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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

Monday, July 13, 2009

Bernanke..A jobless recovery..Or The Feds legalize pot

DJIA 8331 +185 SPX 901.05 +21.92 VIX 26.31 -2.71 Gold 921 Silver 12.68 Oil 60.00RBOB (Whsl Gasoline) 1.6460 Dollar Index 80.30 EURO 139.95 (Long Term Gov Bonds) 950.69 -.54 IEF (7-10 Yr Gov Bonds)91.83 -.33 XLF (Tech Index)17.86 +.33 XLE (Oil Index)45.42 +.75 EEM (Emerging Markets)31.17 +.25 FXI (China Index)37 +.13


Fed Chairman Sees Possibility Of 'Jobless' Recovery: Shelby

Federal Reserve Chairman Ben Bernanke sees the possibility of continued high unemployment even after the recession eases
"It was a rather sobering meeting," Sen. Richard Shelby, an Alabama Republican, said in a live interview. "I said...'Could this be a jobless recovery?'...and he said it could be," Shelby said.

Bernanke has predicted the recession will end this year, with many economists forecasting that the economy will start to grow again as soon as the current July-September quarter.

But Bernanke's comment that unemployment could remain high for some time appeared to be more pessimistic than any of his recent public statements.
"I didn't come out of the meeting feeling a lot of euphoria," Shelby said. See video for entire interview.

Earlier Monday, Christina Romer, chair of the President's Council of Economic Advisors, told CNBC that it was difficult to quantify job creation despite President Obama's prediction that his economic stimulus plan could save or create 3.5 million jobs.

The president's council released a report on Monday saying that jobs in the healthcare and environmental sectors are growing at a faster rate than those of the U.S. economy as a whole.

The report, which looks at how the U.S. labor market is expected to develop in the next few years, says a rebound in employment in construction and some manufacturing sectors is expected as stimulus spending approved early this year invests in projects around the country.


The report is based on an analysis of recent labor market data, a White House official said.

The report identifies likely changes in the U.S. labor market as economic drivers shift from sectors like financial services to the growing sectors that are transforming the economy, the official said.


Translation: We are going to have a recovery because we can make it up. Jobs who cares we don't need no stinkin jobs. This only will work for so long at some point the truth comes out and it will not be pretty. I think if they legalize pot it would stimulate the economy or at least no one would give a damn.


The beat goes on...Mikey
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