December 25, 2016

While this report might be dated for Christmas Day, I can guarantee you that I’m not actually writing this on what is always a big holiday for my family. For those of you who do celebrate it, allow me to wish you a very Merry Christmas. Let me also include a “Happy Hanukkah” and a “Happy Kwanzaa” for those of you who celebrate those holidays at this same time of the year. Meanwhile,... [more]

December 21, 2016

The group with the biggest stake in achieving Dow 20,000 appears to be the media, which has hyped the whole thing non-stop. Institutional investors likely could care less. Unless, like the denizens of the New York Stock Exchange, they’ve invested in the printing of hundreds of Dow 20,000 baseball caps. Over the past couple of days, I’ve heard some media babbling about Dow 20,000 being... [more]

December 18, 2016

The race to Dow 20,000 has run into a bit of a yellow flag as the Dow Jones Industrial Index continues to run into resistance just below the 20,000 price level. Given that the index is less than 1% away from the magical 20,000 level, you would think the powers that be could somehow gas the right Dow stocks higher in order to help the Dow meet its alleged destiny. So far that... [more]

December 14, 2016

Dow 20,000 remains elusive even as the NASDAQ 100 Index (NDX) cleared to all-time highs yesterday. That breakout pushed the NDX out of its three-month range on higher, above-average volume, giving it a very bullish flavor. But sometimes in this market, what is so easy to see that even a caveman can see it, isn’t always so clear cut.   ... [more]

December 11, 2016

The major market indexes all finished the week at all-time highs. Meanwhile, the lagging NASDAQ 100 Index (NDX) is just one close away from reaching its own all-time high. Friday’s move was the second-highest close in the NDX’s history, and while volume was lighter than Thursday’s volume levels it was still above average.   ... [more]

December 7, 2016

What a difference a week makes! Last week, tech names were getting slammed. This week, strong rebounds in a number of tech names fueled a solid move by the NASDAQ Composite Index on strong buying volume. Last Friday the NASDAQ looked to be in a precarious position as it sat just below its 50-day moving average following a big-volume sell-off on Thursday. But the Ugly Duckling... [more]

December 4, 2016

A number of former leading stocks saw their wheels come off on Thursday as the NASDAQ Composite Index broke below its 50-day moving average on heavy selling volume. On Friday the index made a tepid attempt at retaking the 50-day moving average but fell short. By the close, it had achieved nothing more than a churning and stalling day that ended back below the 50-day line.... [more]

November 30, 2016

After fifteen up days in a row, the Russell 2000 Index finally took a break on Monday when it dropped 1.29%. Since then the index has now logged three-straight down days in a row as it comes off on heavy selling volume that has cascaded higher over the past three days. Note also that the entire fifteen-day rally occurred more or less in wedging fashion, with volume slowly... [more]

November 27, 2016

Only three-and-a-half hours of trading time have elapsed since my last report, and not much has changed over that time period. Perhaps the most exciting thing that occurred on Friday’s truncated, post-Thanksgiving trading session was the Russell 2000 Index making it 15 days up in a row in a perfect expression of the Trump Rally.   ... [more]

November 23, 2016

The horseracing term “trifecta” has been getting a lot of mileage in the financial media over the past couple of days. Apparently, clever media mavens all use the same thesaurus. And so we’ve been treated to reading the term being used to describe the fact that the NASDAQ Composite, S&P 500, and Dow Jones Industrials indexes have all moved... [more]