The Canadian Technician

Solar Scanning Basics Part 8

There are 7 previous articles in the Solar series. Search through the December 2014 Canadian Technician site using the word Solar in the search box or visually scan the titles.

Today, we want to implement some basic scanning techniques. These are very, very easy. You can use them for whatever you want so feel free to save them in your own scans.

Let's start with a simple scan. A Positive MACD Crossover.

Start on the Members tab.

Continue reading "Solar Scanning Basics Part 8" »

Solar Scanning using RRG Part 7

This will make sense to everyone who has read through and built a ChartList from Parts 1 to 6. If you have not, you can go to the Canadian Technician blog and scan through the December 2014 articles. They all have solar in the title.

So everyone should have a ChartList of the solar stocks above $5. I have titled my ChartList Solar Scanning List 2015. We have multiple ways to scan, but first we will start with the RRG view. This is new this year to StockCharts so I will work through it in major detail to make sure everyone understands. We will be using the Solar Scanning List 2015, but the RRG is almost like a Sonar Scanning system with a traditional radar sweep. It plots a coordinate for all the stocks around the centre. We can play with what the centre of the universe is (SPY, XLE, $SPX, TAN). We can also use shorter term charts (daily) or longer term charts (weekly). Only you can decide your trading timeline. Days, weeks, months, years. If we are using daily charts, these will be short term trades. Weekly charts will help identify longer swing trades and major trend developments. Because the solar stocks have been going down so long, we'll start with a weekly view. The big picture is often seen best through weekly, but I think we all understand these stocks have fallen by about 30% since September.

Diving in on the RRG, how do we get there?

The fastest way is to go to the Members tab, scroll down through the ChartLists, and click RRG on the Solar Scanning List 2015. That would be only 2 clicks.

How about from the homepage when we are hunting around some stocks? 

Continue reading "Solar Scanning using RRG Part 7" »

$TSX Has A Huge Day

After relentless selling, the oil market finally bounced. There was a little support on Monday with Repsol's acquisition of the plummeting Talisman (TLM). With crude up $1 at the close, and the bouyancy provided by the Fed meeting, anyone short the market today stared at a tough reversal on their position. Here is the Toronto Composite ( $TSX). While the $TSX has under performed the $S&P 500 ($SPX) since August, this downtrend was significant in magnitude. We can see the $TSX made a nice double bottom at 13635 so it was a good place to look for a bounce. The real question will be whether the Canadian market will have enough energy left to break through the 200 DMA and challenge the most recent high of 15184. 

The 15154 level marked the 2008 top. So to see the market roll over so close to that level now marks an area that traders should monitor closely. Here is the longer term chart.

I have shown the MACD with a crossing signal, but this is not month end yet, so I left it in orange for caution rather than red. If the bounce we had today continues, this would probably lift the MACD high enough to be above the signal line at month end. Technically, the Canadian market is in a dangerous place trend wise. By failing to hold the breakout above the 2008 highs, the market looks weak. The support level of 13640 was also a rough support level in both 2008 and 2011. We could also draw one down at 13000. The fact the $TSX had trouble staying above the 10 month MA in green and is now below is very bearish. How it behaves over the next few weeks will be very important. Getting above the 10 MMA and the previous resistance at 15154/15184 will be critical to erasing the topping conditions currently setting up. 

If you believe the global markets are going to get weaker here, watching for a place above here to add protection to your portfolio will be valuable.

Martin Pring will be joining me for a year end review on our final 2014 webinar on Thursday December 18th at 4:30 EST. It couldn't be more timely to set the stage for 2015.

Good trading,
Greg Schnell, CMT

 

 

Solar Stock Review Part 6

This is the final chapter in the solar ChartList setup. After than we'll continue with scans/alerts to help us. We have two stocks left to cover off. Trina Solar and Vivint.

Here is Trina Solar (TSL). This stock has a long-term history of being a roller coaster in my view. It has had huge swings either way.  As an example it dropped 12.85% this week and that does not look abnormal on the chart.

1) The SPURS continue to drift down. The stock is underperforming the $SPX. No trend line break there.

2) There is no SCTR for this stock.

3) The price action is excellent for swing traders, painful for buy and hold. After making a push in February to $18.77, Trina is down 53% to $8.82. Most of that occurred since September.

Continue reading "Solar Stock Review Part 6" »

Solar Series Part 5

Let's continue on with the solar story. If you have not read the articles 1-4 published the week of December 8th-11th, I would recommend you do that. This will be continuing the story.

Jinkosolar Holdings (JKS) is next.

1) SPURS is declining. The node sticking out in September is quite different than the dotted line trend for the last three months. I would be happy to work with this stock if it breaks above the dotted line, especially if the rest of the industry group breaks out. 

2) There is no SCTR for this stock. These rankings were derived mostly from S&P rankings of US stocks. Large cap , mid cap , small cap. This was not in those groups.

3) The price action is wild once again. Jinkosolar IPO'd after the financial crisis.  However, after more than tripling, it pulled way back to $2. Then it rocketed up 1900% and stalled near the previous highs. Now it is halfway back! The stock continues to descend in a downward channel. The alert levels listed are a long way above. As an example the stock could rally 25% to get to our first alert. We can see the $20 level was support in the 2011 topping pattern. We are testing that level right now. 

4) the PPO is slightly below zero and pointed down so now signs of encouragement on that indicator.

5) The volume is nice at 5 Million / week minimum.

Hi ho, off to the daily we go...

Continue reading "Solar Series Part 5" »

Solar Stock Review Part 4

Now that we have a weekly and daily template set up, I'll just roll through a few more solar stocks today. If this is the first article on solar stocks that you are reading, you may wish to go read Part 1, Part 2 and Part 3 from earlier this week.

Next on the list is TAN, a solar stock ETFThis ETF is specific to solar where the other ETF (KWT) was for renewables in general.

1) The SPURS are declining so that is not good. Notice the nice uptrend in 2013.

2) The SCTR is one of the worst ETF's for performance currently. We could set an alert for the 30 level as an example just to let us know it's starting to improve.

3) The price is pulling back after soaring 450% in 2013. It has pulled back about 30% off its highs, most of that since September 2014. The Big Blue top line is the main ceiling for the ETF.  Because this ETF directly tracks Solar only, this is a great industry indicator. A break above $40 would take out both the trading range for the last 3 months and the 40 WMA. The breakout above the Big Blue main trend line would be at $44 and the 52 week high is at $51.07. The nine month high would use $46.30 which is also above the big blue trend line so that might be enough for most. Figure out where you would like to enter.

4) The PPO is just below zero.

5) The volume is excellent on this ETF. It has been around 1 million a week or 200,000 a day. So compared to KWT, this is much better. We can also see late in the 2013 year that 2 Million was regularly attainable.

Continue reading "Solar Stock Review Part 4" »

Becoming Enlightened On Solar Stocks Part 3

Today, I want to cover the individual charts on Solar. Day one I introduced my renewable energy chartlist. Day two we created a smaller working list. I embedded some videos from an article in Green Energy Futures that lays out the case for solar in general. The second video lays out how innovative periods have worked in the past and why solar might be nearing that sweet spot now. Now we need to roll through the individual charts and I think you'll find it a pretty interesting exercise. This is a macro timing picture, not a today or tomorrow or next week timing picture. This is about the opportunity in general, walking through the charts, setting your chartlists up so you can be ready to pounce when it feels right for you if you like the story. 

Here is the chartlist we created yesterday from our master list. This is our working copy.

KWT is a great place to start as the industry ETF.

Continue reading "Becoming Enlightened On Solar Stocks Part 3" »

Is The Sun About To Rise On Solar Stocks Part 2

My solar stock ChartList (think renewable energy) has almost every stock below the 200 DMA's. Solar 3D (SLTD) is a penny stock and is above its 200 DMA, but other than that, my ChartList shows everyone below the 200 DMA. So we'll start by cleaning up the list. Hopefully you started your own Solar ChartList. Feel free to copy the names of the stocks into one. Today, I am going to show you how I manage from a long list and narrow things down in the hopes that you'll do the same in your own ChartLists.  I don't think these stocks are going to pop today, but it's timely to watch for the sunrise.

Continue reading "Is The Sun About To Rise On Solar Stocks Part 2" »

Shining The Light On Solar Stocks - A Multi Article Review

This will be a series of articles. We have lots to cover off. Solar is part of the energy sector. I think the time is right to give it a little illumination.

When the XLE sold off, solar was hit as well. Why? When investors sell the XLE, the ETF sells off various underlying positions which are producers, oilfield service and energy utilities. Solar is not a component of the XLE. The more selling that takes place, the harder all the components of the ETF are sold off. However, other correlations are in play and other energy industry stocks are also sold. When power utilities get sold off, that can track to solar. Coal and Natural Gas have been weak and solar is compared with those to generate power. So the solar industry, which has been pulled lower within the energy sector, is one of those. This has ramifications both ways. People who are switching to solar are making a decision for a longer period of time rather than just one or two months of price advantage. When the price of oil and energy stocks dropped, it might be an advantage to look at solar stocks. Because they have pulled back, this can be good for us, even though no meaningful changes are taking place in their business. One other concern is how solar competes in terms of the cost of energy as it has to compete at different price levels with other sources.  There is some power generation based on heating oil as well. However, the comparison is really very thin. Again, people who are expecting to use solar are making a decision for a longer period of time than just one or two months of price advantage. When the price of solar stocks drops due to sector weakness, it can be happening even though no meaningful changes are taking place in their business. This would appear to be the case today from my perspective. So lets get into it. 

Upon visiting the First Solar website, I found this chart.

First Solar provides a LCOE of between $0.07-0.15/kWh, depending on irradiance levels, interest rates, and other factors such as development costs.

Source: www.firstsolar.com

The chart demonstrates that at a utility level, the solar power system compares very favourably.

Continue reading "Shining The Light On Solar Stocks - A Multi Article Review" »

Sentiment Analysis - Two More Extremes This Week

There is some Sentiment data that came in this week that reached new bullishness since 2000.

The Rydex Data and Investors Intelligence Data is available in the free charts on Stockcharts.com. Free users will not be able to expand the chart out in time so I have attached those below.


On the 'Free Charts’ Tab,
Look on the far right hand side under ‘Additional Reports'.
Click on 'DecisionPoint Chart Gallery’. Here is the hyperlink: DecisionPoint Chart Gallery.
There is a drop down box so you can see the data for different indexes. We are going to stay with the $SPX.
There are 4 hyperlinks near the top:

Trend Charts | Condition Charts | Breadth Charts | Sentiment Charts

Clicking on "Sentiment Charts", you can go to the two charts there that summarize an immense amount of data.


The green/red/purple data here summarizes the state of the "Investors Intelligence” which by all accounts looks to be "all in". I moved the Red line on all three charts to the current reading. We can see that they are at or near the extremes for the indicator but we have been here for a while. 

The chart I find interesting is the super long view of the same chart. I have posted it below with 45 years of data. It is possible to have a few more bulls, but the bears have been slaughtered with 39 year lows.  The new low level of bears is now less than the triple top level through the 80's. I moved the Red line on all three charts to the current reading. 

Continue reading "Sentiment Analysis - Two More Extremes This Week" »

More Oilpatch Destruction Reviews

Yesterday I reviewed the 10 largest components of the XEG.TO energy ETF. Today, I'll cover the next 10. These ones are interesting because some of them have been high growth stocks and at some point, worth having on your radar. Let's jump right in with almost all the same chart settings. I took out the always valuable SPURS in purple that were on the top ten. All oil stocks were underperforming so it doesn't help us a lot right now.

Here is Vermilion Energy. That is a chart to love. Big beautiful run up. Well, it's 31% off the highs. The SPURS ranking has never been this low including when oil was $32. On the zoom panel, you can see the struggle to get back above the 40 WMA and could not. The interesting part about Vermilion is they have been ramping up in volume all year. Breaking the major trend line is never good. Horizontal support does not show up until $45. Ouch!

Continue reading "More Oilpatch Destruction Reviews" »

Oil Producer Stock Prices Plummet! Assessing The Carnage In The Top 10

Well, there was not a lot of support on crude at $72. That was an area of interest but it clearly washed out. Now that the price has plummeted, it feels a bit like the aftermath of a weather disaster. When you look around you are amazed at the damage.

I am going to roll through the top 10 holdings in the iShares Canadian Energy ETF. (XEG).

The order will be from the largest to the smallest holding. We start with Suncor (SU.TO).  The SCTR is now in the bottom 25% of all stocks on the $TSX. While it is still going down, It might not be the opportunity to buy it but it is 20% above the area where Warren Buffett found value. I put the red dotted line at the closing price for November on each of the charts. Amazingly, look how much the current red line shows as a historical support resistance area. Other than the 2008-2009 low, Suncor builds V- bottoms, not rounded bottoms. Look at the volume piling on in the last 10 weeks. Sunoco also has a chain of gas stations (Petro-Canada) so the refining margins should be excellent while price settles. The price has fallen 29%.

Next is Canadian Natural Resources (CNQ.TO).

Continue reading "Oil Producer Stock Prices Plummet! Assessing The Carnage In The Top 10" »

20 Year Bond Fund (TLT) Makes A Higher Level Decision

The twenty year bond fund (TLT) has been trapped in a tight trading range for 1 month. Unbelievably tight actually. Today it stepped up through resistance.

TLT bottomed on September 17th, and broke through the down trend line on September 19. September 19th marked the September option expiration as well as the Alibaba IPO day. We can see that TLT made a relentless climb while the equity market pulled back. TLT topped the day before the October 16th bottom in the equity market. If the equity market is going to weaken, we could watch to see if the bond market starts to rally like it did in September. Friday we broke above resistance. Today we continued to move higher and we are making higher highs and higher lows for the fourth day.

With the volume tightening up and the MACD turning up above zero, this may be on the way for a move higher. If the purple SPURS starts to break out, that would probably confirm it.

Good trading,
Greg Schnell, CMT

When WalMart (WMT) Rises $30 Billion In Two Weeks...Whatever....

I have so many charts that feel important here. I have reviewed Walmart (WMT) before. But I haven't found many instances in recent years where the 'grocery store in every neighbourhood' stock rallies 10% on a breakout in 9 days. I find it a little hard to believe that the $270 Billion Dollar behemoth we know as Walmart put a new product at the end of the aisle that increased its market cap by $30 Billion this month! Here's the chart. Walmart is up $13.6% since the Nov 3 low and up 10 percent in 9 days.

Well, after a contemplative day rolling through a massive number of charts, I couldn't help but say, Why Walmart? What is so special about Walmart that it makes it one of the fastest relative moves in 7 years of history this week? I say relative because the $SPX was up a whole 1.52% from October 31 close. Out of all the stocks in this little ticker cloud, why Walmart? Down in the bottom left a little 'wmt' sits in the corner.

Continue reading "When WalMart (WMT) Rises $30 Billion In Two Weeks...Whatever...." »

Goldman's Commodity Index Review

I look at 6 of Goldman's Commodity Indexes. Let's take a quick look at the charts.

Here is the Precious Metals Index ($GPX). Starting at the RSI, we are still in a bear trend with the red line across the top. This is an interesting place as we try to double bounce off the 30 RSI level. In the background is the SP500 Relative Strength what I call SPURS. So the SPURS shows the $GPX or precious metals index continuing to under perform.

This price breakdown was capable of wiping out all the long positions. This is an important place to watch or invest with tight stops. If the Dollar surges this will probably continue to break down.


Here is the Energy Index ($GJX). While I have obviously front end loaded the worst charts to start your review, this is how weak charts look.  The RSI is ghastly low at 15.84. The SPURS are plummeting.

Since the price snapped the triangle, its been a one way trade. I have not seen any rallies that would get my interest in marking a low. The MACD is at the weakest level in 4.5 years. Yecch.

Next is the Industrial Metals Index ($GYX). Notice the change in behaviour of the RSI. It has pushed back up to almost 70. That could/should be a bull market signal. The RSI also continues to make higher lows. We find it today at 49.04. This is an important place on an RSI. After going up and then bouncing down near the 40 level, we would like to see this explode this to the upside if you are a commodities bull. I am not an economist but I can use an economist phrase. "But on the other hand" : ), this would be very difficult if this breaks down here. We would start to break trend lines and make lower lows which is not how bull markets start. :( 

We can see the SPURS area chart is down sloping or flat at best.

Price is at a firm support/resistance line. We would really like to see this break out to the upside for global growth. The MACD is at a cautionary area near zero. If it can bounce here, that is a beautiful confirming signal at an important place on the chart.

Here is the Agricultural Index ($GKX). This one is showing some signs of life. The RSI has made a strong double bottom and is heading up to the 50 level. This 50 level usually acts as some resistance, so we'll be watching for a more positive push through that level. We can see the SPURS is still in a big downtrend. A break above the purple line would be very bullish.  

 

We can see the price is stalled at resistance with the short green line. Price bounced off a very important support/resistance level. . The MACD has turned up from an oversold level. This is a common level to look for reversals. The last bounce made it all the way up to above the zero line and failed again. If this can get a spurious rally going, the top trend line is 10% up and to the right. However, it is still in a major downtrend with a bearish pattern everywhere. Trading bounce only until proven differently.

The next chart is the livestock chart. See anything different here? Yeah, I thought I saw a bull trend. Notice how the RSI has been holding above 40. The RSI broke down, tested 40 and bounced. The SPURS continues to hold a pattern of higher lows which is bullish till broken. 

The price is in a nice ascending channel. This high volatility recently (Big up/down spike between September high/October low) adds caution to a big uptrend. Usually an increase in volatility make uncertainty in the trade. If this goes on to make new highs, stops should remain tight. I would be watching the MACD and if it makes a lower high over the next few months, that would generally be a problem.

Goldman also publishes a Total Commodity Index ($GTX). So that would be Chart 6. This chart looks so similar to the $GJX energy chart above, I can't help but think this is masking the inputs of the other commodities.

So, the general trend is down for 4 of 5 or 5 of 6 including the total index. The Livestock chart has some hope of pushing higher. However, any longs in 4 of the 5 charts at this point would be for countertrend bounces until proven otherwise.

Investors long the commodities part of the market may wish to frame their investments as countertrend trades not holds. With that framing, there may be some bounces here that are worth participating in. I feel like the price action in Gold and Silver could be a potential play as illustrated on the Don't Ignore This Chart blog from Friday November 7. If the $USD stabilizes at this level, Gold may continue to bounce. If the $USD makes new highs, this could peel the $GOLD trade off the table. Here is the picture of the UUP which tracks the dollar index intraday. This is the main reason that a potential bounce in commodities could arrive. Should this divergence repair itself to the upside, the commodities will be under more pressure.

That is how I am viewing the commodities at this point.  For all of the long term investors, the commodities are not in play yet unless the merger parade kicks into high gear.

Good trading,
Greg Schnell, CMT

Ring, Ring, Ring, Ring, Hello? New 52 Week High? Other than Apple Who Could It Be?

The technicians. We are a complex bunch. Thousands of interpretations of different indicators. But today, Telus (T.TO) rang up a new 52 week high. It can't be much simpler than someone willing to pay more for the stock than ever before. 

My iPhone cell plan is more money, the iPhone is in high demand and Telus actually have stock. Is it more than that? Maybe, but the chart tells us that the investors have found renewed interest after Telus hovered between 36 and 41 for the whole year.

The SCTR is above 75. The SPURS are sloping up. The MACD has turned up. Stops can go just below this weeks candle in case it does not hold.

If you liked this article, feel free to forward it to investing friends and family. If you didn't like the blog, please send me a note on what I could do better. The chart is printable. It should also be clickable so that you can go look at the settings.

We try to keep our articles informative and entertaining. Make sure you check out the other blog writer articles in MailbagChartwatchersTraders JournalDecisonPointDon't Ignore This ChartChip AndersonScanning Technically, and The Canadian Technician. Subscribers have access to blog articles by Arthur Hill, John Murphy, Martin Pring as well as the DecisionPoint Tracker and DecisonPoint Reports. Don't forget to look for the subscribe button for RSS feeds and email. 

On the Blogs tab, you can also see the Top Advisors Corner  in the right hand panel where other technicians post their work. If you are paying for newsletters all over the Internet, don't miss all the articles here that are included!

Good trading,
Greg Schnell, CMT

Amazon (AMZN) Breaks The Down Trend Line But Still Weak On RRG

Amazon (AMZN) has really been out of favour with all the love thrown towards the Alibaba baby (BABA). But there are some interesting reasons to look at Amazon today.

Amazon made a textbook double bottom in October. This week it is climbing above the downtrend line heading into the Christmas season. Will AMZN be able to to return to its former trend after taking a year to go sideways?

Here are the reasons I like the chart.

The textbook double bottom where the price on the right just slightly undercuts the price on the left to get rid of any weak holders.

The MACD looks like it is making a higher low on the weekly.

The UPS and FDX charts are beautiful. They seem to be anticipating a run on home deliveries with low fuel costs.

The vertical blue bar above measures AMZN up to $444 in the next year.

The seasonality of AMZN is usually pretty good heading into Christmas. With the savings on gasoline in the USA, we might expect a jump in retail spending for Christmas. 

What I don't like about AMZN:

Here is the RRG chart on a daily basis. RRG Link Daily While the momentum is improving, it is still dramatically behind in terms of relative strength to the $SPX. That is shown because it is a long way left of centre on the chart.

Here it is on the weekly. Pretty much out of favour. Here is the link for the weekly. RRG Weekly Link. We can see here that the stock is still on a very bearish vector by pointing towards the bottom left. Longer term investors may want to wait for AMZN to at least start turning towards the top right corner rather than pointing to the bottom left.

So the current signal is very short term trading with a stop nice and close. If AMZN can accelerate from here into the top right corner on the RRG, that would be a good indication to stay aboard for a nice ride.

For attending the next “Canadian Technician” Webinar, Please click here to register. My good friend Martin Pring will be presenting as well. That is a hint to register early, as it will be a full house. Only register if you can make the live call. The archive will be available shortly after.

Good trading,
Greg Schnell, CMT

Lumber's Slumber Leads Us To Wonder

So I keep noticing lumber related stocks going up, yet Lumber ($LUMBER) is not performing. First here is $LUMBER. Does this look like a chart generating breakout moves on lumber stocks? It did not to me.

Continue reading "Lumber's Slumber Leads Us To Wonder" »

Check out the RRG charts for the Canadian Sectors

The RRG Charts are going to be part of Thursday's webinar. The value of these charts is unbelievable. Here is a sample of the Canadian Sectors RRG Chart.

The $TSX is the benchmark in the box above the green area of the chart. So it is the average. That means the Energy and Materials have sold off so hard, that they can balance the other 2/3's of the index weighting. The table below the rotational chart shows you the ticker name and the detailed name of the sector. The Utilities are about to accelerate into the positive momentum and positive relative strength so they might be a sector to drill into.

Here is the link to the live chart.

Based on this chart it is still way too early to look for success in the energy and gold sectors. 

Now let's compare it to the $SPX in Chart 2. Here is the link.  Notice a few major things. Financials, Consumer Discretionary, Industrial are all losing momentum (because they are moving down) and losing relative strength (because they are moving from the right towards the left). When they start to under perform both in terms of momentum and relative strength that is an important time. So the only sector with improving momentum is the Utilities and the relative strength is also improving on the Utilities but the $SPX is still outperforming so this appears to the left of centre. The Technology, Health Care and Consumer Staples are losing momentum( moving down)  but they are still outperforming the $SPX (Moving to the right). 

I spent a few hours with Julius De Kempenaar in Amsterdam and I plan on demonstrating some of my analysis on how I would use this to help pick stronger areas of the market.

So for the webinar tomorrow afternoon, we would love to have you attend. You can Click Here To Register. Please click to register only if you are attending live. You do not have to register to watch the webinar later.

The start time for the webinar will be Thursday October 30 at 4:30 EDT, 1:30 PDT.

It will be posted on  the lower part of the home page for viewing afterward. See the example below. Notice the last line.

Good trading,
Greg Schnell, CMT

 

$NATGAS Fails To Stay Above Support

It seems Natural Gas ($NATGAS) is failing. It really needed to hold $3.72. I spoke about it in the webinar but it continues to break down.

Investors in the Natural Gas stocks that were looking for a bounce like I was have been disappointed.  We will have to wait for a better signal.

Good trading,
Greg Schnell, CMT

 

Oil Stocks Bounce..But Wait..There's One More Thing..

The Canadian oil stocks have been traumatized by the recent plunge in crude. If you like to take advantage of deep pullbacks in price, these charts have been severely hit. This was just a screen shot of the most actives from the home page $TSX hot box. 

How else can we hunt for great stocks after this pullback? Well, the SCTR is a great place to look. Some of these stocks are already back in the top quartile of Canadian stocks. The last column is the SCTR ranking.

Even if you just want to find all the oil and gas producers, you can click on the SCTR report button on the home page, select Toronto stocks in the drop down menu at the top,  click on the SCTR column heading to make sure the 99% ones are at the top, then click on industry. You can scroll down and see any industry with the stocks in SCTR ranking order. You can use the same list with gold miners as an example. I posted a strong list of high SCTR rated gold miners in the Market Roundup yesterday. Here is the same posting, in case you missed it.

With the push off the recent lows, I will try to highlight some great looking industry groups and high SCTR rankings on the weekly webinar that will be on Friday this week. October 24th, 4:30 EST. Click here to register.

I also wanted to take a minute to point out some fantastic Technical Analysis events coming up in Canada in the next few weeks. If you register soon, it will make a difference for your pricing and helps the organizer line up food and room arrangements. I sit on the board of the Canadian Society of Technical Analysts in Canada. This is a shout out for a major meeting coming up in November that I am one of the key organizers for. We are hosting a simulcast meeting at 5 locations across Canada with remote and on site presenters all day Saturday November 8th. If you are interested, you can follow this link for way more information. Two world class authors will do a National presentation and each location will have on site presenters for the rest of the day. It is the annual national meeting for CSTA members and newcomers. 

As well, I was in London for the IFTA conference. Chatting with Alex Elder, he mentioned he was doing a one day seminar in Toronto on November 9. He only had 3 spots left, the last I talked to him. You can find more information on his web page at Elder.com. Click here for the Link to the Toronto meeting. I use the Elder Impulse system candles on StockCharts.com all the time. They add strength to the presentation of information and clarity to changes in momentum. I also saw his newest book in London which is a major rewrite of his most famous work, Trading For A Living. The new version is called ...you guessed it...The New Trading For A Living. Here is a photo of Chip receiving a copy from Alex in London.  

PS. You will be able to get Alex's book at the StockCharts.com bookstore as we should have it in stock over the next few weeks. 

As the market rebounds with conviction here, there are some fast moving stocks. Using the SCTR rankings can really help you pick strong stocks in different industry groups and sectors. Hopefully you'll join me on a walk through the strong sectors, industries and stocks on Friday's webinar.

Good trading,
Greg Schnell, CMT