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In my Wednesday report I noted the low-volume floater rallies we were seeing in big-stock NASDAQ names. As I pointed out, it made the market vulnerable to a pullback. We did indeed end the week with two days of downside distribution in the major market indexes, all of which dropped below their 50-dmas. The NASDAQ Composite Index broke decisively below its 50-dma on Friday,... [more]

The market found the necessary inspiration to abandon its sluggishness in a strong earnings report from (Netflix (NFLX) Monday after the close. This led to a strong gap-up open yesterday that sent the major market indexes back up through their 50-dmas. Big-stock NASDAQ names, moving in sympathy to NFLX, put the NASDAQ... [more]

The following was written Tuesday evening, Feb. 13: Position traders will wait for one of a few things to occur before initiating new positions in the growth sector: 1) An O’Neil follow-through day (FTD), Since Tuesday was Day 3 after the low close of 2/8 in the Nasdaq and S&P, the next day in which price rises a substantial amount on volume > the prior day’s... [more]

Trend, breadth, and leadership are all positive and the accumulation window remains open for institutions. According to a wire service, the market has gone 18 months without a 5% reaction, the longest in history. Heady stuff, indeed. As noted last time, “…more fundamentally sound growth names have been building and breaking out of bases than at any time in recent memory. This is the... [more]

Historically, there has been an average of two particularly auspicious times to acquire stock each year. The current period, which began the day after the new year, is considered such a time. Critically, more fundamentally sound growth names have been building and breaking out of bases than at any time in recent memory. This is the key factor that differentiates this period from any other... [more]

“Learn as much as you can. Read and listen to experts, but keep a degree of healthy skepticism about everything.” — Dr. Alexander Elder   We had been on the lookout for a selling climax, a day in which market participants capitulate by throwing in the towel en masse. Preferably, such a session will begin with a panic-driven... [more]

  “I neither have nor adhere to an inflexible system. I modify my terms and conditions according to circumstances.” — Jesse Livermore   Prior to last week, we had been talking about being on the lookout for a positive test of a prior low by the Nasdaq as being the first step in the index putting in a durable bottom... [more]