It's been either computer problems or internet problems, and today it was both. I did manage to get one chart, but just barely. My internet went dead just as I was about to get my charts for the day, and is just now coming back, and speed is very slow. Anyway, we were headed for what looked like a breakout past the P pivot point today, and things did look a little shaky mid day, but we were still in the green and everything looked well. A last hour drop killed any breakout thoughts, as the computers took us down (it was about a 10 point drop in less than hour and had "HFT" written all over it). I saw no news that triggered the drop, but undoubtably some headline came across the wires that spooked the machines. Anyway, it now looks like a bull trap, and we are getting more confident in believing that P is going to be the barrier keeping us from moving higher the rest of this week, and we may be in for a drop tomorrow. The Nasdaq and Russell 2000 both out performed today, while the Dow under performed, so all is not lost for the bulls.
The new highs update is ready to be posted, but the price relative scan is not done yet and will be late. Sorry, but nothing seems to be going right right now.
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.