My post is a little late today, I had a technical problem I could not make heads or tails of, but it cleared with a reboot. MSFT might be chortling at AAPL's technical problems right now, but they have nothing to brag about. Anyway, the market (or at least the SPX) is shaping up pretty much the way the options open interest predicted. 1100 is now the point of resistance, and seems to be drawing price like a magnet. 1089, this morning's low, looks like the pivot point, making 1078 support. You can see the heavier volume yesterday, but mst of the gain came at the open, and the market more or less churned the rest of the day. XLK and XLI are leading sectors today, with XLF and XLI the laggards. The Dow and the Nasdaq are leading, the Russell 2000 is lagging, which tells me we have a weak market being somewhat distorted by strength in INTC (who reported a record profit last night). TNX, which broke through 31 yesterday, gapped right back below it this morning, but is now trying a "fill the gap" rally. Gold and oil are both down, the dollar up against everything but the yen. CNBC will be crowing about the Dow and Nasdaq this morning, but everythin g else is pointing to weakness.
I have 56 new highs today, with breakouts in ADTN, IGTE, APKT, EMC, BMA, ACTG, and VMW. On the earnings list I have a report from IGTE, which is up 7%
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.