The market internals started and ended the week strong, however midweek showed some divergence as the broader market paused only slightly. We have seen quite the move higher off the lows set back in March 09. The S&P500 is +47% from the March 09 lows, Dow +41%, NASDAQ +55%, and Russell +60%. These moves are incredible and to have the VIX retract nearly 70 points is astonishing. Looking back only a mere 6 months and option premiums were through the…
Look to stocks that act relatively strong or don’t pull back as much in relation to the market. Here’s a list of some of the strongest stocks in the market, any pullback in the broader market will provide a good entry for the following stocks that hold up relatively strong. Watch Price and Volume! AAP, ABV, ACM, AGL, AGNC, ARO, BIDU, CERN, CML, EBR, ENI, FUQI, GMCR, HMSY, HTS, LL, MFE, MJN, MV, MVL, NEU, NTES, ORLY, ORN, PWRD, ROST,…
In the week ahead look for these news announcements to act as potential market movers…· Mon: New Home Sales 10:00 AM ET· Tues: S&P Case-Shiller HPI 9:AM ET· Tues: Consumer Confidence 10:00 AM ET· Weds: Durable Goods Orders 8:30 AM ET· Weds: EIA Petroleum Status 10:30 AM ET· Thurs: Jobless Claims 8:30 AM ET· Thurs: EIA Natural Gas Report 10:30 AM ET· Fri: GDP 8:30 AM ETA good amount of news ahead in the week to come, all eyes and…
With a market breadth of 28:1 and 10:2 confirming the intraday moves higher, it was apparent that they would hold throughout the week. The breadth is an indicator of volume flowing into up stocks compared to volume flowing into down stocks. Essentially 10 and 28 times more volume was flowing into up stocks than down stocks. Any reading over 10 is extremely bullish. 1:1 is parody.When a pattern as strong and clear as a head and shoulders fails, the amount…
In the week ahead look for these news announcements to act as potential market movers…· Weds: EIA Petroleum Status Report 10:30 AM ET· Thurs: Jobless Claims 8:30 AM ET· Thurs: Existing Home Sales 10:00 AM ET· Thurs: EIA Natural Gas Report 10:30 AM ET· Fri: Consumer Sentiment 9:55 AM ET No major economic accouchements this week, but Ben Bernanke speaks this week delivering his semi-annual monetary policy testimony to the House Financial Services Committee in Washington, Tuesday and Wednesday at…
After a failed head and shoulders pattern, the broader markets broke out and sent our bull picks soaring while deflating our potential shorts. The tech sector remains the strongest and we will continue to watch tech names like the infamous AAPL which has broken out above its prior highs. Keep in mind we are still in the midst of earnings season.
A spinning top candlestick formation on the weekly bar of the S&P500 shows the sideways action we faced last week. As stated in the prior week’s forecast, volume is quite lackluster and we are seeing a strictly news driven market.The weekly chart is quite messy and the price patterns forming are weak as well, with the exception of the head and shoulder formations on the S&P, Dow and Russell. The NASDAQ could be in a H&S formation if you look…
In the week ahead look for these news announcements to act as potential market movers…· Tues: Producer Price Index 8:30 AM ET· Tues: Retail Sales 8:30 AM ET· Weds: Consumer Price Index 8:30 AM ET· Weds: Empire State Manufacturing Survey 8:30 AM ET· Weds: Industrial Production 9:15 AM ET· Thurs: Jobless Claims 8:30 AM ET· Fri: Housing Starts 8:30 AM ET OPTIONS EXPIRY WEEK! News, News, News, and lots of it will be the talk of the media this week.…