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 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 email@example.com and our Facebook page is up and running so "like" it at MarketWatchers LIVE.
What Happened Today?
Every Monday, Tom and Erin look at which charts are shaping up as "ones to watch" for the week, but to start, they reviewed last week's Monday Set-Ups "picks". Erin and Tom pick their favorite Monday Set-Up for review the next week. Last week's set-up "picks" were PRO and AAN. Erin's pick PRO was up 3% at the end of week. Tom's pick AAN was down 0.24%; however, this week it's already up 1.14% as of publishing. Today's Set-Ups included Blucora (BCOR) Deckers Outdoor (DECK) Red Robin (RRBG) with Tom's "pick" for the week being Intuit (INTU) for Tom. Erin looked at three set-ups--Cognizant Technologies (CTSH), Alphabet (GOOGL) and her "pick" for the week is Microchip Technology (MCHP).
Earnings Spotlight (EarningsBeats - John Hopkins): As we do each Monday, John Hopkins from EarningsBeats.com joined the show to give us some insight on recent earnings and spotlight a few charts. JP Morgan (JPM) reported last week and many other banks have reported earnings. Tom covered banks in his last blog article. John pointed out various scenarios in his ChartWatchers article. He looked at Helen of Troy (HELE) to show you that even though you beat revenues and have good earnings, the stock may not rise as expected.
Tom and John both discussed Netflix (NFLX) which will be reporting earnings tonight. Bullish looking chart, but it is right near resistance. Yet, there is a negative divergence with the MACD.
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. Symbols reviewed today: TMO, AGN, FDX, ZBH, ALB, SBUX, TRTN, GMZ, MOS and AVP. You'll find all of the charts in the MarketWatchers LIVE ChartList, located at the top of the MarketWatchers blog homepage.
DecisionPoint Report: Erin reviews Wall Street Sentiment as well as viewer's sentiment on Monday and gives a quick peek at DP indicators to give us a heads up on the market conditions as we start the week. Don't miss the DecisionPoint Weekly Wrap by Carl Swenlin on Saturday morning to get the scoop on market action the prior week and find out what the indicators are suggesting for the future. Important items to note: 1) Oil is hitting overhead resistance at $47/barrel and USO is also pressed against an area of resistance. This is an important area to overcome, if it fails it will likely be a long decline. 2) Intermediate-Term indicators are beginning to look very positive which seems to suggest we'll see higher prices in the next month.
Mailbag Segment: Each show Erin and Tom answer questions received via Twitter, Facebook and Email. Tom discussed the differences between black, red and white candlesticks. A black candle means that finish below the the open but higher than the previous day's close, a red candle means me finished below the open as well as the prior day's open. For more on candlesticks, you can read the ChartSchool article here.
It's a Wrap! In closing Erin discussed the Twitter viewer poll from Friday. The majority of viewers felt that TLT has hit its high for the year. Look for our Twitter polls at @mktwatcherslive.
Tune in on Wednesday at 12:00p - 1:30p EST on 7/19. Erin will announce the results of the latest Twitter poll. Tom and Erin will be answering more mailbag questions, doing another Ten in Ten segment as well as regular market updates and indicator reviews!