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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 6, 2009

Commodities, Market continues slide

DJIA 8249 -32 SPX 890 -6.41 VIX 30.14 Gold 924 -7.00 Silver 13.27 -.11 Oil 64.42 -2.41 RBOB (Whsl Gasoline) 1.7459 -.0449 Dollar Index 90.81 +.15 EURO 1.3926 -.0099TLT (Long Term Gov Bonds)93.94 -.36 IEF (7-10 Yr Gov Bonds)90.60 -.06

More weakness today in all markets as the economy continues its slide. Gold is slowly setting in the west and silver has boken down below its intermediate uptrend. Oil has joined the party and is trading at 64.42 or 9 bucks below its recent recovery high.

Bought the EEV at 21.90
Looking to add to my DZZ (gold short) if it trades > than 22

Trend Change

Silver Long term Flat Intermediate Changed to Down Short Term Down

Oil Long Term Down Intermediate UP Short Term Changed to down
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