Bulls in Control

bulls in control

The bulls were clearly in control today, building on the move made on Friday. Since the low on Friday, the DJIA has risen 763 points and the SPX 93 points. The market is now very overbought.  In fact the most overbought reading of the year.

In tonight’s Weekday Market Wrap video I look at the possible Elliott Wave scenarios that may be playing out in the market.  I also review FireEye (FEYE) which hit our 3rd target today enabling the closing of another profitable trade idea. Continue reading

New Trade Ideas Video

The latest trade ideas video is posted below. In today’s video I review trade ideas that were closed last week on CAT, BABA, SCTY, NFLX and SNDK. I then review open trade ideas on IBM, KORS, WFM, FEYE and TWTR. Watch list is also discussed. Continue reading

Whipsaw Friday

whipsaw FridayThe markets are still extremely volatile as the DJIA was down over 250 points at one point on Friday but closed up 200.  A huge whipsaw day…enough to give anyone indigestion. The market was trying to digest the jobs report that was released Friday morning showing less than expected job growth and downward revisions to July and August.

This market has still not demonstrated the type of pessimism at a selloff low that was shown in 2011 much less 2008/2009. I talk about this in today’s Weekend Market Analysis video (below). In addition to our normal key ETFs that I review on the weekend, I add several more sector ETFs to look at a total of 10 broad sectors and 2 more specialized sectors. Continue reading

How the Monthly Charts are Raising the Caution Flag

Tread Carefully

Photo by Flasshe

The DJIA was down 12 points today but the other indices were up slightly. Bears won the morning but the bulls won the afternoon. And at the end of the day it was another doji candle indicating indecision/pause.

In tonight’s Weekday Market Wrap video I also look at the monthly charts of all the indices.  I talk about what I am seeing in these charts.  I also talk about two trade ideas on IBM and TWTR.  Continue reading

What is the TRIN Telling Us Now?

what is the TRIN telling us nowVolatility continues in the stock market as all the indices had a big bounce today. The DJIA was up 235 points and the Nasdaq up 102 points.  This move led to another low reading on the TRIN and I talk about this in tonight’s Weekday Market Wrap video. Also tonight I look at the German DAX, Shanghai Composite and the Hang Seng index.  Continue reading

Mixed But Vulnerable

mixed but vulnerableThe market ended mixed today with the DJIA, SPX and NYA all up slightly but the Nasdaq and RUT were down.  In tonight’s Weekday Market Wrap video I look at all the indicators and key ETFs.

Stocks in focus are Apple (AAPL) down 3%, Under Armour (UA) down 6.8% and Caterpillar (CAT).  The CAT trade idea was closed today with a 191% profit in 13 trading days. Continue reading


RelentlessThe selling on Wall Street resumed today. One word comes to mind to describe it…relentless. Declining stocks outnumbered advancing stocks 8.5 to 1. Declining volume however led advancing volume 18 to 1. Now that ratio is pretty negative but in terms of declining volume, not yet close to the peaks in August selling.

In tonight’s Weekday Market Wrap video I look at all the price action including HYG, TLT, USO, GLD, XHB and IBB. I also take a look at Facebook (FB) down 3.8%, Starbucks (SBUX) down 3.8%, Visa (V) down 4.9% and GoPro (GPRO) down another 8%. Continue reading

Friday Afternoon Selloff

Bear market waking upThe S&P 500 (SPX) was up 20 points at its high on Friday then switched into reverse and closed down .90 points in a Friday afternoon selloff.  The market had rallied in the morning supposedly because Janet Yellen’s speech late afternoon Thursday, left the door a little more open for a rate hike.

But in reality her speech didn’t really offer much different from the rational she gave around not raising the previous week. And talking about her speech. You really need to watch this 3 minute clip of her speech. It is at the very end of her speech.

She cut short her speech after clearly struggling.  She did go on to dinner after being checked by the university medical staff that evening. She was back in Washington D.C. on Friday. The Fed would not comment further on Friday. 

Also affecting the market on Friday was the High Yield Bond ETF (HYG) and the biotech sector. HYG continued strongly down, closing the week at its lowest close in nearly 4 years. IBB, the Nasdaq Biotech ETF had the biggest weekly drop since August 2011.

The market bounce Friday morning was a continuation of a move that actually started Thursday morning. This was a retracement of the last 5 days down that started late Thursday afternoon on Sept. 17th and ended Thursday morning at 9:30am CT.

In today’s Weekend Market Analysis video I look at yesterday’s price action and for the week. I also look at the last 6-7 days on an hourly basis to see what it is telling us. In addition to our normal ETFs I review the iShares MSCI EAFE ETF (EFA) and the iShares MSCI Emerging Markets ETF (EEM).  Stocks in focus are Celgene (CELG) and Gilead Sciences (GILD). Continue reading

Is Gold About to Takeoff?

gold about to takeoffThe market was down again today with the DJIA down 78.6 points and the SPX down 6.5 points. The DJIA was down about 250 points at one point this morning but clawed its way back. One interesting development is the move up in gold.

In tonight’s Weekday Market Wrap video I look at the overall corrective waves of GLD from both a weekly and daily view. Also tonight I look at 4 trade idea stocks that hit their second targets today, CAT, FEYE, BABA and SCTY. CAT announced layoffs and revised down their revenue forecast.  Continue reading