April 23, 2017

The NASDAQ Composite Index, with the help of its NASDAQ 100 big-stock components, posted a new all-time closing high on Thursday, shaking off Wednesday’s bearish higher-volume churning action. The index looks strong as it pushes back up toward its highs, but the rally is being led mostly by the big-stock NASDAQ names.   ... [more]

April 19, 2017

All the major market indexes, apart from the NASDAQ Composite Index and its close relative, the NASDAQ 100, have been living like homeless indexes underneath the “freeway overpass” of their 50-day moving averages. The NASDAQ, which has been able to find support along its 50-day line earlier this week, didn’t show much in the way of sustainable strength today,... [more]

April 16, 2017

The underlying weakness of the market became a little more evident on Thursday ahead of the long three-day Easter Holiday weekend. The S&P 500 Index made a lower closing high on slightly higher volume, adding to the string of distribution days it has logged since mid-March. In the process, it has moved further below its 50-day moving average, which now represents overhead resistance. The... [more]

April 12, 2017

The market remains somewhat sluggish as it flops around in what is so far a sloppy six-week consolidation. Over the weekend the S&P 500 and NASDAQ Composite Indexes were each about 2% and 1% down from their recent highs, respectively. So far this week the market has been airing successive episodes of As the Market Turns. Each day seems to bring... [more]

April 9, 2017

Friday’s Bureau of Labor Statistics jobs number came in lighter than expected, with a mere 98,000 non-farm payrolls reported vs. expectations of 180,000. Meanwhile the now-mythical unemployment rate came in at 4.5% vs. expectations of 4.7%. By now, most market watchers understand the sleight-of-hand statistical machinations that produce such a disparity between weak jobs growth and a declining... [more]

April 5, 2017

So far, this week has brought us something I don’t think I’ve ever seen. Two big-stock NASDAQ names on my buy watch list, Amazon.com (AMZN) and Tesla (TSLA), posted simultaneous Jesse Livermore Century Mark Buy Rule signals. This occurred yesterday... [more]

April 2, 2017

The first quarter of 2017 came to an end on Friday with a whimper, at least from an index point of view. The S&P 500 remains in a short-term downtrend defined by lower highs and lower lows formed throughout March. It is still, however, holding above its 50-day moving average. Friday’s action showed some churning action on higher, quarter-end volume.   ... [more]

March 29, 2017

The bearish look of the major market indexes over the weekend came to sudden fruition Monday morning. With the futures down big on Sunday evening, investors were treated to another manic Monday as the indexes gapped down hard right at the bell. This breakdown, however, came after both the S&P 500 and the Dow Jones Industrials Indexes had already been... [more]

March 26, 2017

After undercutting their prior February and March lows on Wednesday, setting up a logical undercut & rally situation, the indexes continued to move higher into Friday morning. This was associated with a large number of similar types of undercut & rally moves in individual stocks, something I discussed in detail in my mid-week report of that day. That Friday morning rally ended within... [more]

March 22, 2017

The Icarus Rally finally felt the effects of getting too close to the sun yesterday with all the major indexes melting down over 1% across the board. For those keeping count, this was the first time in 110 days that we’ve seen a market pullback of 1% or more, and heavy selling volume didn’t disappoint in this regard. Last week’s breakdown in financials was likely a harbinger of this... [more]