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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

Thursday, May 27, 2010

Here comes the Put busters.....errr Bargin Hunters

DJIA 10220 +245.69 SPX 1098.40 +30.15 Nasdaq2266.64 +70.80 VIX 29.55 -5.44 Gold 1211 -1.50 Silver 18.45 +.144 Oil 74.14 +2.63 RBOB(retail gas)2.02 +.0633 Nat Gas 4.289 +.108 DBC (Commodities)22.12 +.60

Dollar Index 86.20 -.91 EURO 1.2386 +.0232 Brit Pound 1.4598 +.023 Aussie.8494 +.028
IEV(Europe Index 33.17 +1.80 EEM (Emerging Market Index)38.46 +1.93 EWZ (Brazil)63.51 +3.41 FXI (China Index)39.64 +1.72

TLT (LT US Bonds)96.51 -1.75 IEF (7-10 yr US Bonds)92.74 -.83

GDX(Gold Miners) 50.28 +1.29 IYR (Real estate)50.24 +2.14 (XLF Financials)14.88 +.52 XLE (Oil) 53.70 +1.83 XLB (Materials)30.93 +.82 XRT (Retail)40.57 +1.31 XLK (Tech) 21.76 +66 XLV (Health care) 28.90 +.47

If there's something strange
in your financial hood
Who can ya call?
Putbusters
If there's something weird
and prices don't look good
Who can ya call?
Putbusters
I ain't afraid of no decline
I ain't afraid of no decline

If you're seeing things
running through your head
Who can ya call?
Putbusters
If you see you world getting blown away
Who can ya call?
Putbusters

Here come the Put busters(Bargin Hunters)

Investors Find Big Bargains; Intel Jumps

Investors grew reassured that China wasn't about to reignite fears about European debt and bargain-hunters swooped in to push stocks higher by 2 percent or more.

The biggest gains coming from energy and financials. Utilities and consumer staples underperformed, though all 10 S&P sectors rose at least 1 percent.

Separate economic reports showed the employment recovery remains lackluster and first-quarter growth was a bit slower than originally thought. That helped temper sentiment somewhat but wasn't enough to keep away the bargain hunters.

Let's hear it for the Putbusters.

Please note the strength in the EURO, Pound and Aussie. The commodity complex is strong today with oil the leader up 2.63. Gold 1211 -1.50 is down on the day.

Mikey
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