January 7, 2018

The market made it four-for-four in 2018, rallying strongly every day this week. On Thursday, the Dow Jones Industrials cleared the mythical 25,000 level, bringing out “Dow 25,000” hats on the floor of the NYSE. These days, however, the exchange is a ghost town compared to what I remember it as back in the day when I used to roam on the floor with our floor brokers at William O’Neil + Co.,... [more]

January 3, 2018

Last Friday, the lack of enthusiasm didn’t do much to inspire a bullish tone. But, as is typical of this market, it gapped up smartly yesterday morning and never looked back. Now that the New Year has begun, we can now conclude that the Christmas-hating Ebenezer Scrooge from Charles Dickens’ A Christmas Carole has nothing on the market. During the allegedly favorable holiday... [more]

December 31, 2017

The major market indexes ended 2017 with a whimper, but the fact is that the overall action has been flat since the big gap-up move two Mondays ago. As the daily chart of the NASDAQ Composite Index illustrates, the past two weeks of holiday immersed trading have been nothing but one big gap-fill. In the process, the NASDAQ Composite on Friday scored its lowest close of the... [more]

December 27, 2017

The market is off to a slow start to the final week of trading in 2017 as trading was relatively sleepy. Among names I’ve discussed in recent reports, however, there were some fireworks today, which I’ll get to in just a bit. Meanwhile, the major market indexes may just end the year with a whimper. Yesterday, the NASDAQ Composite Index was dragged down by NASDAQ... [more]

December 24, 2017

The Senate and House passed their tax reform legislation and the President signed it on Friday, but the market just yawned. However, yawn was all it did as the indexes remain within short consolidations following their moves to all-time highs on Monday. Illustrating the constructive consolidating action, the NASDAQ Composite Index is tracking sideways to slightly downward... [more]

December 20, 2017

The House and Senate both passed a final version of their much-hailed tax reform legislation, but the market didn’t seem too impressed. A strong gap-up open faded into the end of the day as the major market indexes sold off on lighter volume. Objectively speaking, and setting all the political hyperbole and rear portal talking aside, the NASDAQ Composite Index pulled in... [more]

December 17, 2017

Friday’s triple-witching options expiration saw the major market indexes make all-time highs on heavy, options-related volume. What perhaps fascinates me the most currently is the way many beaten-down leaders are recovering in v-shaped patterns. Some are even recovering to the point of retaking their old highs and forging new ones. In addition, where stocks haven’t broken down, there is some... [more]

December 13, 2017

New highs in the major market indexes remain the order of the day. Those trying to make a blanket call about a top in the market are at best half-right, depending on what day it is. Certain areas of the market, such as semiconductors, Chinese-related, internet, and tech, certainly are showing signs of severe weakness as they remain in beaten-down positions. Meanwhile, the QE beat goes on.... [more]

December 10, 2017

The oversold rally in beaten-down techs and other growth names continued into Friday after a strong jobs number of 228,000 was reported by the Bureau of Labor Statistics. All the major market indexes were up roughly a half percent on the day on light volume. After a three-day rally, the NASDAQ Composite Index stalled off its intraday peak on Friday as buying interest waned.... [more]

December 6, 2017

The market continues to suffer from chaos underneath the surface as beaten-down techs, internets, and other growth leaders remain under pressure. My current approach consists of a tactical approach to both the long and short side, depending on what sorts of short-term set-ups I see in either direction. That’s it. I’m not interested in building long positions here, since risk appears to... [more]