AA goosed the market this morning by beating estimates last night. What struck me was not that the fact that the market is rallying, but that it is rallying up to a certain point. if you read my options post yesterday, you know I have a "target" of 110 on the SPY ETF, based on options open interest. It's a little tin foil hat-ish, but by gosh, it seems to be unfolding as planned. That means, roughly, that by Friday the market should be at or very near 1100. We will see. Leading up is XLB, thanks to the aforementioned AA, with XLI and XLF close behind, and XLU, XLP, and XLK bringing up the rear. The Nasdaq is lagging slightly, but the Russell 2000 is leading quite handily. Treasury yields gapped up and are holding that gap, with the TNX getting ready to test 31. Both oil and gold are both rallying, the dollar dropping, so for today at least, al is well in the world.
I have 62 new highs so far, with breakouts in ADCT, Q, BIN, DPS, SVR, BRCM. and PRX. There is nothing so far to report on the earnings front.
I am not a financial professional, just a guy that trades my own account.
I am also not a musical professional, just a guy that makes music on the computer. Thus, two blogs, one trading and on musical.
And, no, the picture is not me, it is the late, great John Belushi, one of the inspirations for these blogs.
This blog is focused on technical analysis of stocks and markets, putting heavy emphasis on chart analysis. My trading style is derived primarily from my mentor, William "Yoda" O'Neil, and the focus here is on leading and breakout stocks, but all forms of trading are covered to some extent. Economic and political news that effects the market are also topics here, and the blog may occasionally become a platform for my political and philosophical ranting. I keep several spreadsheets on Google docs which track various aspects of the market and readers are welcome to vies and comment on them.
Google Docs Spreadsheets
There are several spreadsheet that I maintain on Google docs to track various watchlists and trends in the market.
1. The earnings list - a group of small and micro cap, low float stocks that have exhibited recent rapid earnings growth. They are modeled along the lines of William O'Neil's CAN SLIM system, but limited to small cap, highly volatile stocks.
2. The relative strength list - a group of stocks which are near 52 week highs and have shown an increase in average daily volume. The list is limited to the top 200 stocks according to my methodology, which will be detailed on one of the pages of the spreadsheet.
It can be accessed here, and is also updates weekly.
3. Relative strength by industry - Uses industry data from Finviz.com to track the percentage of stocks within each industry that are in the top 25% of the 52 week price range, looking for trends.