October 25, 2017

The Dow Jones Industrials Index has now outpaced the S&P 500 by 10% over the past 12 months, with the near-term parabolic move continuing through yesterday. Where we had previously seen big-stock NASDAQ names provide narrow leadership in this market, the burden of lighting up the nation’s quote screens has fallen on the thirty stocks that make up the Dow. International... [more]

October 22, 2017

In Wednesday’s report, I mentioned the seemingly humorous notion of using a “Down on Big Volume” screen as a long idea generator. While my comment may have come off as a joke, it was, to be frank, at least half-honest. Not only that, but it was also prophetic, because the very next day, Thursday, the market gapped down hard at the open and leaders across the board were getting hit with heavy... [more]

October 18, 2017

This is probably the oddest market environment I’ve seen in my 26 years of market experience. 1999 was of course a very odd environment, but it was one where consistent, parabolic upside in the indexes was matched by similarly consistent, parabolic movement to the upside in growth stocks. Today we see a similar relentlessness in the way the indexes continue to grind higher, but it is a grind,... [more]

October 15, 2017

The NASDAQ Composite Index ended the week with another new all-time closing high on Friday. Volume was lightest seen since Monday, however, and the index closed below where it opened, resulting in a narrow-range churning day. With the index posting only two down days over the past three weeks, the odds of a pullback increase. Adding some weight to this argument would be Thursday’s... [more]

October 11, 2017

Until Monday, I had forgotten what the color red on my quote screen looked like. That was the first day I’ve seen all the major market indexes that I track down for the day in some time, at least to my memory. Let’s be frank, the situation has reached a point where we can always expect that the moon will orbit the earth, the birds will fly south for the winter, the sun will rise in the east,... [more]

October 8, 2017

The monotony of endless new highs all around was broken, at least partly, on Friday as the NYSE-based indexes closed slightly down. The NASDAQ Composite Index kept the heat on, however, by scoring another all-time high as volume declined. The index is now on a nine-day winning streak as it seemingly forgets how to sell off. The move is reminiscent of the NASDAQ’s 13 out of 14... [more]

October 4, 2017

The market has continued to move higher as it corkscrews its way higher in rotational style. Nevertheless, it is a rally, and the NASDAQ Composite Index, along with most of the other major market indexes, continues to forge new all-time highs.   ... [more]

October 1, 2017

The news of the week has been the orchestrated revealing of the Trump tax plan, with Congressional and Administration spokespeople hailing historical tax reform. That has helped to drive a move to new highs by the various major market indexes, including the NYSE Composite and Russell 2000 Indexes. The NASDAQ Composite Index powered to a new... [more]

September 27, 2017

The bottom line is that a broad swath of leading stocks have gone entropic as their technical integrity begins to unravel. In some cases, this has happened suddenly and has been characterized by intense selling that hit many stocks on Monday. Facebook (FB), arguably the biggest of the formerly stable big-stock leaders... [more]

September 24, 2017

The market indexes have an admittedly sanguine look to them which belies the turmoil going on under the surface with respect to what is going on with certain leading stocks. The chart of the NASDAQ Composite Index looks nothing less than constructive as the index pulls in off its recent highs and tests it 20-day exponential moving average on lighter volume.   ... [more]