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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

Wednesday, May 20, 2009

Financial Crisis Enquiry Commission to be formed

It will be patterned after the 911 commission and will be a bipartisan commission to investigate the cause of the financial meltdown. It will be chaired by Senator Kent Conrad (D) of North Dakota and Senator Johnny Isakson (R) of Georgia. It will be an independent review to determine the cause of the collapse and what can be done in the future to prevent it from happening again.It will have subpoena power to call before the committee anybody and anyone they think will shed the light about what happened. They want to hold those that they find responsible for the collapse accountable because "that is what the American people want and expect". It will have until December 2010 the investigate the collapse.

This is what capitalism is all about. Let's blow it up and then find out what the real cause was. The 911 event is a good metaphor for this commission. I will say this they knew it was going to happen and they let it happen. But hey let's fix it so it will never happen again....Sure

Sold MTW @6.55

Canceled all buy orders. Looking to sell only now
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