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]

November 15, 2017

Two gap-down opens on Monday and Tuesday that looked potentially gruesome at the start fizzled out with the indexes closing well up and off their lows. But this only served to condition investors that every such gap-down was just another opportunity to “buy the freakin’ dip.” I believe this is more commonly known by the acronym “BTFD,” although the choice of F-word might vary among those... [more]

November 12, 2017

The market pulled another one of its “pull the rug out” type of moves on Thursday, something that is not uncommon in this market. A big futures-led gap-down open took the Dow Jones Industrials Index down around 250 points, or a little over 1%. In a market that seldom pulls back 1%, this counts as a bear market of sorts. In the process, leading stocks start to look ugly... [more]