I usually drag this chart out after quarterly earnings have been finalized, but I'm hearing a lot about bargain hunting, and I thought that a dose of reality was called for...
I was joking with Carl today about a title for today's article... "catching a falling hatchet" instead of a "falling knife" as the saying usually goes...
Thank goodness it is Reader Request Thursday as there continues to be slim pickin's coming out of DecisionPoint scans. In the past four days, the bullish Diamond Scan has had only ONE result total...
Another decline in the market, but we did see a slight contraction on total volume which is somewhat encouraging, but it is still very high volume coming in on decline. USO's PMO moved to a SELL signal just in time for support to be broken again...
I'll tell you up front, there were zero results on the DecisionPoint scans today for Diamonds. A couple of bond funds appeared in Carl's Scan but my scans produced 2 stock each and trust me they aren't worth mentioning. This is not the time to expose yourself further...
Carl and I exchanged text messages last night regarding the possibility of a bounce soon. He reminded me that just as in a bull market where overbought conditions can persist without a decline, so it goes in bear markets where oversold conditions can persist without a bounce...
Today was a continuation of yesterday's decline. The hits keep coming and one of the punches appears to be the coronavirus. I've had quite a few of my friends ask me about whether it's time to start investing in the pharma and biotech space, as well as medical supplies...
As I sat in the jury room today waiting for my panel to be called, I watched from my phone the crazy market action. It just figured I'd be stuck there without my giant display screen to decipher charts...
I have often thought of using technical analysis as being somewhat like being the pilot of a paddle wheel steamer on the Mississippi River in the 1800s...
DecisionPoint maintains a chart list for member's composed of the 11 S&P SPDR Sectors, and every day I review and update the annotations to those charts. One thing I noticed in the last few weeks is the negative divergences developing on the Technology Sector (XLK) chart...
Yesterday I redrew the rising wedge pattern. I received a text from Carl with the chart below after today's close accompanied by the statement that I used as today's headline. We had a different rising bottoms trendline...
I have so much fun on Reader Request Thursdays! Your requests have been coming in all week and I have selected four requests and popped a stock in from my Diamond Scan that has me very interested...
I continue to watch the negative divergence between the NYSE and the SPX, as well as the SP600 and the SPX. It isn't resolving. The SPX continues to make new all-time highs while both the NYSE and SP600 are in declining trends. Notice the divergences with the NASDAQ as well...
While sifting through today's DecisionPoint scans, I found some very instructive and possibly lucrative On-Balance Volume (OBV) positive divergences. A positive divergence with the OBV is seeing rising OBV bottoms and declining price lows...
Today Energy (XLE) was the best performing of the eleven SPDR sectors we follow. I have been watching the Energy Sector (XLE) for a few weeks, wondering if it was finally setting up for a rally...
Apple has been blamed for today's decline in most of the markets. According to CNBC.com, here's why: "Apple cautioned it does not expect to meet its quarterly revenue forecast, citing slowed production and weakened demand in China as a result of the coronavirus outbreak...
Interesting day in the market with Apple (AAPL) leading major indices lower. I found it was a little tricky to weed out my scan results today...
Here is a chart showing the percentage of S&P 500 stocks whose PMO has crossed up through the 10EMA, generating a PMO crossover BUY signal...
We saw quite a pullback this morning but by the end of the day, the SPY was only down 0.11%. It isn't surprising on a down day to see defensive sectors lead, but what might surprise you is the strength they have been showing year-to-date or longer...
I love Reader Request Thursdays! It is always interesting to see what is hitting the radar of the DecisionPoint Faithful. Credit where credit is due--all of these but one is up on the week...