I believe I have the right day today. Boy, I was a bit out of it yesterday. Well, it seems my forst instincts about 1267 have so far proven correct. Yesterday we had a false breakout (which I did not believe was false until the sell off at the end of the day), and now it looks like we are headed down. Now we get to see if this is a minot pullback or a major collapse. The first level of support here as I calculate it is 1252, and that should be the key. Ultimately we could go down to 1240, but 1252 might be stronger support than it looks. It has been a while since I have seen all red sectors, and leading todfay (that means the least red) are XLP and XLU. Lagging are XLB. XLI, and XLE. The Nasdaq is lagging slightly, the Russell 2000 lagging a little more. I have oil and gold down, treasury yields down and dropping.
I have 76 new highs so far, with a breakout in ACAT. I have nothing to report on the earnings front.
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.