MarketWatchers LIVE

6/16 - MWL Friday Recap - Greg Schnell Guest - Commodities - Grocers - New IT PMO SELL Signal on OEX

 

Welcome to the recap of Friday's MarketWatchers LIVE show, your antidote for the CNBC 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 we 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 (#mktwatchers), Email is marketwatchers@stockcharts.com and our Facebook page is up and running so "like" it at MarketWatchers LIVE.


What Happened Today?

Market Update:

I think the Tweet below sums up the topic of the first segment of the show today:

Only we don't think Bezos is using a negative expletive right now. Amazon was up over 2% and is ready to test all-time highs again. Erin likes how Amazon already tested support along the 50-EMA and early April top. It was ready to rebound.

Greg looked at Whole Foods Market (WFM) and the magnitude of today's almost 30% move. Interestingly, relative strength was beginning to wane, but today's rally has rocketed WFM to the top of the SCTR rankings for large caps.

 

Commodities Countdown: Given Erin had Greg co-hosting, it was a no-brainer to have Greg review commodities. One interesting comment he made was that Oil seems to lead other industry groups lower when it slows down. If it goes on long enough, it affects the broad market. He used this chart of Steel (SLX) to demonstrate this.

For a complete commodities review, I highly recommend you go check out his latest blog article with the link to his webinar. Additionally, you'll find his live ChartList at this link.

 

ETF Watch: Today Greg and Erin spent some time looking at international ETFs. Greg noted that Europe seems to be leading right now with Sweden, Switzerland, Belgium and France leading the International ETF summary. Erin looked at EWD (Sweden) in particular. The negative divergence with the PMO and its current SELL signal is a problem, but we do have a rising trend in place and it is a leading ETF in the group with a SCTR that has remained in the hot zone for some time.

 

Ten in Ten Before One: In this regular segment, Tom reviews ten charts in ten minutes with Erin's comments and comments from the Twitter "peanut gallery" peppered in there. Send in your symbol requests via Twitter (@mktwatcherslive) before the show and we'll try and add them. If we missed them this show, we have many of them in the queue for Monday. With Tom missing from the show today, Greg graciously filled in with annotated analysis and saved the following charts: IJR, NEWT, ACIA, ERJ, EXPD, TLRD, ORCL, CVX, NOC, and URA. You can view them in our MarketWatchers LIVE ChartList. The link is at the top of the MarketWatchers LIVE Blog page, or you can simply click this link. 

 

DecisionPoint Report: Erin reviewed the weekly charts for the DecisionPoint Scoreboard indexes. Last Friday, the OEX posted a new PMO BUY signal as the weekly PMO crossed back above its signal line. But, as Erin warned her readers last week, the margin was very thin between reading and signal line which left the OEX vulnerable to a whipsaw. That happened today as a new PMO SELL signal was generated on the OEX.

Erin also looked at sentiment for National Association of Active Investment Managers (NAAIM) and American Association of Individual Investors (AAII). Not much to say today as sentiment ratios are near "1" (meaning equal number of bulls and bears). Erin did note that NAAIM had pulled back exposure slightly last week, but this week have increase exposure somewhat.

 

Mailbag Segment: Each show Erin and Tom answer questions received via Twitter, Facebook and Email. Today we didn't have a whole lot of time for questions, but Greg and Erin were asked what time of day do they usually trade? Greg tends to be an afternoon trader. For Erin, she will make trade decisions in the afternoon after watching the day's activity for her watch lists. Placing orders when the market is closed can be dicey depending on how a vehicle opens on the day. Best not to get hit on an opening gap down. Additionally, many wanted to know how to get to shared ChartLists and also how to use analysts ChartStyles. You'll find the links to shared ChartLists at the top of the main blog page for each commentator. 

To add the zoom window on the right side (thumbnail), simply check the box in the charting WorkBench.

There are a few way to get to commentator ChartStyles. The first and really easiest, is to use the ChartStyle dropdown menu. Just scroll down and you'll find the names of our commentators. 

The other way to get commentator ChartStyles or a certain chart from a blog is to click on the chart when you see it in a blog. This will bring the chart up in your Charting Workbench with the exact same settings that the blogger used. Scroll down and look at the indicators and other settings. To save annotations from commentator charts, immediately annotate it yourself. Once you have added any annotation, you will be prompted to save the chart and...voila! You have their chart in your ChartList.

 

It's a Wrap! Over half of our Twitter viewers and Erin felt the market would finish lower this week. With the SPX closing up 0.06% for the week, bulls "technically" called it correctly, but really the market finished mostly unchanged for the week. Look for our weekly sentiment polls at @mktwatcherslive. What do you think? Our viewer poll will be open on Twitter until showtime on Monday at noon EST.

Looking Forward:

Tune in on Monday at 12:00p - 1:30p EST on 06/19 for Monday Set-Ups. Tom and Erin will discuss which charts look hot or not for the upcoming week.

The regular segments, Ten in Ten to One and Mailbag are also on tap for Monday, where we look at your recent questions and symbol requests.

Don't miss it!!

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