Welcome to the recap of Monday's MarketWatchers LIVE show, your antidote for the CNBC/FBN lunchtime talking heads. Listen and watch a show devoted to technical analysis of the stock market with live market updates and symbols that are hot.
Information abounds in our Monday/Wednesday/Friday 12:00p - 1:30p shows, but in the MWL Blog will give you a quick recap. Be sure and check out the MarketWatchers LIVE ChartList for many of today's charts. Your comments, questions and suggestions are welcome. Our Twitter handle is @MktWatchersLIVE and/or #mktwatchers, email is firstname.lastname@example.org and our Facebook page is up and running so "like" it at MarketWatchers LIVE.
What Happened Today?
Talking Technically: First thing at lunch, Tom and Erin talked about the upcoming Fed announcement and its possible effect on the markets. Additionally, they looked at some of the most active stocks noted in the first Market Update. Two names that made the list were GE and LEN. Erin's GE chart and Tom's LEN chart are below:
Every Monday, Tom and Erin look at which charts are shaping up as "ones to watch" for the week. Today's charts included from Tom, MKSI and GRUB. Erin looked at EARN and LGND. Be sure and read Tom's Trading Places blog on Mondays where he presents analysis of one of his "set-ups".
Special Guest, John Hopkins - EarningsBeats.com: We were delighted to have John on the show today to go over some of his top earnings picks. We hope to have John on the show Mondays to give us a regular segment on earnings. The highlighted symbols today were TWTR, BLMN and CYH.
DecisionPoint Report: Erin reviews the intraday action of the major indexes, sectors and the "Big Four", (Dollar, Gold, Oil & Bonds). The two charts that Erin concentrated on today were Ultra-Short-Term indicators (breadth/VIX) and UUP. The VIX is finally moving above average into the "concerned" zone. Investors are starting to balk somewhat with the deep declines in techs among others. This is good for a rally start; the more bearish market participants are, the more bullish it is for price.
UUP will likely end the day with a new PMO BUY signal. I've been bearish on the Dollar, but have noted in the DecisionPoint blogs that UUP really needs to hold on to this support level. It appears it is and now we have that PMO crossover BUY signal in oversold territory to confirm this bounce off support. You'll find these charts and many others in the DecisionPoint ChartList.
Ten in Ten Before 1: In this regular segment, Tom reviews, annotates and saves ten charts in ten minutes, followed by Erin's comments and comments from the Twitter "peanut gallery". Send in your symbol requests with comment via Twitter (@mktwatcherslive) before the show and we'll try and add them. Tom looked at ZNGA, EWBC, SGY.TO, AKAM, TGTX, ORAN, WEED.TO, AMZN, SBUX and ATI. You'll find all of these charts annotated in the MarketWatchers LIVE ChartList.
Mailbag Segment: Each show Erin and Tom answer questions received via Twitter, Facebook and Email. Today they were asked whether why they use daily and intraday charts to trade and not longer-term weekly and monthly charts. Both agreed that it is dependent on the trading horizon you are looking at. Both Tom and Erin are short-term momentum/swing traders so the daily chart is the primary tool. However, it is always a good idea to look at the weekly and monthly before investing as your time horizon on the trade may change based on the intermediate to longer term.
The next question was interesting...Tom and Erin were asked if they could hold only one sector ETF right now, what would it be? Tom is on board with the Financial SPDR (XLF) and Erin still likes the Technology SPDR (XLK). Which would you choose? Or Neither? The latest MWL Twitter poll asks you just that. If you have another favorite candidate, post your StockChart in reply with #mktwatchers!
It's a Wrap! In closing Erin discussed the Twitter viewer poll from Friday. The majority of viewers are bearish on the week, in agreement with Erin and the Wall Street Weekly poll. Look for our Twitter polls at @mktwatcherslive to join in the fun.
**Special Guest this Wednesday! Julius de Kempenaer, Creator of Relative Rotation Graphs (RRGs) will be here to help you understand how to use them and read them! Don't Miss it!**
Tune in on Wednesday at 12:00p - 1:30p EST on 06/14. Tom and Erin will be answering more mailbag questions, doing another Ten in Ten segment as well as regular market updates and indicator reviews!