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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, June 10, 2009

For all you Gamblers out there

If Lakers Win, Sportsbook Loses $400K

Sick of seeing all the action on the Los Angeles Lakers to win the championship, Bodog Sportsbook manager Richard Gardner decided to do something about it.

Anyone who placed a bet on any other team to win the title would get $50 back from Bodog if Kobe and his boys ended up hoisting the trophy. It's why, besides the players and the team executives themselves, Gardner probably has the most on the line.

Gardner was undoubtedly happy that the Orlando Magic won game three last night, though the oddsmaker knows the odds are against him.

"(Lakers coach) Phil Jackson is 43-0 in the playoffs when his team starts the series with a 1-0 lead, which is an unenviable position to be if you play for the Orlando Magic or if you’re the Bodog Sportsbook," Gardner said. "We had over 8,000 players take us up on our pre-playoff promotion."

The total damage if the Lakers win? Gardner already knows the number down to the cent: $394,411.50.

On another Finals gambling note, a slew of people who took the Lakers as four-point underdogs last night came away with nothing thanks to what happened in the final seconds.

Kobe Bryant reduced the Magic lead to a two-point deficit with a half of a second to go and it seemed like the game was over. But the refs put fractions of a second back on the clock, Rashard Lewis was fouled and he hit both shots. The final was 108-104. And everyone who thought they were cashing in with the Lakers and the points were disappointed.

I don't think the word dissapointed sums it up....Mikey
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