If You’re Scrolling Them, You’re Trading Them
What Monday’s Action Tells
You
It certainly wasn’t about travel range yesterday,
as the SPX
(
$SPX.X |
Quote |
Chart |
News |
PowerRating) went sideways all day in a narrow-range Slim Jim
between 1144.62 – 1141.39 and then accelerated on program buying around 2:00
p.m. ET, as the SPX traded up and closed at 1155.37, +1.2% from the previous
1141.55 close. The Dow
(
$INDU |
Quote |
Chart |
News |
PowerRating) at 10,703 was +1.3% with only
(
AA |
Quote |
Chart |
News |
PowerRating) finishing
in the red. The Nasdaq
(
$COMPQ |
Quote |
Chart |
News |
PowerRating) was +1.4%, and the
(
QQQ |
Quote |
Chart |
News |
PowerRating)s closed
at 38.61, +1.6%.
The major index Slim Jims were a real bonus on
a day that was going nowhere fast. NYSE volume was 1.4 billion, the lowest since
Jan. 2. You can see the program concentration with the volume ratio at 71, and
breadth just +432. In fact, as the SPX hit 1150.51 on Thursday, 1150.31 Friday,
and 1155.38 yesterday, the net advance minus decline numbers have been +137,
+106, and then just +432 yesterday.
size=2> |
Tuesday
1/20 |
Wednesday
1/21 |
Thursday
1/22 |
Friday
1/23 |
Monday
1/26 |
color=#0000ff>Index | |||||
color=#0000ff>SPX | |||||
color=#0000ff>High |
1142.93
|
1149.21
|
1150.51
|
1150.31
|
1155.38
|
color=#0000ff>Low |
1135.40
|
1134.62
|
1143.01
|
1136.85
|
1141.01
|
color=#0000ff>Close |
1138.76
|
1147.62
|
1143.94
|
1141.55
|
1155.37
|
color=#0000ff>% |
-.09
|
+0.8
|
-0.3
|
-0.2
|
+1.2
|
color=#0000ff>Range |
7.5
|
14.6
|
7.5
|
13.5
|
14.4
|
color=#0000ff>% Range |
45
|
89
|
12
|
35
|
100
|
color=#0000ff>INDU |
10529
|
10624
|
10623
|
10568
|
10703
|
color=#0000ff>% |
-0.7
|
+0.9
|
-0.4
|
-0.5
|
+1.3
|
color=#0000ff>Nasdaq |
2148
|
2142
|
2119
|
2124
|
2154
|
color=#0000ff>% |
+0.3
|
-0.3
|
-1.1
|
+0.2
|
+1.4
|
color=#0000ff>QQQ |
38.55
|
38.39
|
38.11
|
38.04
|
38.61
|
color=#0000ff>% |
-.05
|
-0.4
|
-0.7
|
-0.3
|
+1.6
|
color=#0000ff>NYSE |
|
|
|
|
|
color=#0000ff>T. VOL |
1.7
|
1.76
|
1.69
|
1.51
|
1.40
|
color=#0000ff>U. VOL |
1.09
|
1.03
|
691
|
690
|
974
|
color=#0000ff>D. VOL |
594
|
721
|
990
|
763
|
404
|
color=#0000ff>VR |
65
|
59
|
41
|
47
|
71
|
color=#0000ff>4 MA |
66
|
62
|
60
|
53
|
55
|
color=#0000ff>5 RSI |
73
|
82
|
70
|
63
|
79
|
color=#0000ff>ADV |
2062
|
2071
|
1717
|
1706
|
1872
|
color=#0000ff>DEC |
1257
|
1218
|
1580
|
+1600
|
1440
|
color=#0000ff>A-D |
+805
|
+853
|
+137
|
+106
|
+432
|
color=#0000ff>4 MA |
+618
|
+534
|
+574
|
+475
|
+382
|
color=#0000ff>SECTORS |
|
|
|
|
|
color=#0000ff>SMH |
-0.2
|
-2.5
|
-1.6
|
-1.3
|
+2.2
|
color=#0000ff>BKX |
+.01
|
+1.5
|
-.07
|
-0.4
|
+1.4
|
color=#0000ff>XBD |
+1.6
|
+1.6
|
-1.9
|
+.04
|
+1.3
|
color=#0000ff>RTH |
-1.0
|
+1.2
|
+.09
|
+0.8
|
+0.3
|
color=#0000ff>CYC |
-0.3
|
+2.0
|
-0.3
|
-1.0
|
+1.0
|
color=#0000ff>PPH |
+0.1
|
+1.7
|
-0.1
|
-0.6
|
+1.5
|
color=#0000ff>OIH |
+4.3
|
+0.3
|
-1.4
|
-0.3
|
+1.2
|
color=#0000ff>BBH |
-0.3
|
+1.5
|
-0.5
|
+1.4
|
+1.5
|
color=#0000ff>TLT |
-.07
|
+0.2
|
+0.7
|
-1.2
|
-0.7
|
color=#0000ff>XAU |
+2.4
|
+0.3
|
-1.9
|
-1.5
|
-0.7
|
^next^
The primary sectors were all up, in line with the
SPX and Dow, with the
(
SMH |
Quote |
Chart |
News |
PowerRating) a bit ahead at +2.2% after the previous four-day
decline of -5.6%. The earnings season volatility continues, with quick moves
in the positive-announced stocks and related. The low-priced stocks, like the
telecoms and networkers, are being run up with a stock like
(
LU |
Quote |
Chart |
News |
PowerRating) going from
2.84 on Dec. 31 to 5 in just 12 days, then dropping to 3.84 over the last three
days, and then a pop yesterday to 4.45. Every hedge fund in the world it seems
is playing that game in many of the depressed low-priced stocks.
I have included the Slim Jim charts from
yesterday for both the SPX and SMH, which are self explanatory. When a major
index or HOLDR draws a line like they did yesterday, there are obviously the
same patterns in many of the component stocks, so you have many different
trade
selections in the individual stocks, provided you continued to scroll to
identify them.
Today’s
Action
Today’s focus doesn’t change much for the
major
indices. In yesterday’s late program burst, there were no intraday reversal
short setups, as the SPX traded right through the 1150 level on a run of
about
11 points. No interest in this corner today chasing price (programs) and
will
take any good intraday short setups and only make long index plays on
retracements.
A long focus would continue today in semis like
(
INTC |
Quote |
Chart |
News |
PowerRating),
(
ADI |
Quote |
Chart |
News |
PowerRating),
(
TER |
Quote |
Chart |
News |
PowerRating),
(
NVDA |
Quote |
Chart |
News |
PowerRating) and
(
GNSS |
Quote |
Chart |
News |
PowerRating). Also, in the
basic industry stocks, I see that the chemical index has pulled back to the
50-day EMA. Two examples are
(
DOW |
Quote |
Chart |
News |
PowerRating) and
(
EMN |
Quote |
Chart |
News |
PowerRating).
(
DD |
Quote |
Chart |
News |
PowerRating), another chemical,
has retraced to the 200-day EMA, closing in a narrow-range inside-bar pattern
at 43.11, with the 200-day EMA at 42.44, so maybe the Generals mightdecide to
reload, so I’ll keep it on the screen.
Other stocks like
(
CAT |
Quote |
Chart |
News |
PowerRating),
(
XOM |
Quote |
Chart |
News |
PowerRating),
(
SNPS |
Quote |
Chart |
News |
PowerRating)
and
(
ZBRA |
Quote |
Chart |
News |
PowerRating) are at the top of their trading
range, so they will also be on the screen, in addition to
(
LLTC |
Quote |
Chart |
News |
PowerRating),
(
TARO |
Quote |
Chart |
News |
PowerRating),
(
QCOM |
Quote |
Chart |
News |
PowerRating) and
(
YHOO |
Quote |
Chart |
News |
PowerRating), which are all retracement setups.
Have a good trading day,
Kevin Haggerty