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. If you missed today's show, no problem! Go to the StockCharts webinars tab and click on MarketWatchers!
Your comments, questions and suggestions are welcome. Our Twitter handle is @MktWatchersLIVE and/or #mktwatchers, email is marketwatchers@stockcharts.com and our Facebook page is up and running so "like" it at MarketWatchers LIVE. Don't forget to sign up for notifications at the end of this blog entry by filling in your email address.
What Happened Today?
Monday Set-Ups:
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", FCX and ILMN. Greg's pick of FCX was a big winner, closing up over 8% on the week. Tom's pick of ILMN was also great, closing up over 1.5% on the week. Today's Set-Ups were ALB for Erin and AYI for Tom.
Earnings Spotlight: Tom touched on Extreme Networks (EXTR) which beat top and bottom line: revenues were 178 mil actual vs 171 mil estimate and EPS was .14 actual vs .12 estimate.. It's now breaking out on daily/weekly charts with MACD crossover and nice volume.
Sector Spotlight - Biotechs: Tom and Erin spent some time looking at the Biotechs sector. Some of the stocks discussed were the Biotech ETF (IBB), CELG, ILMN, GILD, BIIB, CRL and ALNY. The sector has been on fire for a few months now and Tom has been analyzing many of the stocks in prior shows. The charts are in the MWL ChartList, but the one of interest would be ALNY, mainly because Tom and Erin were in disagreement about its potential. Tom was bullish, but Erin found a few minor problems. Price failed at resistance and is heading lower. The whipsaw PMO SELL signal is a problem. However, SCTR is strong and the OBV looks okay considering the negative volume over the past few days.
Ten in Ten Before One: In this regular segment, Tom reviews ten charts in ten minutes with Erin's comments peppered in there. Send in your symbol requests via Twitter (@mktwatcherslive) before the show and we'll try and add them. Symbols reviewed today: VLO, AAOI, TDOC, MOMO, XOM, CVX, ULTA, LAC.TO, CENX and PLAY. You'll find all of the charts in the MarketWatchers LIVE ChartList, located at the top of the MarketWatchers blog homepage.
Agree or Disagree: Typically on Monday's Tom and Erin pose a question to the audience and then let them know their positions. Today's topic was Gold. Will it breakout convincingly above 1300 and continue higher? Erin did hedge quite a bit when discussing her thoughts, mainly because both the Dollar and Gold are at decision points with the Dollar possibly preparing for a strong rally off of long-term support on the monthly chart. However, today's breakout was encouraging, as were the weekly and monthly charts, which ultimately made her decision to go bullish on Gold. Tom agreed that we should all heed Greg Schnell and his bullish stance taken a few weeks ago. SO...do you agree or disagree with Tom and Erin? Take the Twitter poll here! It'll be open until the beginning of the next show. Those not on Twitter, feel free to post your thoughts on our Facebook page or send us an email to MarketWatchers@stockcharts.com.
Mailbag Segment: Each show Erin and Tom answer questions received via Twitter, Facebook and Email. Today Erin was asked how she determined whether a PMO was overbought or oversold since it sometimes appears she calls a PMO overbought or oversold when they aren't necessarily at extremes. Erin will be answering this in more detail today in the DecisionPoint blog so go check it out tonight. Tom was asked about what his typical holding period is for his investments. He said that when he finds a good industry or stocks and buys, he isn't necessarily thinking about how long he will hold it. Much of it is dependent on what the overall market is doing (neutral in his estimation right now) and what price action is on the stock itself. He went through two of his recent trades on IMGN and CELG. You'll find his explanation at the 1:25p mark in today's show.
It's a Wrap! In closing Tom and Erin revealed their thoughts on where the market might be heading before the next show. Erin is neutral to bearish, believing the market will finish lower on the week. Tom is excited about watching Gold and seeing if this breakout will hold up.
Looking Forward:
Tune in on Wednesday at 12:00p - 1:30p EST on 8/31. Erin will announce the results of the "Agree/Disagree" 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!
