The energy ETF (XLE) has been blistering hot this week and today its three largest holdings - Exxon Mobil (XOM at 23%), Chevron Corp (CVX at 17%) and Schlumberger (SLB at 7%) - all had some form of a breakout. XOM surged to its highest close since January. CVX closed... READ MORE
Market Recap for Wednesday, December 20, 2017 It's been a rough road for oil equipment & services stocks ($DJUSOI, +2.33%). They haven't broken down below summer lows, but they also haven't kept pace with the energy sector as a whole either. Yesterday'... READ MORE
Market Recap for Tuesday, December 19, 2017 Housing data released the past couple days has been extremely hot with the housing price index well above expectations and then yesterday housing starts and building permits both easily surpassing Wall Street consensus estimates. This data has been expected by the stock market... READ MORE
Market Recap for Monday, December 18, 2017 Rotation is powerful during bull markets and Monday's action was a perfect illustration. On November 15th, both the materials sector and small cap stocks were clear market laggards, but over the past 4-5 weeks we've seen both areas gather... READ MORE
Market Recap for Friday, December 15, 2017 Friday's action was extremely bullish. I always love to see "trend days", where prices rise across the board from opening to closing bells. Strength was found in all of our major indices with the Russell 2000 (small caps) leading... READ MORE
Happy holidays! I want to wish everyone a joyous holiday season and here's to a happy, healthy and prosperous 2018! Thank you so much for all your support of StockCharts.com in 2017! To better understand the reasoning for the stocks selected below, you first need to understand... READ MORE
Market Recap for Thursday, December 14, 2017 Walt Disney (DIS) announced plans to purchase $52 billion of 21st Century Fox (FOXA) assets and that lifted both the broadcasting & entertainment index ($DJUSBC) and the consumer discretionary sector (XLY, +0.31%), not to mention both DIS (+2.75%) and FOXA (+6.... READ MORE
We'll soon find out. But, as a short-term trader, I'd have sold Mylan (MYL) into the close today. A close above 40.09 on heavy volume would confirm a breakout. Today, MYL hit 41.59 intraday, but fell all the way back to close at 40.... READ MORE
Market Recap for Wednesday, December 13, 2017 It was a simple case of "buy the rumor, sell the news". Financials (XLF, -1.24%) slumped on Wednesday after the Fed decided to raise interest rates another quarter point. Higher 10 year treasury yields ($TNX) typically result in money rotating... READ MORE
Market Recap for Tuesday, December 12, 2017 It was mixed and bifurcated action on Tuesday. The Dow Jones and S&P 500 continued their assault on the record books, but the NASDAQ and Russell 2000 both paused and pulled back. With the 10 year treasury yield ($TNX) moving back... READ MORE
Market Recap for Monday, December 11, 2017 The Russell 2000 remained in true December form as it continues to struggle during the first half of the month, despite records being set on both the Dow Jones and S&P 500 on a daily basis. It truly is an anomaly.... READ MORE
Market Recap for Friday, December 8, 2017 While we didn't set intraday all-time highs, we did manage to close at record levels on both the Dow Jones and S&P 500, which rose 0.49% and 0.55%, respectively, on Friday. The NASDAQ tacked on 0.40%... READ MORE
On October 26th, Intel (INTC) posted quarterly earnings results and beat both revenue and EPS estimates. It resulted in a very strong gap higher the next morning and then INTC continued rising, tacking on another 10% within a week. But INTC became very overbought with an RSI above 90 and... READ MORE
Market Recap for Thursday, December 7, 2017 December began with a huge intraday selloff and recovery and since then, it's been mostly down action. Yesterday was the first day this month that the bulls could celebrate and feel good. Eight of nine sectors advanced with many of the... READ MORE
I'm constantly looking for short-term trading opportunities and Perrigo (PRGO) fits the bill. After reporting better-than-expected results in its latest quarter, PRGO gapped up strongly and today filled its gap before finishing on a solid note to print a hammer (blue circle below) - many times a signal... READ MORE
Market Recap for Wednesday, December 6, 2017 It was a bifurcated day on Wall Street with the NASDAQ being lifted by an improving technology sector (XLK, +0.64), while a very weak energy group (XLE, -1.30%) put the brakes on both the Dow Jones and S&P 500.... READ MORE
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Market Recap for Monday, December 4, 2017 Recent bullish themes continued on Monday. Outperformance by the Dow Jones (+0.24%) and S&P 500 (-0.11%) overshadowed ugly relative performance from technology (XLK, -1.61%) and the NASDAQ (-1.05%). Even the riskier Russell 2000 index ($RUT, -0.30%... READ MORE
Market Recap for Friday, December 1, 2017 An early selloff on Friday quickly became a buying opportunity as the bulls jumped back on board for what they hope will be another big upturn. All of our major indices ended the Friday session in negative territory, but the losses early in... READ MORE
I love to combine bullish seasonality with strong or strengthening technical conditions. As we move into December, it's important to realize that there has been no better month for the S&P 500 since 1950 than December, which has produced annualized returns of +19.51%. Also, December... READ MORE
Market Recap for Thursday, November 30, 2017 It was another broad-based rally on Wall Street with traders ditching bonds and rushing into equities. The Dow Jones rallied 331.67 points to easily close above 24,000 for the first time in its history. The records just keep piling up. It... READ MORE
There's a renewed selling effort in U.S. treasuries and that's sending yields soaring. Bullish performance in small caps, transportation stocks (especially railroads), financials, industrials and consumer discretionary are painting a picture of a strengthening economy ahead and the selling of treasuries would certainly support that... READ MORE
Market Recap for Wednesday, November 29, 2017 One quick glance at the S&P 500's meager 1 point loss on Wednesday and you might assume that Wall Street meandered through another one of its boring days. But a deeper look will tell you that yesterday was anything... READ MORE
Market Recap for Tuesday, November 28, 2017 It was party day on Wall Street. The bullish environment accelerated into a much faster gear as all nine sectors advanced and the small cap Russell 2000 soared 23 points, or 1.53%, to a fresh new record with its most bullish historical... READ MORE
Market Recap for Monday, November 27, 2017 We saw bifurcated action in the major indices on Monday as the Dow Jones tacked on another 23 points after nearly closing above 23600 for the first time ever. Instead, the bulls had to settle for an all-time intraday high of 23638.92.... READ MORE
Market Recap for Friday, November 24, 2017 Wall Street was only open for half a day on Friday, but that didn't stop the bulls' momentum as all the major indices closed at fresh all-time highs. Amazon.com (AMZN) and a host of semiconductor stocks led the advance... READ MORE
Market Recap for Tuesday, November 21, 2017 I am traveling for the Thanksgiving Day holiday, so today's article will be brief. I hope everyone has a very Happy Thanksgiving! Enjoy your family and friends and please be safe. :-) It was a very bullish day on Wall Street... READ MORE
Market Recap for Monday, November 20, 2017 It had been awhile since financials (XLF, +0.46%) and industrials (XLI, +0.45%) were the top two performing sectors during a market session, but that's exactly what we saw on Monday. Welcome back! Both the XLF and XLI had serious... READ MORE
Market Recap for Friday, November 17, 2017 It was an interesting day on Friday. While most of our major indices struggled and finished in negative territory with the Dow Jones, S&P 500 and NASDAQ falling 0.43%, 0.26% and 0.15%, respectively, the Russell 2000 continued its... READ MORE
Skechers (SKX) rallied approximately 40% after its most recent quarterly earnings report and Nike (NKE) has gone from 2017 lows to nearly a 2017 high in the past five weeks, highlighting a significant rally in the Dow Jones U.S. Footwear Index ($DJUSFT). The DJUSFT rallied 3.21% on Friday... READ MORE
I'm a big historian and a fan of the "history repeats itself" theory. But I'm a bigger fan of technical analysis where price action simply doesn't lie. You can listen to all the CNBC "hype" if you'd like,... READ MORE
Market Recap for Thursday, November 16, 2017 U.S. indices spiked sharply higher on Thursday's open in contrast to many recent days where the bulls have found themselves underwater in early action, trying to reclaim control of the action throughout the balance of the session. Yesterday, there wasn&... READ MORE
Market Recap for Wednesday, November 15, 2017 Eight of nine sectors lost ground on Wednesday and while that, along with a couple major indices closing beneath their respective 20 day EMAs, might be cause for concern, I actually thought much of the action was bullish. First and foremost, the tech-heavy... READ MORE
Market Recap for Tuesday, November 14, 2017 For the third time in the last four days, we saw U.S. equities gap lower, only to reverse intraday to close near their highs of the session. It's still resulted in losses for the day, but it also shows the... READ MORE
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Market Recap for Friday, November 10, 2017 Generally speaking, I'm not a big fan of defensive areas leading the market to the upside. But I'll make an exception for last week. Consumer staples (XLP, +1.02%) was not only the clear leader on Friday, but it&... READ MORE
In September, Terex Corp (TEX) saw big volume accompany a breakout of a bullish rectangular consolidation phase. After weeks of trending higher, momentum began to slow and TEX printed a "death" candle - a shooting star on big volume to end the uptrend. If there's one... READ MORE
Market Recap for Thursday, November 9, 2017 Energy (XLE, +0.30%) returned to the top of the leaderboard and this is what's likely to irritate the bears in the future. We now have another sector that's technical capable to take on new money as money rotates... READ MORE
While it would be great for the stock market to rise every day without any selling whatsoever, that's just not practical. As a trader, I await episodes of selling to set up much better reward to risk trades in stocks that remain in long-term uptrends. Enter PNC Financial... READ MORE
Market Recap for Wednesday, November 8, 2017 It was another day of records for most of our major indices with the Dow Jones, S&P 500 and NASDAQ all closing at their highest levels ever. Consumer staples (XLP, +1.09%) led the advance and I feature this group in... READ MORE