The NFP numbers are in, and while they are better than expected, they weren't enough to give the market any juice today. The Dow jumped at the open and pulled back, but the Nasdaq dropped, so apparently the market is going to be a bit schizophrenic today. Now I have to wonder about the jump we got this week: did someone get the numbers in advance? That would explain the seemingly inexplicable rally we got all week, and the tepid response we are getting now. Anyway, enough of my paranoid rantings and on to the chart. I really went out on a limb with today's range; basically no matter where we are today i will be right. 1150 is going to be the key klevel I will be watching; if we manage to get as high as 1175 I suspect we will see some fierce resistance, but at this point I will be surprised if we get there. Today we are looking for an o.Neil follow through day, but so far I doubt we get it today. Leading sectors this morning are XLP, XLU, and XLY; lagging are the usual suspects XLE, XLB, and XLF. The Nasdaq and Russell 2000 are both lagging. Oil and gold are up, treasury yields up pretty big. Hmmmm.
I have 11 new highs today, with breakouts in PROV and RAI. I have nothing reporting this morning.
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.