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]

December 3, 2017

I’ve said this before but this time the market has outdone itself as this past week may in fact rank as the single most bizarre week I’ve seen in my 26-plus year career. While some might be looking for the proverbial Santa Claus Rally as we move into December, so far it looks like tech, internet and other growth leaders have been moved over to Santa’s naughty list. They still have about 22... [more]

November 29, 2017

Investors literally had the rug pulled out from underneath them today as big-stock techs and other leading names blew to pieces. This sent the NASDAQ Composite Index down -1.27% in a stark divergence to the Dow Jones Industrials and S&P 500 Indexes, which were mostly helped along by strength in financials. When a break like this sees... [more]

November 26, 2017

Quiet holiday action remained constructive, with no surprises besetting the market on Friday’s short three-and-a-half hour trading session. The NASDAQ Composite Index posted a new all-time high on Friday on truncated volume, thanks to the short trading day. Within that context we would not call this a wedging move to new highs any less than a light holiday volume melt-up.   ... [more]

November 21, 2017

Two days into the shortened Thanksgiving Holiday trading week and the market just steamrolls higher. The NASDAQ Composite Index enthusiastically gobbled up all sellers and flew to a new high on higher volume. If this breakout holds tomorrow, then investors will certainly have something to be thankful for come Thursday.   ... [more]

November 19, 2017

Three gap-down opens on Monday helped to summon the Ugly Duckling, who came to visit with a vengeance on Thursday as the indexes gapped up and just kept rolling higher right into the close. Interestingly, the stage was set on Wednesday for an Ugly Duckling visit when the NASDAQ Composite Index undercut a prior low in the pattern from early November. Within that context, Thursday’s... [more]