proving ... ( more)
From Trader Mike - view blog entries - visit this blogApril 10, 2020 at 7:10 pm ET
The action in gold is looking a lot like the classic short setups that William O’Neil described in his book. Gold is retracing to its 50-day moving average and resitance from its January highs ... ( more)
From Trader Mike - view blog entries - visit this blogApril 10, 2020 at 9:24 am ET
On Today’s Calendar:
2:00 — Treasury Budget
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
See one of the recent ‘Chart Reading‘ posts for some potential swing candidates. Also ... ( more)
From Trader Mike - view blog entries - visit this blogApril 9, 2020 at 6:03 pm ET
The market finally ventured out of the tight range it’s been in for the previous five sessions. Much to the bulls’ chagrin, that break came to the downside and broke the uptrend which has ... ( more)
From Trader Mike - view blog entries - visit this blogApril 9, 2020 at 9:23 am ET
I guess we’re in the calm before the storm of earnings season. We’re set for a flat open and possibly the sixth session in a narrow trading range.
On Today’s Calendar:
10:00 — Wholesale Inventories
10:30 — ... ( more)
From Trader Mike - view blog entries - visit this blogApril 8, 2020 at 5:36 pm ET
Sellers gave it a good shot today but in the end the indices remained in their recent ranges. Volume contracted again today which works in the bulls’ favor. All of the indices have ... ( more)
From Trader Mike - view blog entries - visit this blogApril 8, 2020 at 9:19 am ET
On Today’s Calendar:
10:00 — Pending Home Sales
2:00 — FOMC Minutes
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
See one of the recent ‘Chart Reading‘ posts for some potential swing ... ( more)
From Trader Mike - view blog entries - visit this blogApril 7, 2021 at 6:29 pm ET
The indices remain stuck in a holding pattern. For the fourth session in a row they traded within relatively tight ranges and closed near last Tuesday’s closing levels. It looks like the market ... ( more)
From Trader Mike - view blog entries - visit this blogApril 7, 2021 at 9:17 am ET
The bulls should be very happy with the market’s ability to hold on to last Tuesday’s rally. The indices held just below resistance after Tuesday and are trying to push through this morning thanks, ... ( more)
From Trader Mike - view blog entries - visit this blogApril 4, 2021 at 9:11 am ET
We must be at the point in the cycle where bad news is good news and good news is great news. This morning’s jobs report was worse than expected but the futures have managed ... ( more)
From Trader Mike - view blog entries - visit this blogApril 3, 2021 at 9:24 am ET
The futures took a hit due to a worse than expected initial jobless claims report at 8:30. So far it looks like we’re just in for a small pullback as compared to Tuesday’s huge ... ( more)
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