All donations go towards web site maintenance for all of Technical Watch,
keep it free of charge, and may be tax deductable as an investment expense.


PayPal Verified
Join our market chat sessions every Tuesday and Thursday at 4:00 pm Pacific time!
More information on subscriber services can be found at
http://www.technicalwatch.com/subs.htm




Support Technical Watch!
Buy from our Book Store!
Register Calendar Latest Topics
 
 
 


Reply
  Author   Comment  
fib_1618

Moderator
Registered:
Posts: 4,456
Reply with quote  #1 
2016-05-12 16:00:08 fib1618: good day
2016-05-12 16:00:12 fib1618: how is everyone?
2016-05-12 16:00:36 thespookyone: Excellent, thanks, and you?
2016-05-12 16:00:48 mojave: good here
2016-05-12 16:01:36 fib1618: doing fine...gonna need 5 minutes though
2016-05-12 16:01:46 fib1618: any questions or comments before we get started??
2016-05-12 16:02:06 mojave: no - take your time
2016-05-12 16:03:50 thespookyone: why does everybody see the important Apple break at 90? I see it around 87
2016-05-12 16:05:52 fib1618: checking
2016-05-12 16:06:48 fib1618: 92.50 were the lows of February
2016-05-12 16:06:54 fib1618: longer term...checking
2016-05-12 16:07:07 fib1618: high volume breakdown today
2016-05-12 16:07:09 mojave: I think "they" are just looking back to mid '14
2016-05-12 16:07:18 thespookyone: OK
2016-05-12 16:07:41 mojave: but volume profile more supportive 87ish, then 80, 70
2016-05-12 16:07:48 thespookyone: the longer the line, the stronger, no?
2016-05-12 16:07:57 fib1618: 90 was the intraday lows of last August
2016-05-12 16:08:04 fib1618: checking
2016-05-12 16:08:47 fib1618: rising bottoms line from 2013 was broken in January
2016-05-12 16:08:54 thespookyone: looks like the monthly trendline is around 87, I think at the very least-it gets hit...
2016-05-12 16:08:56 fib1618: snapback in April
2016-05-12 16:09:03 fib1618: monthly...checking
2016-05-12 16:09:57 fib1618: looks like 85 from 2009
2016-05-12 16:10:00 fib1618: but catch this
2016-05-12 16:10:08 fib1618: apply a 50 month EMA on the pattern
2016-05-12 16:10:39 fib1618: we bounced right off it today
2016-05-12 16:10:48 fib1618: as we did back in 2013
2016-05-12 16:10:50 fib1618: break that
2016-05-12 16:10:57 fib1618: and we have a real bear there
2016-05-12 16:11:16 fib1618: to around the 2013 lows at $50
2016-05-12 16:11:30 thespookyone: ouch
2016-05-12 16:11:32 fib1618: today's breakdown though is not inspiring for the buyers
2016-05-12 16:11:45 fib1618: pattern needs to hold here and now
2016-05-12 16:11:53 thespookyone: no, I'm taking it as a possible shot over the bow
2016-05-12 16:11:57 fib1618: especially since the bounce off the recent lows was so poor
2016-05-12 16:12:03 fib1618: well
2016-05-12 16:12:06 fib1618: remember
2016-05-12 16:12:28 fib1618: that leaders in a bull move tend to be the last ones to bottom in a correctional sequence
2016-05-12 16:12:33 fib1618: we saw that in 2013
2016-05-12 16:12:56 fib1618: I think the 50 month EMA is important
2016-05-12 16:13:15 fib1618: since the stock did find previous correctional support at that level
2016-05-12 16:13:18 thespookyone: yes
2016-05-12 16:13:49 fib1618: switch it to weekly...and add a 200 period EMA
2016-05-12 16:14:13 fib1618: closed just below it
2016-05-12 16:14:24 fib1618: and with the daily already in a bearish configuration
2016-05-12 16:14:31 fib1618: there doesn't seem to be too much hope for the longer term
2016-05-12 16:14:55 fib1618: check out 2013 as well with the 200 week EMA
2016-05-12 16:15:01 fib1618: same support came in there as well
2016-05-12 16:15:12 fib1618: so the juncture can be called CRITICAL
2016-05-12 16:15:38 thespookyone: I think so, I'm trading pretty cautious, until I get more info
2016-05-12 16:15:53 fib1618: check also the 2009 bear market lows and the same EMA's
2016-05-12 16:16:23 fib1618: so any breakdown from here would be a highly bearish event
2016-05-12 16:16:28 fib1618: but I wouldn't short it until the snapback
2016-05-12 16:16:52 fib1618: with a break of these longer term EMA's forcing people to sell
2016-05-12 16:17:08 fib1618: and you could see $85 pretty quick and then the snapback
2016-05-12 16:17:18 thespookyone: yep
2016-05-12 16:17:34 fib1618: RSI is also negative
2016-05-12 16:17:40 fib1618: not looking good
2016-05-12 16:17:42 thespookyone: you know I'll trade those EMA's as you would, Old School LOL
2016-05-12 16:18:06 fib1618: but we also saw the very same thing at the 2009 and 2013 price lows
2016-05-12 16:18:16 fib1618: maybe a 4 year cycle in play here?
2016-05-12 16:18:35 fib1618: if that's the case
2016-05-12 16:18:46 fib1618: it shouldn't bottom until the spring of next year
2016-05-12 16:18:58 fib1618: one thing's for sure
2016-05-12 16:19:18 fib1618: your stops on longs are gonna be close right now...so your risk is relatively minimal
2016-05-12 16:19:25 thespookyone: yes
2016-05-12 16:19:33 fib1618: OK...anything else?
2016-05-12 16:19:35 mojave: aapl still something like 12% of NDX
2016-05-12 16:19:40 thespookyone: It's such a big piece of the NDX
2016-05-12 16:19:47 fib1618: yep
2016-05-12 16:19:49 fib1618: let me check
2016-05-12 16:19:51 thespookyone: "kismet"
2016-05-12 16:22:42 fib1618: can't find anything on the weight
2016-05-12 16:22:47 fib1618: but for the Dow
2016-05-12 16:23:11 fib1618: Apple is at 3.58%
2016-05-12 16:23:44 thespookyone: And, a victim of joining the DOW, as you pointed out [smile]
2016-05-12 16:23:47 mojave: 11.5% of QQQ
2016-05-12 16:23:55 fib1618: highest weightings are 3M (6.56%) and GS (6.16%)
2016-05-12 16:24:03 fib1618: I'll take your word on it
2016-05-12 16:24:12 mojave: MSFT next 8.5% QQQ
2016-05-12 16:24:24 mojave: http://www.nasdaq.com/symbol/qqq
2016-05-12 16:24:28 fib1618: it used to be easier to look it up..
2016-05-12 16:24:54 mojave: yeah I couldn't quickly find it in NDX so went w/ Qs - should be same
2016-05-12 16:25:19 fib1618: good link...
2016-05-12 16:25:26 fib1618: that's a keeper...thanks
2016-05-12 16:25:32 fib1618: Q's are fine
2016-05-12 16:25:36 thespookyone: yes, thx!
2016-05-12 16:25:38 fib1618: it used to be on Yahoo
2016-05-12 16:25:44 fib1618: but not anymore
2016-05-12 16:25:52 fib1618: OK...
2016-05-12 16:25:57 fib1618: well...
2016-05-12 16:26:04 fib1618: let's check the BETS first
2016-05-12 16:27:08 fib1618: NAAD very weak right now
2016-05-12 16:27:49 fib1618: NAHL now back in a bearish configuration
2016-05-12 16:28:06 fib1618: NAUD also weak
2016-05-12 16:28:13 fib1618: growth is not doing well at all
2016-05-12 16:28:20 fib1618: which means no economic expansion
2016-05-12 16:28:29 fib1618: which means lower cost of money
2016-05-12 16:28:33 fib1618: which means...
2016-05-12 16:28:35 fib1618: well...
2016-05-12 16:28:40 fib1618: we might be in a recession
2016-05-12 16:29:05 fib1618: +45
2016-05-12 16:29:20 fib1618: still on a accumulation signal
2016-05-12 16:29:22 fib1618: now..
2016-05-12 16:29:30 fib1618: if the BETS goes below +40
2016-05-12 16:29:38 fib1618: that would be a "hold" signal
2016-05-12 16:29:50 fib1618: with protective bearish stops below market
2016-05-12 16:30:02 fib1618: and the way the NASDAQ is acting here
2016-05-12 16:30:25 fib1618: we might have to re-examine the forecast going into June OPEX
2016-05-12 16:30:37 fib1618: also keep in mind
2016-05-12 16:30:47 fib1618: that my business is about 3-4 months ahead of the stock market
2016-05-12 16:31:07 fib1618: and you all know I was shouting a warning back at the beginning of the year
2016-05-12 16:31:17 fib1618: in fact...back to the late fall of last year
2016-05-12 16:31:31 fib1618: jobs are disastrous right now
2016-05-12 16:31:34 fib1618: worse than before
2016-05-12 16:31:38 thespookyone: yes
2016-05-12 16:31:52 fib1618: and we're now getting the data to support what I was seeing back in January
2016-05-12 16:32:00 fib1618: sigh
2016-05-12 16:32:09 fib1618: did you know
2016-05-12 16:32:24 fib1618: that GDP never moved above 3% for the last 8 years?
2016-05-12 16:32:37 fib1618: that is the first time in history that this has happened
2016-05-12 16:32:54 fib1618: shrug
2016-05-12 16:33:00 fib1618: whatcha going to do?
2016-05-12 16:33:06 fib1618: OK...let's get started
2016-05-12 16:33:36 fib1618: after snapping back toward the zero line on Tuesday
2016-05-12 16:33:48 fib1618: the NYSE CO breadth MCO has moved lower over the last two days
2016-05-12 16:33:56 fib1618: and we generated a small point change today
2016-05-12 16:34:19 fib1618: no positive divergence as yet
2016-05-12 16:34:45 fib1618: and until this MCO moves above reaction highs of May 2nd
2016-05-12 16:34:56 fib1618: we will remain under bearish pressure
2016-05-12 16:35:21 fib1618: the CO 10% Trend has now snapped back to its zero line today
2016-05-12 16:35:33 fib1618: which suggests a bounce attempt on Friday
2016-05-12 16:36:05 fib1618: and it now looks like that the NYSE CO breadth MCSUM is now cleared for a challenge of the +500 level
2016-05-12 16:36:15 fib1618: so we'll see that next week
2016-05-12 16:36:43 fib1618: same pattern situation with NYSE Composite breadth MCO
2016-05-12 16:36:50 fib1618: including a small point change today
2016-05-12 16:37:17 fib1618: so let's expect a dramatic move in the major market averages in the next two trading sessions
2016-05-12 16:37:42 fib1618: note here that the NYSE Composite MCO rests at the -29 level
2016-05-12 16:38:09 fib1618: so we're seeing a lessening of selling pressure when it comes to the interest rate sensitive issues that trade on the NYSE
2016-05-12 16:38:55 fib1618: with the NYSE Composite breadth MCSUM moving down and through the +1000 level
2016-05-12 16:39:27 fib1618: so we should look for the +750 level as the next area of potential support
2016-05-12 16:39:49 fib1618: looks like a mid range close on the NYA today
2016-05-12 16:39:56 fib1618: and this would suggest an up close on Friday
2016-05-12 16:40:06 fib1618: could be 1 point...could be 100
2016-05-12 16:40:11 fib1618: only that we should close up
2016-05-12 16:40:24 fib1618: moving to the NASDAQ breadth MCO
2016-05-12 16:40:48 fib1618: and here we settled just below the -50 level with a reading of -51
2016-05-12 16:41:25 fib1618: but the NASDAQ MCO components continues to unwind here
2016-05-12 16:41:43 fib1618: and after the bearish snapback to the zero line in the 5% Trend completed
2016-05-12 16:41:57 fib1618: this would suggest that the MCO itself is not likely to hold divergence
2016-05-12 16:42:23 fib1618: and maybe a better sell off is about to take place
2016-05-12 16:42:47 fib1618: sure didn't like the fact that we only made it to a -19 on Tuesday
2016-05-12 16:43:02 fib1618: and with the NAAD and NAUD cumulative data looking sick
2016-05-12 16:43:42 fib1618: the odds are increasing that we're about to see some sort of a capitulation in this group of issues
2016-05-12 16:44:19 fib1618: the promising look in the NDX breadth MCO has now come and gone
2016-05-12 16:44:59 fib1618: and a test of the 4250 level is now a high probability
2016-05-12 16:45:37 fib1618: looks like we're going for a zero line test now in the NDX breadth MCSUM
2016-05-12 16:46:25 fib1618: which means that the 19 day is moving lower to test support at its 39 day EMA on the NDXAD line
2016-05-12 16:46:48 fib1618: Elliott wise
2016-05-12 16:46:57 fib1618: could be a 2 or B in progress
2016-05-12 16:47:34 fib1618: but the better bet is the 2 since the daily price structure wasn't able to test the highs of last year as the SPX did (for example)
2016-05-12 16:47:44 fib1618: if so
2016-05-12 16:47:59 fib1618: today's mid range close would be the end of (b)
2016-05-12 16:48:07 fib1618: with (c) up to come in a zig zag
2016-05-12 16:48:22 fib1618: and then (iii) down into the end of the month
2016-05-12 16:48:32 fib1618: the key to this
2016-05-12 16:48:34 fib1618: of course
2016-05-12 16:48:36 fib1618: is with the MCO
2016-05-12 16:48:54 fib1618: if it makes a lower low during this forecast
2016-05-12 16:48:59 fib1618: then it wold be confirmed
2016-05-12 16:49:11 fib1618: divergence would suggest a larger B
2016-05-12 16:49:26 fib1618: we'll stop there as to not be too confusing
2016-05-12 16:49:30 fib1618: overall though
2016-05-12 16:49:35 fib1618: the structure looks weak
2016-05-12 16:49:49 fib1618: and that's all that's important for the short term
2016-05-12 16:50:35 fib1618: any break of the 4250 level would open the door to a test of the February price lows
2016-05-12 16:50:49 fib1618: wanna to check something...one moment
2016-05-12 16:52:54 fib1618: the retracement was at 78%
2016-05-12 16:53:17 fib1618: about as far as you can go on Fib sequences and keep the ongoing trend
2016-05-12 16:53:31 fib1618: shrug...we'll see
2016-05-12 16:53:55 fib1618: small point change in the SPX breadth MCO
2016-05-12 16:54:21 fib1618: and hanging above the -25 level
2016-05-12 16:54:31 fib1618: the SPX MCO components remain positive
2016-05-12 16:54:49 fib1618: as does pattern support
2016-05-12 16:54:55 fib1618: there may be no love with the NASDAQ
2016-05-12 16:55:02 fib1618: but the SPX looks fine
2016-05-12 16:55:32 fib1618: the OEX breadth MCO bounced right off the -25 level today
2016-05-12 16:56:01 fib1618: with the components remaining on the north side of zero
2016-05-12 16:56:36 fib1618: and the OEX breadth MCSUM just 4 points above the +750 level
2016-05-12 16:57:03 fib1618: small point change on the Dow breadth MCO as well
2016-05-12 16:57:47 fib1618: the MID breadth MCO moved slightly higher today with a lower close in prices
2016-05-12 16:57:54 fib1618: so some near term divergence there
2016-05-12 16:58:12 fib1618: but the SML breadth MCO moved lower today
2016-05-12 16:58:34 fib1618: and broke below its blip support area from Monday
2016-05-12 16:59:02 fib1618: as did the TM breadth MCO
2016-05-12 16:59:40 fib1618: with the TM breadth MCSUM less than 82 data points from testing the +500 level
2016-05-12 16:59:42 fib1618: so...
2016-05-12 17:00:08 fib1618: we first didn't get the one day follow though on Wednesday that was indicated by the strength of the NDX breadth MCO on Tuesday
2016-05-12 17:00:15 fib1618: and we continued to sag since that time
2016-05-12 17:00:39 fib1618: and we've wound up now with a mess
2016-05-12 17:00:49 fib1618: secondary issues are very weak here
2016-05-12 17:01:05 fib1618: while the multinationals remain firm
2016-05-12 17:01:18 fib1618: not of lot of inspiration here
2016-05-12 17:01:22 fib1618: let's see how the sectors look
2016-05-12 17:01:52 fib1618: the XLY got hit hard on Wednesday
2016-05-12 17:02:14 fib1618: leaving behind not only a rally failure on Tuesday's strength
2016-05-12 17:02:22 fib1618: but we also have an island bar reversal
2016-05-12 17:02:58 fib1618: looks like a challenge of $78 is needed
2016-05-12 17:03:01 fib1618: stand aside
2016-05-12 17:03:31 fib1618: looks like the strength seen on Tuesday in the XLP continues
2016-05-12 17:03:55 fib1618: as prices show a high level consolidation after making new all time price highs on Tuesday
2016-05-12 17:04:30 fib1618: we'll have to watch things now that we're coming up on +1250
2016-05-12 17:04:36 fib1618: but with volume supporting the move in breadth
2016-05-12 17:05:10 fib1618: the expectation is that we should continue to see firmness in this basket of issues
2016-05-12 17:05:22 fib1618: still a buy there
2016-05-12 17:05:54 fib1618: small point change in the XLE breadth MCO today
2016-05-12 17:06:07 fib1618: with a simple reversal price bar noted on the daily chart
2016-05-12 17:06:35 fib1618: probably a top after meeting its obligation of a snapback to the previous trend
2016-05-12 17:07:05 fib1618: price bars are indicating extreme weakness
2016-05-12 17:07:11 fib1618: longs should close
2016-05-12 17:07:28 fib1618: and maybe an opening short position with a stop at today's highs
2016-05-12 17:07:40 fib1618: it was a good run for the longs
2016-05-12 17:07:45 fib1618: let's take profits there
2016-05-12 17:08:13 fib1618: looking for $61 as the initial downside target
2016-05-12 17:08:36 fib1618: and this trade would make good sense if the market catches wind of weak economics
2016-05-12 17:09:01 fib1618: $61 should hold though
2016-05-12 17:09:45 fib1618: $61 is also the .382 retracement level from the February lows
2016-05-12 17:10:27 fib1618: the XLF continues to look mixed
2016-05-12 17:10:38 fib1618: and we can now see the outline of a trading range in development
2016-05-12 17:11:00 fib1618: with $23 on the low side...$23.75 on the high side
2016-05-12 17:11:25 fib1618: still not a lot of expected movement to trade there...standing aside
2016-05-12 17:11:50 fib1618: the XLV remains mixed
2016-05-12 17:12:01 fib1618: but is now beginning to show a little move bearish weight to it
2016-05-12 17:12:17 fib1618: with the XLV breadth MCSUM unable to hold back above the +750 level
2016-05-12 17:12:32 fib1618: so a move to the $68 level is likely
2016-05-12 17:12:35 fib1618: standing aside there
2016-05-12 17:12:56 fib1618: small point change in the XLI breadth MCO
2016-05-12 17:13:17 fib1618: while it continues to hold on by the skin of its teeth above last week's lows
2016-05-12 17:13:48 fib1618: also had a break of the +1000 level yesterday in the XLI breadth MCSUM yesterday
2016-05-12 17:13:54 fib1618: so we'll call this one a hold
2016-05-12 17:14:11 fib1618: small point change in the XLB breadth MCO
2016-05-12 17:14:19 fib1618: with a nasty looking reversal price bar today in the index itself
2016-05-12 17:14:25 fib1618: checking volume
2016-05-12 17:14:43 fib1618: with well above average volume
2016-05-12 17:14:51 fib1618: that's a near term top
2016-05-12 17:15:12 fib1618: looks like a challenge of the $44 level is likely now
2016-05-12 17:15:46 fib1618: and with the XLB breadth MCSUM still above the +1000 level
2016-05-12 17:15:51 fib1618: $44 should hold
2016-05-12 17:16:27 fib1618: the XLK breadth MCSUM broke +500 support on Wednesday
2016-05-12 17:16:33 fib1618: not a good day yesterday
2016-05-12 17:16:59 fib1618: but with the 5% Component now at the zero line
2016-05-12 17:17:16 fib1618: we should see at least a dead cat bounce on Friday in this ETF
2016-05-12 17:17:35 fib1618: mid range close suggests an up close as well
2016-05-12 17:17:54 fib1618: oh boy
2016-05-12 17:18:06 fib1618: volume pattern is consistent to a double top formation on the daily
2016-05-12 17:18:54 fib1618: with a break of $38 projecting to a target of $27
2016-05-12 17:19:10 fib1618: still...we're at $42 so no need to panic
2016-05-12 17:19:15 fib1618: we'll just have to watch it
2016-05-12 17:20:04 fib1618: could be a good hit and run short on any rally between Friday and Tuesday
2016-05-12 17:20:14 fib1618: in fact
2016-05-12 17:20:46 fib1618: we may be setting up for some sort of reversal point into Tuesday
2016-05-12 17:21:04 fib1618: and down and dirty into OPEX
2016-05-12 17:21:24 fib1618: and on a cheerier note
2016-05-12 17:21:39 fib1618: the XLU breadth MCO continues to show where the strength lies right now
2016-05-12 17:21:59 fib1618: as we found solid corrective support at the zero line
2016-05-12 17:22:16 fib1618: before bouncing nicely to resistance at the +50 level
2016-05-12 17:22:58 fib1618: while the XLU breadth MCSUM moved back up and through the +2000 level on Wednesday
2016-05-12 17:23:46 fib1618: and this would then suggest, along with the new all time highs in the REIT A/D line last weekend, that high dividend issues remain the target for investment capital
2016-05-12 17:23:49 fib1618: so...
2016-05-12 17:24:02 fib1618: it would seem that the market is becoming more and more defensive again
2016-05-12 17:24:16 fib1618: with money staying away from growth
2016-05-12 17:24:35 fib1618: but showing firmness with the cream of the large cap issues
2016-05-12 17:24:53 fib1618: with the Consumer Staples and Utilities drawing in the capital
2016-05-12 17:25:36 fib1618: let's see how the OBV's are doing
2016-05-12 17:26:14 fib1618: we'll call the CVI's neutral for now after being climactic on Tuesday
2016-05-12 17:27:04 fib1618: the buyers attempted to take control from Tuesday's neutral readings on the STVO's
2016-05-12 17:27:09 fib1618: but this looks to be short lived
2016-05-12 17:27:20 fib1618: the OEX and SPX VTO's are now neutral
2016-05-12 17:27:29 fib1618: while the Dow and NDX continue to show weakness
2016-05-12 17:27:56 fib1618: we'll need a unanimous "oversold" decision on the VTO's now before we'll see a price bottom
2016-05-12 17:28:21 fib1618: so we'll call this information as "lacking strength"
2016-05-12 17:28:40 fib1618: NYSE TRIN at 1.40
2016-05-12 17:28:52 fib1618: (so much for the short covering on Tuesday, huh?)
2016-05-12 17:29:14 fib1618: Open 10 now digging deeper into negative territory with a reading of 1.23
2016-05-12 17:29:28 fib1618: that should keep prices from moving lower in any important way for now
2016-05-12 17:29:46 fib1618: and probably why the large caps are hanging in there
2016-05-12 17:30:10 fib1618: good...NASDAQ TRIN at 1.46
2016-05-12 17:30:19 fib1618: Open 10 at 1.08
2016-05-12 17:30:26 fib1618: still "oversold"
2016-05-12 17:30:35 fib1618: just need a better flush there it would seem to clear out the weak positions
2016-05-12 17:30:48 fib1618: TM TRIN at 1.60
2016-05-12 17:30:57 fib1618: Open 10 at 1.19
2016-05-12 17:31:08 fib1618: so although the market looks weak here
2016-05-12 17:31:16 fib1618: at the same time
2016-05-12 17:31:51 fib1618: it's also indicating that much of this same weakness appears to be lessening
2016-05-12 17:32:03 fib1618: but not enough here to where a internal keystone can be laid as yet
2016-05-12 17:32:14 fib1618: with this kind of situation
2016-05-12 17:32:24 fib1618: the best bet is a good old fashioned wretch
2016-05-12 17:32:43 fib1618: to clear the table of the inconsistencies that we see right now
2016-05-12 17:32:56 fib1618: and use that purge as a flag
2016-05-12 17:33:23 fib1618: support levels in prices are at...
2016-05-12 17:34:03 fib1618: and this would be for a purge like event
2016-05-12 17:34:43 fib1618: 17,500 for the Dow
2016-05-12 17:35:14 fib1618: 2025 for the SPX
2016-05-12 17:35:30 fib1618: 1420 for the MID
2016-05-12 17:35:54 fib1618: 670 for the SML
2016-05-12 17:36:22 fib1618: not a good looking pattern for the NDX here
2016-05-12 17:36:42 fib1618: especially when we apply our EMA trinity (20/50/200)
2016-05-12 17:36:52 thespookyone: Well, you have AAPL. and retail sales numbers in the morning... I see the purge coming too
2016-05-12 17:37:03 fib1618: ugh...same with the COMPQ
2016-05-12 17:37:09 fib1618: yea
2016-05-12 17:37:15 fib1618: the volume McClellan data was the problem on Tuesday
2016-05-12 17:37:23 fib1618: let me take a quick look at that
2016-05-12 17:38:20 fib1618: no improvement
2016-05-12 17:38:27 fib1618: so...
2016-05-12 17:38:38 fib1618: let's look for a technical bounce on Friday
2016-05-12 17:38:48 fib1618: and then another sell off into Tuesday
2016-05-12 17:39:01 fib1618: keeping in mind
2016-05-12 17:39:14 fib1618: that the interest rate sensitive A/D lines remain bullish longer term
2016-05-12 17:39:30 fib1618: so once this correctional sequence is behind us
2016-05-12 17:39:44 fib1618: it *should be* a good summer for the buyers
2016-05-12 17:40:04 fib1618: just need some consistency
2016-05-12 17:40:25 fib1618: and a quick purge would be the what the doctor ordered
2016-05-12 17:40:29 fib1618: anything else?
2016-05-12 17:40:59 thespookyone: nope, highly agree with a likely fast purge, though
2016-05-12 17:41:14 mojave: I'm good, tks
2016-05-12 17:41:51 fib1618: Mark's sentiment last weekend had the highest amount of bulls since the February lows
2016-05-12 17:42:16 fib1618: and the lowest amount of bears since mid March
2016-05-12 17:42:33 mojave: hmm, AAII bulls only low 20's
2016-05-12 17:42:37 fib1618: ISEE continues to favor the call buyers as well
2016-05-12 17:43:03 fib1618: with the sellers at 31
2016-05-12 17:43:14 fib1618: pretty much a wash I would think
2016-05-12 17:43:23 thespookyone: retail sales tomorrow may be VERY ugly...
2016-05-12 17:44:23 fib1618: P/C ratios are mixed
2016-05-12 17:44:31 fib1618: retail sales are bad here in the trenches
2016-05-12 17:44:36 fib1618: look at Macy's
2016-05-12 17:44:43 thespookyone: yes sir
2016-05-12 17:44:52 fib1618: and Penny's
2016-05-12 17:45:59 fib1618: XRT back into a bearish configuration
2016-05-12 17:46:19 fib1618: and AMZN is at 718
2016-05-12 17:46:37 fib1618: oh...and Amazon is starting a new video service to compete with You Tube
2016-05-12 17:46:58 fib1618: I'll let you know how it is...it's primary for businesses
2016-05-12 17:47:16 fib1618: so you can promote and have a direct link to your product to sell online
2016-05-12 17:47:32 fib1618: this is very bad news for brick and mortar
2016-05-12 17:47:36 fib1618: unless they price match
2016-05-12 17:47:43 fib1618: and that's going to be hard to do
2016-05-12 17:48:01 fib1618: OK...if there's nothing else
2016-05-12 17:48:04 fib1618: I'm going to take off
2016-05-12 17:48:10 fib1618: everyone have a great weekend
2016-05-12 17:48:19 fib1618: and we'll see how she looks under the hood on Tuesday
2016-05-12 17:48:23 fib1618: good night


__________________
Dave's LinkedIn Profile

Technical Watch Twitter Page

Technical Watch Facebook Page

"As for it being different this time, it is different every time. The question is in what way, and to what extent" - Tom McClellan

"An economist is someone who sees something happen, and then wonders if it would work in theory" - Ronald Reagan

"What we see depends mainly on what we look for" - John Lubbock

"The eye sees only what the mind is ready to comprehend" - Henri Bergson

“Answers are easy; it’s asking the right questions which is hard” - Dr. Who - 1977

"You know the very powerful and the very stupid have one thing in common - they don't alter their views to fit the facts, they alter the facts to fit their views (which can be uncomfortable if you happen to be one of the facts that needs altering)" - Dr. Who - 1977

0
Previous Topic | Next Topic
Print
Reply

Quick Navigation:






Copyright 2000-2017 Technical Watch