1150 gave way this morning, but it didn't last long. It does pove, though, that 1150 is vulnerable and may not be the ultimate resistance. For now I have an 18 point range with 1150 in the middle, and I doubt we stray too far from that range. The game of musical sectors continues, as yesterday's weakling is leading today, XLF. All other sectors are right about even, just above positive. The Nasdaq is lagging slightly, the Russell 2000 is about even. Oil is up, gold is down, and treasury yields are rising.
I have 289 new highs so far, with breakouts in VRNT, LCRY, OPLK, CFS, STKL, NICK, and GTE. SNX from the earnings list reported last night and is up 8% this morning.
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.