1220'ish is where we have stopped dead several times in the last few months, and so far it looks like it is happening again. I kept the chart simple this morning, with a bottom support at 1180. I suspect we will stay closer to 1200 than 1180, but you never know. Wednesday's are the one day of the week I can;t see the IBD market wrap video, but a commenter says they called a follow through day yesterday. My first reaction was "are they out of their minds?" If you look closely at the chart, yesterday's volume came during the afternoon sell off, not a sign of big money accumulation. What little leadership is left has formed very faulty bases. I don't argue with IBD (I have in the past and had my head handed to me), but they have made bad calls in the past, too (but they also admit to it, a very admirable trait CNBC could learn something from). Anyway, I am going to see how this down draft acts before passing judgement. As for today, we have XLK and XLY as the leading sectors, and XLF is getting blasted. The Nasdaq is leading big, the Russell 2000 lagging big. Oil and gold are down, treasury yields are dropping like a rock.
I have 8 new highs, with breakouts in SAVE and NUAN. I have VMI scheduled to report today, but don;t have a time, and they have not reported yet.
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.