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!
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** Announcements **
MarketWatchers Live will be airing FIVE days a week now! Tune in every market day at noon to get Tom and Erin's take on the market!
Next Friday Erin will be doing a workshop on chart patterns! She'll go over the basic patterns, psychology behind them and how to understand minimum upside/downside targets derived from them.
What Happened Today?
Talking Technically: On Friday Tom and Erin focus on interesting earnings news, economic reports, etc. Tom let everyone know that non-farm payrolls came in at 261,000, expected 325,000 so it was below expectations, but last month with the hurricanes, it actually dropped 33,000. Private payrolls came in at 252,000, expected 325,000. Unemployment was 4.1 expected was 4.2. Average hourly earnings came in flat 0.0% expected was rise of 0.2%. September factory orders came in at a gain of 1.4% market was looking for 1.2%. October PMI Services index 55.3, market expected 55.9. October ISM non-manufacturing index was 60.1 vs. 58.6 expected. Q3 productivity number came in at 3% rise v. 2.5% rise expected. Initial jobless claims came in at 229,000 v. 235,000 expected. We're seeing a flat 10-yr Treasure Yield right now. Tom is looking for it to bounce.
Reversing Candlesticks with Tom: Tom did an amazing job explaining reversing candlesticks. You'll want to watch it on the replay on our Facebook page! Here are the charts he discussed:
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: ECA, CWST, SGYP, NUE, INTC, PETX, XEG.TO, SBUX, AKAM and TSLA. You'll find all of the charts in the MarketWatchers LIVE ChartList, located at the top of the MarketWatchers blog homepage.
Earnings Spotlight with John Hopkins, EarningsBeats.com: Discussed BX, Blackstone Group, and how he believes it will go higher. PETS was also on his list. ECB got involved with it a few dollars cheaper. You'll note the shooting star candle on volume and the subsequent pullback. Fell below gap support, but it held on to prior lows.
Sentiment Update: Erin took a look at all of the sentiment charts today. Important notes are Active Investment Managers are pulling back their exposure. This can be bullish for the market if we see some bearish extremes on these readings, but for now it is likely representative of a future pullback or consolidation.
On the other side of the coin, individual investors polled in the AAII poll, are feeling very bullish. Not bullish enough to produce a climactic bull/bear ratio. Erin believes that the combination between money managers caution and individual investor bullishness is likely to result in consolidation or a pullback for next week.
It's a Wrap! In closing Tom and Erin discussed their positions last week that the market would end mostly unchanged (Erin) and higher (Tom). It appears that Tom and Erin made the right call given the market closed 0.26% higher. A "neutral" position means the market will close between -0.25% to 0.25%. Erin is still neutral for next week, while Tom moved to a bearish position, believing the market will close lower than 0.25%. 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 XX/XX 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!!