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. Remember! You can now watch the latest episode under the "Webinars" tab!
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. Don't forget to sign up for notifications at the end of this blog entry by filling in your email address.
Arthur Hill will be joining the program on Wednesday, 10/11! You will not want to miss his live analysis!
What Happened Today?
Talking Technically: On Friday Tom and Erin focus on interesting earnings news, social media questions/polls, etc. The big news was the disappointing jobs report today. The U.S. economy lost 33,000 jobs in September even as the unemployment rate fell to 4.2 percent, the Bureau of Labor Statistics reports. The expectation had been an increase in jobs by 90,000. Tom reviewed the 10-year Treasury Yield ($TNX) and Erin discussed an upgrade for Credit Suisse (CS) and four downgrades on CREE, ALB WBA and SAVE. Tom and Erin both agreed that downgrades often give us the opportunity to jump in on a pullback. Of the four she reviewed, CREE might be showing an opportunity as it has pulled back to support on today's correction.
EarningsBeats.com - John Hopkins: It's always great to have John on the show as he goes over interesting charts on companies that have reported or will be reporting. One of today's Earnings Spotlight was ZUMZ. The company gapped up on good earnings and is now pulling back. He wasn't suggesting to get into it yet. Looking for a pullback to $17.50 and then use just below the 20-EMA as a stop. High reward to risk on this particular stock.
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: PLUG, VALE, SLV, CLX, SOY.TO, OLED, GE, SHOP, SCWX and BLDP. You'll find all of the charts in the MarketWatchers LIVE ChartList, located at the top of the MarketWatchers blog homepage.
Sentiment Update: The sentiment charts are showing bullish tendencies from both individual investors, money managers and Rydex Asset Analysis. The Rydex Asset chart sums it up quite well. You can see a decrease in bear fund participation (thumbnail), very little change in money market funds and an increase in the bullish equity funds. Erin explained that she isn't looking for a reversal on bullish exuberance just yet as she believes we'll probably see even more bullish sentiment next week. Extremes haven't been hit.
Mailbag Segment: Each show Erin and Tom answer questions received via Twitter, Facebook and Email. One of today's questions asked how many holdings do Tom and Erin hold typically and how often do they make trades. This is a common question that we get often at MWL. Tom trades more frequently than Erin, usually a trade almost everyday. Erin says she averages about four a month, although she admits to trading more often now that she co-hosts the show and gets such great advice from Tom and viewers! Tom says he has about five stocks right now. Erin says that in her long-term account (IRAs), she has between 6 to 10 holdings. Currently she has the majority of her long-term funds invested in her brokerage's client-only mutual funds so she doesn't have to track it all. However, in her short-term horizon accounts, like her cash account, she usually holds about 4 or 5 additional stocks/ETFs. We're full disclosure on MWL, so the hosts don't seem to mind sharing their trading stories.
It's a Wrap! In closing Erin pinned Tom down on his sentiment for next week for the MarketWatchers LIVE sentiment poll (you can take the poll on Twitter right here!). This week, Tom and Erin are in disagreement. Erin believes the market will finish mostly unchanged next week (+ or - 0.25%) and Tom is feeling bullish. What do you think? Our viewer poll will be open on Twitter until showtime on Monday at noon EST.
Tune in on Monday at 12:00p - 1:30p EST on 10/9 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!!