Yesterday sure threw a monkey wrench into my elegant market analysis, and all I can see on today's chart is confusion. Yesterday's high was roughly 1195, and so far we have not challenged it, although I suspect we will today, but so far we are seeing some weakness. 1181 may be a support level, but I am not counting on that. I am expecting low volume again today, which normally would lead to a fairly narrow trading range, but yesterday's huge range came on low volume, so I better not count on that, either. So far my stance that last Tuesday was a key reversal until proven otherwise has held up, but my stance that I sit on my hands until we get a follow through day has also held up (and become a little frustrating). Among the sectors XLE has a very comfortable lead, while XLF is lagging by a mile. The Nasdaq is leading, but the Russell 2000 is trailing. Oil and gold are down, and the bond market is open today so I have valid quotes on treasury yields, which are up big.
I have 13 new highs so far, with 2 breakouts: GIS and DG. Last night MG on the relative strength list reported, and is up 1.5%.
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.