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RELATIVE PERFORMANCE FLATTENS FOR XLY -- RETAIL SPDR SURGES TO HOLD BREAKOUT ZONE -- SEMICONDUCTOR SPDR CONSOLIDATES AFTER GAP -- ISM DUO STILL FAVORS ECONOMIC EXPANSION -- NON-FARM PAYROLLS CONTINUE MODEST EXPANSION

by John Murphy,

Chief Technical Analyst, StockCharts.com

RELATIVE PERFORMANCE FLATTENS FOR XLY... Link for today's video. The stock market surged on Friday, but there were some noticeable pockets of "less strength". The finance sector and banking group led the market and closed up for the week, but the Consumer Discretionary SPDR (XLY) lagged...   READ MORE 

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RISING BOND YIELD BOOSTS THE DOLLAR WHICH HURT COMMODITIES, ESPECIALLY GOLD -- RISING BOND YIELD HURTS DIVIDEND-PAYING STOCKS -- BUT HELPS ECONOMICALLY-SENSITIVE GROUPS -- STEEPENING YIELD CURVE GIVES LIFT TO BANK STOCKS

by John Murphy,

Chief Technical Analyst, StockCharts.com

BIG JUMP IN BOND YIELD STRENGTHENS THE DOLLAR ... An unusually strong employment report on Friday, following an uptick in GDP growth on Thursday, helped push bond yields sharply higher this week. Chart 1 shows the 10-Year Treasury Note Yield (TNX) climbing to the highest level since September (2.75%) and...   READ MORE 

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XLF CHALLENGES FLAG RESISTANCE -- REGIONAL BANK SPDR SURGES TO NEW HIGH -- BANK OF AMERICA, CITIGROUP AND JP MORGAN LEAD XLF -- SOCIAL MEDIA ETF HITS SUPPORT ZONE -- LINKEDIN FORMS ABC CORRECTION -- FACEBOOK FIRMS ABOVE SUPPORT

by John Murphy,

Chief Technical Analyst, StockCharts.com

XLF CHALLENGES FLAG RESISTANCE ... Link for today's video. The Finance SPDR (XLF) remains on my radar because this key sector has been underperforming the broader market. That may be changing. Just to review, chart 1 shows the ETF surging above resistance in mid October, but failing to hold...   READ MORE 

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DOW INDUSTRIALS REMAINS A SWINGERS PARADISE -- SMALL-CAPS AND FINANCIALS CONTINUE TO UNDERPERFORM -- TECHS AND STAPLES LEAD MIXED MARKET -- BASE METALS FUND BREAKS DOWN -- COPPER ETN TESTS KEY SUPPORT ZONE -- METALS NOT GETTING ANY HELP FROM CHINA

by John Murphy,

Chief Technical Analyst, StockCharts.com

DOW INDUSTRIALS REMAINS A SWINGERS PARADISE... Link for today's video. There is no shortage of big moves in the Dow Industrials over the last several months. Chart 1 shows the Dow with five swings of at least 800 points since June (three up and two down). It is...   READ MORE 

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BOND PRICES CONTINUE TO BACK OFF FROM OVERHEAD RESISTANCE -- THAT'S EXERTING DOWNSIDE PRESSURE ON HOMEBUILDERS AND REITS -- UTILITIES ARE TESTING SUMMER HIGHS -- FALLING CRUDE OIL HAS GIVEN BIG LIFT TO AIRLINES

by John Murphy,

Chief Technical Analyst, StockCharts.com

BOND FUND TURNS DOWN AT RESISTANCE ... My last message showed various overbought bond ETFs starting to weaken from overhead resistance. Since then, bond ETFs have fallen even further. Chart 1 shows the Barclays Aggregate Bond iShares (AGG) falling back below its 200-day moving average after failing a test of an...   READ MORE 

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MDY AND QQQ EXTEND CONSOLIDATIONS -- INDUSTRIALS AND CONSUMER DISCRETIONARY SECTORS LEAD -- EXPECTATIONS SHIFT AS DOLLAR SURGES AND EURO PLUNGES -- BRENT CRUDE AND NATURAL GAS BREAK DOWN -- PALLADIUM CONSOLIDATES WITH BULLISH PATTERN

by John Murphy,

Chief Technical Analyst, StockCharts.com

MDY AND QQQ EXTEND CONSOLIDATIONS... Link for today's video. The S&P Midcap SPDR (MDY) and the Nasdaq 100 ETF (QQQ) hit new 52-week highs in late October and then moved into tight consolidations the last seven to ten trading days. The new highs affirm the overall...   READ MORE 

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RUSSELL 2000 ETF PLUNGES TO FIRST SUPPORT -- FINANCE SPDR FAILS TO HOLD BREAKOUT -- BANK OF AMERICA, CITIGROUP AND GOLDMAN WEIGH ON XLF -- RETAIL SPDR CONSOLIDATES ABOVE BREAKOUT -- RISING RATES WEIGH ON HOME CONSTRUCTION ISHARES

by John Murphy,

Chief Technical Analyst, StockCharts.com

RUSSELL 2000 ETF PLUNGES TO FIRST SUPPORT... Link for today's video. The stock market rally took a breather this week as the S&P 500 ETF traded flat the last five days and the Russell 2000 ETF (IWM) fell rather sharply. In afternoon trading on Friday, SPY...   READ MORE 

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BOND BOUNCE IS UP AGAINST CHART RESISTANCE AND LOOKS OVERBOUGHT -- HIGH YIELD BOND ETF IS TESTING ITS SPRING HIGH -- THAT'S AN IMPORTANT TEST BECAUSE HIGH YIELD BONDS ARE CLOSELY CORRELATED TO THE DIRECTION OF THE S&P 500

by John Murphy,

Chief Technical Analyst, StockCharts.com

BOND RALLY IS NOW OVERBOUGHT ... After selling off sharply between May and September, bond prices have been bouncing for the last two months. The bounce, however, has reached technical levels that may cap the rally. Chart 1 shows the 7-10 Year T Bond iShares (IEF) having retraced 50% of its...   READ MORE 

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SMALL-CAPS START TO UNDERPERFORM -- BIOTECH ETFS LEAD MARKET DECLINE AND SHOW RELATIVE WEAKNESS -- $WTI/$BRENT SPREAD WIDENS TO SPRING LEVELS -- TESORO, VALERO, PHILLIPS AND WESTERN REFINING LEAD REFINERS HIGHER

by John Murphy,

Chief Technical Analyst, StockCharts.com

SMALL-CAPS START TO UNDERPERFORM... Link for today's video. Small-caps are starting to underperform and show relative weakness. Chartists should keep an eye on this because prior break downs in the $OEX:$RUT ratio foreshadowed periods of weakness in the broader stock market. Small-caps are considered the canaries in...   READ MORE 

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DOW INDUSTRIALS NEAR RECORD HIGH -- AT&T LEADS DOW HIGHER, WHILE PFIZER AND PROCTER & GAMBLE HIT NEW HIGHS -- CONSUMER STAPLE SPDR IS WEEK'S STRONGEST GROUP AFTER LAST WEEK'S BULLISH BREAKOUT

by John Murphy,

Chief Technical Analyst, StockCharts.com

DOW NEARS RECORD HIGH ... The Dow Jones Industrial Average is the only major U.S. stock index that hasn't hit a new record. But that may be about to change. Chart 1 shows the Dow trading within 40 points of its September high. A close above that level...   READ MORE 

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NETWORKING ISHARES TESTS IMPORTANT SUPPORT ZONE -- QUALCOMM CONSOLIDATES ABOVE BREAKOUT ZONE -- F5 NETWORKS TESTS SUPPORT AS CISCO HITS KEY RETRACEMENT -- DRILLING DOWN WITH THE SECTOR SUMMARY -- ASSET MANAGERS INDEX CONFIRMS BULLISH PATTERN

by John Murphy,

Chief Technical Analyst, StockCharts.com

NETWORKING ISHARES TESTS IMPORTANT SUPPORT ZONE... Link for today's video. The technical outlook for IGN is deteriorating and this could have ramifications for the technology sector and Nasdaq. With a sharp decline the last five days, the Networking iShares (IGN) is testing an important trend line and support...   READ MORE 

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QQQ SURGES TO YET ANOTHER NEW HIGH -- AMAZON AND MICROSOFT GET ON THE SAME PAGE -- CONSUMER DISCRETIONARY AND RETAIL SPDRS SCORE NEW HIGHS -- FINANCE SPDR STALLS NEAR RESISTANCE -- CHINA AND JAPAN SHOW RELATIVE AND ABSOLUTE WEAKNESS

by John Murphy,

Chief Technical Analyst, StockCharts.com

QQQ SURGES TO YET ANOTHER NEW HIGH... Link for today's video. The Nasdaq 100 ETF (QQQ) stuttered with a dip on Wednesday, but got its mojo back on Thursday and Friday with a move to new highs. Weakness in semiconductor and networking stocks weighed on tech stocks the...   READ MORE 

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DOW TRANSPORTS HIT RECORD HIGH -- DOW THEORY UPTREND REMAINS INTACT, BUT NEEDS A NEW INDUSTRIAL HIGH TO CONFIRM TRANSPORTATION BREAKOUT -- FALLING BOND YIELD GIVES BOOST TO UTILITY STOCKS WHICH HAVE BECOME MARKET LAGGARDS

by John Murphy,

Chief Technical Analyst, StockCharts.com

TRANSPORTS HIT RECORD HIGHS AS INDUSTRIALS LAG... During the summer, we wrote about bullish signals given by the Dow Theory. That theory holds that a major uptrend is intact when the Dow Industrials and Transports are hitting new highs together. That positive event took place during August and September (see...   READ MORE 

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TECH STOCKS WEIGH ON STOCK MARKET -- SEMICONDUCTOR SPDR FORGES A BREAKAWAY GAP -- CREE, ALTERA AND ARM HOLDINGS LEAD SEMIS LOWER -- LOW HITS NEW HIGH AS HOMEBUILDERS BOUNCE -- OIL PLUNGES TO POTENTIAL SUPPORT ZONE

by John Murphy,

Chief Technical Analyst, StockCharts.com

TECH STOCKS WEIGH ON STOCK MARKET... Link for today's video. Weakness in the technology sector weighed on the stock market Wednesday. Chart 1 shows the Equal-weight Technology ETF (RYT) falling over 1% with a long black candlestick. I am using this equal-weight ETF to capture performance for the...   READ MORE 

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TLT BREAKS OUT AS RATES FALL -- BASE METALS ETF IS STILL LAGGING -- BOLLINGER BANDS CONTRACT FOR COPPER -- COPPER MINERS ETF TURNS UP WITHIN UPTREND -- GOLD AND SILVER ETFS CHALLENGE HEIKIN-ASHI RESISTANCE -- GOLD MINERS ETF BOUNCES OFF SUMMER LOWS

by John Murphy,

Chief Technical Analyst, StockCharts.com

TLT BREAKS OUT AS RATES FALL... Link for today's video. It is going to be a big week for Treasuries. First, the employment report is scheduled for Tuesday morning before the open. Even though quantitative easing seems a lock for the next three to six months, a strong...   READ MORE 

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GOOGLE AND PRICELINE JOIN THE FOUR-FIGURE CLUB -- GOOGLE POWERS QQQ, XLK AND FDN TO NEW HIGHS -- HOUSING STOCKS LEAD RATE SENSITIVE ETFS HIGHER -- ITB HOLDS WEDGE BREAKOUT ON WEEKLY CHART -- PERFCHART RANKS TOP TEN ITB HOLDINGS

by John Murphy,

Chief Technical Analyst, StockCharts.com

GOOGLE AND PRICELINE JOIN THE FOUR-FIGURE CLUB... Link for today's video. With a positive earnings report stoking the bulls, Google surged over 10% and joined the thousand Dollar stock club on Friday. Actually, the club is pretty small with only Google (GOOG) and priceline.com hitting the $1000...   READ MORE 

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FALLING DOLLAR BOOSTS GOLD AND MATERIAL STOCKS -- STEEL CONTINUES TO LEAD -- LEADERS INCLUDE NUCOR AND STEEL DYNAMICS -- TELECOM ISHARES HIT NEW HIGH LED BY VERIZON, CROWN CASTLE, AND SBA COMMUNICATIONS -- DIVIDEND ISHARES ALSO HIT RECORD HIGH

by John Murphy,

Chief Technical Analyst, StockCharts.com

U.S. DOLLAR INDEX FALLS TO TWO-YEAR LOW... The U.S. dollar continues to weaken. Chart 1 shows the PowerShares US Dollar Bullish Fund (UUP) falling to the lowest level since the third quarter of 2011. One of the side-effects of a falling dollar is that it gives a boost...   READ MORE 

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STOCKS TRADE HIGHER ON DEBT OPTIMISM -- SHORT-TERM INDICATORS TURN POSITIVE AS VIX TUMBLES -- MIDCAP INDEX IS CLOSE TO NEW RECORD

by John Murphy,

Chief Technical Analyst, StockCharts.com

STOCK TRADE HIGHER WEDNESDAY MORNING... Stocks shrugged off yesterday's late selloff to trade higher this morning. Investors apparently believe that politicians in Washington can't be reckless enough to push the U.S. into default. The first three charts show the recent improvement in three major U....   READ MORE 

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THREE OF FOUR OFFENSIVE SECTORS ARE STILL OUTPERFORMING -- MARKING KEY SUPPORT FOR THREE KEY SECTORS -- SEMI AND INTERNET ETFS CONTINUE TO SHOW RELATIVE STRENGTH -- NETWORKING ETF STRUGGLES TO HOLD UPTREND -- CRUDE ESTABLISHES MEDIUM-TERM RESISTANCE

by John Murphy,

Chief Technical Analyst, StockCharts.com

THREE OF FOUR OFFENSIVE SECTORS ARE STILL OUTPERFORMING ... Link for today's video. The Consumer Discretionary SPDR (XLY), Finance SPDR (XLF) and Technology SPDR (XLK) are perhaps the three most important sectors in the stock market. The consumer discretionary sector is the most economically sensitive sector, the technology sector...   READ MORE 

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SPY GAPS AND BREAKS FLAG RESISTANCE -- FINANCE AND REGIONAL BANK SPDRS BREAK OUT -- JP MORGAN AND WELLS FARGO REMAIN RELATIVELY WEAK -- NATURAL GAS ETF SHOWS RELATIVE STRENGTH WITH HIGH SCTR -- SPOT NATURAL GAS SURGES OFF SUPPORT

by John Murphy,

Chief Technical Analyst, StockCharts.com

SPY GAPS AND BREAKS FLAG RESISTANCE... Link for today's video. Signs of hope in Washington spurred buyers on Thursday as the S&P 500 ETF (SPY) gapped up and broke flag resistance with a big move. Technically, the gap and breakout are short-term bullish until proven otherwise....   READ MORE 

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OFFER OF WASHINGTON COMPROMISE SENDS STOCKS SURGING -- SHARP PULLBACK IN VIX ACCOMPANIES STOCK GAINS -- DOW BOUNCES OFF 200-DAY AVERAGE WHILE OTHER STOCK INDEXES REGAIN 50-DAY LINES -- SMALL CAPS ARE STILL MARKET LEADERS

by John Murphy,

Chief Technical Analyst, StockCharts.com

OFFER TO EXTEND U.S. DEBT LIMIT... A Republican offer to extend the debt limit deadline for several weeks appears to include the compromise financial markets were hoping for. Stocks surged all over the world, especially economically-sensitive groups tied to economic growth. While all sectors are jumping today, the biggest...   READ MORE 

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CONSUMER DISCRETIONARY SPDR BREAKS SUPPORT -- FINANCE SPDR FORMS HARAMI -- HOME CONSTRUCTION AND RETAIL SPDRS WEIGH ON CONSUMER DISCRETIONARY -- RELATIVE WEAKNESS IN LARGE CAP TECHS REFLECTS RISK AVERSION -- AD LINE MOMENTUM REMAINS BEARISH

by John Murphy,

Chief Technical Analyst, StockCharts.com

CONSUMER DISCRETIONARY SPDR BREAKS SUPPORT ... Link for today's video. Stocks are trading off their lows on Wednesday afternoon, but sharp declines on Tuesday did some technical damage and this damage has yet to be undone. It is still a tricky time for trading because any kind of breakthrough...   READ MORE 

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A LOT OF NEGATIVE DIVERGENCES ARE PRESENT AS MARKET WEAKENS -- THAT INCLUDES NYSE BULLISH PERCENT INDEX AND % NYSE STOCKS TRADING ABOVE MOVING AVERAGE LINES -- WEEKLY RSI MAY ALSO BE LEADING SPX LOWER -- POSSIBLE DOWNSIDE TARGETS FOR AN OCTOBER CORRECTION

by John Murphy,

Chief Technical Analyst, StockCharts.com

NYSE BULLISH PERCENT INDEX SHOWS NEGATIVE DIVERGENCE... A number of technical indicators are showing "negative divergence" from stock market indexes. That's normally a warning sign that the underpinnings of a stock market rally are weakening beneath the surface. Let's start with the NYSE Bullish...   READ MORE 

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METALS & MINING SPDR TESTS KEY SUPPORT ZONE -- BASE METALS ETF FORMS BEARISH CONTINUATION PATTERN -- GOLD HITS CRITICAL JUNCTURE AS SILVER BOUNCES -- A BULLISH CONTINUATION PATTERN TAKES SHAPE IN TLT -- NON-MANUFACTURING INDEX FAVORS ECONOMIC EXPANSION

by John Murphy,

Chief Technical Analyst, StockCharts.com

METALS & MINING SPDR TESTS KEY SUPPORT ZONE... Link for today's video. The Metals & Mining SPDR (XME) fell back at the end of September, but managed to hold support in the 36 area and firm the last six days. Chart 1 shows XME hitting resistance from the...   READ MORE 

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SPY CORRECTS WITH FALLING FLAG -- IWM AND QQQ ESTABLISH KEY LEVELS TO WATCH -- CONSUMER DISCRETIONARY LEADS AS FINANCE LAGS -- KEY BREADTH INDICATORS CONFIRM RECENT HIGHS -- OIL & GAS EQUIPMENT/SERVICES SPDR OUTPERFORMS CRUDE

by John Murphy,

Chief Technical Analyst, StockCharts.com

SPY CORRECTS WITH FALLING FLAG... Link for today's video. The S&P 500 ETF is lagging the Russell 2000 ETF and Nasdaq 100 ETF, but the long-term trend is up and the current decline looks like a correction. Chart 1 shows SPY hitting a new high in...   READ MORE 

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U.S. STOCKS ARE LOSING GROUND TO FOREIGN SHARES -- AN RSI ANALYSIS ALSO FAVORS FOREIGN STOCKS -- STOCK/BOND RATIO IS OVERBOUGHT AND STARTING TO WEAKEN -- STOCKS ARE WEAKENING VERSUS BONDS

by John Murphy,

Chief Technical Analyst, StockCharts.com

U.S. STOCKS WEAKEN VERSUS FOREIGN STOCKS... My last message discussed how money was starting to rotate out of an over-extended U.S. stock market into foreign stocks which are trying to catch up to the U.S. market. This message will build on that theme by using ratio (or...   READ MORE 

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SELLING PRESSURE HITS THE AEROSPACE-DEFENSE ETF -- LOCKHEED MARTIN AND RAYTHEON TEST 50-DAY MOVING AVERAGES -- RUSSELL 2000 AND NASDAQ LEAD STOCK MARKET -- UPSIDE MOMENTUM WANES FOR THE DOW INDUSTRIALS -- MARKING DOWNSWING RESISTANCE FOR THE DOW

by John Murphy,

Chief Technical Analyst, StockCharts.com

SELLING PRESSURE HITS THE AEROSPACE-DEFENSE ETF ... Link for today's video. Defense stocks are feeling a little heat today as the government shutdown extends and the debt ceiling looms. Chart 1 shows the Aerospace-Defense ETF (PPA) falling over 1% and testing broken resistance in the 27.27.4 area....   READ MORE 

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REVIEWING THE VOLATILITY OF AUGUST 2011 -- MARKING MOMENTUM SUPPORT FOR THE S&P 500 AND RUSSELL 2000 -- THESE THREE INDUSTRY GROUP ETFS HOLD THE KEY -- OIL BREAKS AUGUST LOWS -- VOLATILITY CONTRACTS ON THE YEN INDEX

by John Murphy,

Chief Technical Analyst, StockCharts.com

REVIEWING THE VOLATILITY OF AUGUST 2011... Link for today's video. The possible government shutdown is dominating the headlines today, but gridlock could dominate for several weeks because the debt ceiling is next on the agenda. Even though the market is well aware of the situation in Washington, there...   READ MORE 

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GERMANY LEADS EUROPE HIGHER -- A STRONGER EURO IS ALSO HELPING -- VANGUARD EUROPEAN ETF IS A GOOD WAY TO BUY EUROPE -- FALLING YEN HAS MADE JAPAN WORLD'S STRONGEST MARKET OVER LAST YEAR

by John Murphy,

Chief Technical Analyst, StockCharts.com

GERMAN DAX HITS NEW RECORD -- GERMANY ISHARES ALSO BREAKOUT... Europe has been emerging as one of the world's stock market leaders. A lot of that has to do with strength in Germany which is the region's biggest economy. The last week's impressive victory...   READ MORE 

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IWM AND QQQ STALL AFTER MARKET LEADING SURGES -- AUTOS AND AIRLINES LEAD INDUSTRY GROUPS -- NASDAQ AND SMALL-CAPS SHOW RELATIVE STRENGTH -- BEARISH DIVERGENCES FORM IN BREADTH INDICATORS FOR XLE -- AD LINE FOR GOLD MINERS EXTENDS DOWNTREND

by John Murphy,

Chief Technical Analyst, StockCharts.com

IWM AND QQQ STALL AFTER MARKET LEADING SURGES... Link for today's video. While there could be some short-term headwinds for the stock market, the long-term picture remains positive with new highs in the major index ETFs this month and leadership from key groups. New highs occur in uptrends,...   READ MORE 

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CHEMICAL STOCKS LEAD MATERIALS SECTOR -- EXXONMOBIL AND HALLIBURTON WEIGH ON THE ENERGY SPDR -- XOM BREAKS TREND LINE AS RSI TURNS DOWN -- MARKET CARPET HIGHLIGHTS RECENT UTILITY LEADERS -- UTILITIES SPDR HOLDS SHORT-TERM BREAKOUT

by John Murphy,

Chief Technical Analyst, StockCharts.com

CHEMICAL STOCKS DRIVE THE MATERIALS SECTOR... Link for today's video. Know thy sector SPDR. When trading or investing in the nine sector SPDRs, it is important to know the top components because the top ten stocks in each sector account for over 40% of the sector's...   READ MORE 

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ALTHOUGH FALLING DOLLAR IS GOOD FOR GOLD, GOLD NEEDS TO RISE AGAINST ALL CURRENCIES TO RESUME ITS BULL TREND -- DOW/GOLD RATIO NOW FAVORS STOCKS FOR FIRST TIME IN A DECADE -- FALLING GOLD/COPPER RATIO IMPLIES ECONOMIC OPTIMISM

by John Murphy,

Chief Technical Analyst, StockCharts.com

FALLING DOLLAR IS GOOD FOR GOLD... During the Stockcharts' New York seminar over the weekend, we got into a discussion of gold. One of the attendees asked why I remained negative on gold's long term trend in the face of a declining dollar. I responded that there...   READ MORE 

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FINANCE SECTOR AND REGIONAL BANKS WEIGH ON MARKET -- JP MORGAN AND BANK OF AMERICA BREAK SHORT-TERM SUPPORT -- GOLD AND GOLD MINERS FALL BACK AFTER FED SURGE -- INTERNET AND NETWORKING STOCKS WEIGH ON TECH SECTOR -- COPPER HOLDS BREAKOUT

by John Murphy,

Chief Technical Analyst, StockCharts.com

FINANCE SECTOR AND REGIONAL BANKS WEIGH ON MARKET... Link for today's video. I wrote about relative weakness in the Finance SPDR (XLF) last week and this key sector is weighing on the market today. Banks could be under pressure because of a high level of uncertainty at the...   READ MORE 

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CONSUMER DISCRETIONARY, INDUSTRIALS AND TECHNOLOGY SPDRS HIT NEW HIGHS -- FINANCE AND REGIONAL BANKS STILL LAGGING -- RETAIL SPDR LAGS, BUT REMAINS IN UPTREND OVERALL -- INTERNET, NETWORKING AND SEMICONDUCTOR ETFS BREAK TO NEW HIGHS

by John Murphy,

Chief Technical Analyst, StockCharts.com

CONSUMER DISCRETIONARY, INDUSTRIALS AND TECHNOLOGY SPDRS HIT NEW HIGHS... Link for today's video. Even though the finance sector is lagging the market this month, the other three offensive sectors are picking up the slack and showing relative strength. There are different ways to measure relative performance and find...   READ MORE 

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FED SURPRISE HAS PREDICTABLE INTERMARKET RESULT -- STOCKS RISE AS BOND YIELDS TUMBLE -- RATE-SENSITIVE STOCKS SURGE -- PLUNGING DOLLAR BOOSTS GOLD AND OTHER COMMODITIES -- FALLING DOLLAR ALSO GIVES BIG BOOST TO FOREIGN MARKETS

by John Murphy,

Chief Technical Analyst, StockCharts.com

RATE SENSITIVE STOCKS SURGE ON BOND RALLY... The Fed surprised everyone yesterday by deciding not to start its widely anticipated tapering of bond purchases. Although that decision was a surprise, market reactions weren't. In fact, each market did pretty much was one would expect. Bond yields tumbled and...   READ MORE 

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STOCKS EXTEND UPTRENDS AFTER THE SEPTEMBER SURPRISE -- HOME CONSTRUCTION ISHARES LEADS MARKET AS RATES FALL -- UTILITIES AND REITS SCORE BIG GAINS -- DOLLAR BREAKS MAJOR SUPPORT AND GOLD SURGES

by John Murphy,

Chief Technical Analyst, StockCharts.com

STOCKS EXTEND UPTRENDS AFTER THE SEPTEMBER SURPRISE ... Link for today's video. The September Fed meeting has come and gone, and nothing changed, which was a surprise to most pundits. In its policy statement, the Fed decided not to taper its bond-buying program because the FOMC wants to wait...   READ MORE 

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FINANCIALS AND INDUSTRIALS LEAD MARKET HIGHER -- REGIONAL BANK SPDR REMAINS BELOW SUPPORT BREAK -- COPPER ETF FAILS TO PARTAKE IN SEPTEMBER SURGE -- YIELD CURVE CONTINUES TO STEEPEN -- RSI FOR TLT TRACES OUT BULLISH FAILURE SWING

by John Murphy,

Chief Technical Analyst, StockCharts.com

FINANCIALS AND INDUSTRIALS LEAD MARKET HIGHER... Link for today's video. The Finance SPDR (XLF), the Industrials SPDR (XLI) and the Basic Materials SPDR (XLB) are leading the stock market sectors with the biggest gains on Monday. Also note that XLI, XLB, the Consumer Discretionary SPDR (XLY), the Technology...   READ MORE 

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SMALL-CAPS CONTINUE TO OUTPERFORM LARGE-CAPS -- SETTING CHANNEL TARGETS FOR IWM AND SPY -- KEY BREADTH INDICATORS TURN BACK UP -- S&P 1500 HIGH-LOW LINE HITS A NEW HIGH -- GOLD BREAKDOWN SIGNALS A CONTINUATION OF LONG-TERM DOWNTREND

by John Murphy,

Chief Technical Analyst, StockCharts.com

SMALL-CAPS CONTINUE TO OUTPERFORM LARGE-CAPS... Link for today's video. September has been a good month for stocks with the Russell 2000, Nasdaq and S&P 500 advancing over 3% month-to-date (nine trading days). The Russell 2000 is the leader of the pack as small-caps continue to show...   READ MORE 

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RISING BALTIC DRY INDEX REFLECTS INCREASE IN CHINESE DEMAND FOR NATURAL RESOURCES -- STEEL LEADERS INCLUDE AKSTEEL, NUCOR AND STEEL DYMANICS -- FREEPORT MCMORAN COPPER & GOLD JUMPS ON HOPES FOR MORE COPPER DEMAND

by John Murphy,

Chief Technical Analyst, StockCharts.com

SHIPPING RATES SOAR AS CHINA BUYS MORE ORE... This headline is from today's Wall Street Journal (by Costas Paris and Francesa Freeman, p.C1). I'm writing about it today because it fits into comments made in my last market message about how a rising Chinese stock...   READ MORE 

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SPY EXTENDS BREAKOUT WITH A GAP -- HOME CONSTRUCTION ISHARES CHALLENGES WEDGE TREND LINE -- RETAIL SPDR RETAKES SUPPORT BREAK -- APPLE FALLS TO FIRST POTENTIAL SUPPORT ZONE -- FRENCH AND GERMAN INDICES CHALLENGE AUGUST HIGHS

by John Murphy,

Chief Technical Analyst, StockCharts.com

SPY EXTENDS BREAKOUT WITH A GAP... Link for today's video. The S&P 500 ETF (SPY) ended its correction with a breakout last week and surge above 168 this week. First, I think we can all agree at the long-term trend for SPY (aka The Stock Market)...   READ MORE