Welcome to the recap of Friday'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. Remember! You can now watch the latest episode under the "Webinars" tab!
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. You'll find the latest shows archived on the MarketWatchers LIVE Facebook page. Don't forget to sign up for notifications at the end of this blog entry by filling in your email address.
What Happened Today?
** SPECIAL ANNOUNCEMENT ** -- Martin Pring will be our guest on this Wednesday, October 25th!
Talking Technically: On Friday Tom and Erin focus on interesting earnings news, upgrades/downgrades and economic reports. Tom highlighted his Trading Places blog where he is now including a seasonal outlook for the S&P 500 stocks. Be sure and check out his most recent article to see it first hand! Initial jobless claims came in positive yesterday and that could effect Fed rate hikes. With jobless claims moving lower, the employment report next week will likely weigh heavy on the FOMC.
Upgrades: SSYS, STLD, LULU, REN, HOG.
Downgrades: KMB, HMY and REGN.
You'll find all of today's upgrades and downgrades charts annotated by Erin in the MarketWatchers LIVE ChartList.
Earnings Spotlight: Tom highlighted quite a few companies that have recently come in with earnings. One of the symbols he wanted to share on the bearish side was NCR. It made huge high volume move in March to the downside. On the weekly chart, the 2013 high saw a breakout, but it didn't hold and neither did the 20-Week MA. Since then the moving average has posed strong resistance. This week showed yet another breakdown on earnings reports. Based on the technical history, most would've expected poor earnings; and today, they caused the final breakdown.
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. Symbols reviewed today: FCAU, NOV, KEM, NKE, FEYE, MOMO, UAL, PANW, VCYT and SNAP. You'll find all of the charts in the MarketWatchers LIVE ChartList, located at the top of the MarketWatchers blog homepage.
Sentiment Update: Erin shared her sentiment charts for the American Association of Individual Investors poll, National Association of Active Investment Managers, Wall St. Sentiment and Rydex Ratio. She also introduced the Gold sentiment chart that uses the premiums and discounts for closed end fund, CEF. Overall, sentiment isn't bullish enough to have us concerned about a big decline. Gold sentiment is bearish, but not bearish enough to suggest a rally for Gold.
Mailbag Segment: Each show Erin and Tom answer questions received via Twitter, Facebook and Email. Tom and Erin briefly discussed their use of trading stops. Both admitted to using mostly 'mental' stops vs. hard stops, but also mentioned that they rarely use trailing stops. Erin did show the chart of Ambarella (AMBA) and its parabolic collapse in 2015. She suggests that if you are lucky enough to get in on a parabolic move, definitely consider a trailing stop as parabolics crash and burn faster than most can get out and preserve profit.
It's a Wrap! In closing Erin discussed the Twitter viewer poll from Monday to see if viewers (and Tom and Erin) were correct in the market close for the week. The majority of viewers, as well as Tom and Erin felt the market would finish higher for the week and they are correct with the SPX closing up 0.86% for the week as of publishing. Look for our weekly sentiment polls at @mktwatcherslive on Twitter. This week, Tom and Erin are in disagreement. Erin believes the market will finish higher next week, while Tom believes lower. 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 10/23 for Monday Set-Ups. ** Erin will be doing a workshop on the Price Momentum Oscillator (PMO) **
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!!
