Quick Market Take

The past week or so I have begun to feel a bit uneasy about the market action.  It hasn’t been as crazy as the action that we saw in late January that led to pretty vicious two week  sell off but it has definitely caught my attention.  The failed breakout of the 115 SPY level has me on full alert … Read More

Morning Thoughts

Good morning traders. Inside day yesterday is constructive for the bulls as the market is consolidating its previous run without giving gains back. I will be long the market over 115, waiting until it holds higher to really load up on the long side.  I will be watching XLF and OIH as market tells; we need to get some more … Read More

Traders Ask- How Do I Trade a Bearish Flag Pattern?

Hi Mike. Yesterday in you webinar you showed us a chart on Toyota that dropped nicely on bad news. After that initial drop the stock began a sideways move. The question is:  Do you continue to trade that stock during the day even though its going kind of sideways, or do you wait for it to brake the lows or … Read More

Morning Thoughts

Good morning traders. SPYs took an early morning dip as the tech leaders saw some rest and pulled back/ consolidated. Its impressive to see how resilient the market is. Lower prices bring in aggressive buyers, something that is very important to the health of the rally. In terms of the SPYs chart the longer we spend above 113.20 the higher … Read More

AAPL Flash Crash?

I received a couple of twitter messages about whether I was trading AAPL on the Open today.  JoeP had mentioned in his morning thoughts blog that we were watching the 291 level closely for a possible break of the recent uptrend.  As it turned out I was short RIMM on the Open and watching CRM as well for a break … Read More