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Mikey's Short Term Trading Rules

1) Make up a list of stocks, commodities or ETF's to trade. This list should be names that have good earnings and high relative strength.
2) Monitor this list and throw out the weaker names
3) Buy only stocks or ETF's that are intermediate and daily up (green) and the market is Daily and intermediate term up (green)
4) Buy pullbacks on these stocks to the 20 and 50 day averages
Usually you get 4 to 6 20 day pullback buys and 2 or 3 50 day pullback buys in an intermediate term trend
5) More agressive traders can buy the 7 day average in the first 3 to 8 weeks of the uptrend.
6) Buy pullbacks not runups. A buy should not be easy or exciting but difficult and somewhat scary. DO NOT CHASE
7) Place stop at 5% below the buy price. Do not remove
8) Sell 3 to 5 days after the stock price takes out its most recent 2 week high with at least 15% gains
9) Uptrends that are 12 weeks or more may be ripe for a correction. The first 2 pullbacks to the 50 day are usually safe.
Intermediate term uptrends and downtrends generally last from 8 to 16 weeks with 12 weeks being the norm.
10) Shorting is a viable strategy in downtrends for experienced traders only. In general, reverse the above rules
11) Tweet Mikey @themarketshadow with questions or ideas

Friday, November 7, 2008

GM ...No bailout ...Give me a break

Barack is the president now not George the oil man Bush. There is talk of letting it go on CNBC by Larry Kudlow. Kudlow says they have a bad business model and they should be allowed to fail. I know Larry will say its socialism. Maybe so, but if you guys would not have screwed up the system buy letting anybody do anyhting they wanted this would not be necessary. To that I say that the government had a bad business model and that caused GM and Ford to have these problems . This is a liquidity problem brought on by a banking system run wild. If there is liquidity in the system, and there will be, their model works just fine.
By the way they didn't just start changing their model last week. They have been working on it for 4 years.
Hey Larry ain't gonna happen you breauocratic moran. I buy the close on GM.
George Bush would let them go but not Barack Obama and the Democratically controlled Congress and Senate. Can you just see Nancy Pelosi saying let them eat cake. Well the beat goes on...Mikey
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