Welcome to the recap of Wednesday's MarketWatchers LIVE show, your antidote for the CNBC 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 we 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 (#mktwatchers), Email is marketwatchers@stockcharts.com and our Facebook page is up and running so "like" it at MarketWatchers LIVE.
What Happened Today?
Market Update:
Everyday, Tom and Erin start the show off with important earnings announcements, economic news and developing news in the major markets. Tom showed us the $TNX chart and pointed out a possible bullish rectangle and descending wedge in play. Rising interest rates will serve the financial sector well.
Wednesday Set-Ups: Typically we do this segment on Mondays, but since Monday was holiday Erin and Tom gave their set-ups today. Tom pointed out Tesla (TSLA) as a chart that was 'looking pretty good' right now. Erin's picks included AIR, B, BCE, HUBS, TTEK, SJI...but, she did point out that with indicators in the short-term timeframe looking bearish, she wouldn't actually be adding any new positions at this time.
Nice positive divergence, high SCTR score and recent breakout. PMO will log a BUY signal today or tomorrow.
Tool of the Week: Tom and Erin decided to talk about their favorite StockCharts member tools. Erin's was the scanning workbench. She uses it almost exclusively to mine for investments with various parameters. Here's the wording to one of her favorites. Just copy and paste it into the advanced scanning workbench.
// Narrows down the universe to stocks with decent volume and from the US
[type = stock] AND [Daily SMA(20,Daily Volume) > 50000]
AND [country is US]
// Keeps the penny stocks and high volatility stocks out of your results
AND [Close > 10]
// This identifies a PMO that hasn't yet had a positive crossover its signal line
AND[today's PMO Line(35,20,10) < today's PMO Signal(35,20,10)]
// This identifies a PMO rising for three days
AND [today's PMO Line(35,20,10) > yesterday's PMO Line(35,20,10)]
AND [yesterday's PMO Line(35,20,10) > 2 days ago PMO Line(35,20,10)]
AND [2 days ago PMO Line(35,20,10) > 3 days ago PMO Line(35,20,10)]
//This ensures we get a positive IT and LT Trend Model configuration
AND [today's ema(20,close) > today's ema(50,close)]
AND [today's ema(50,close) > today's ema(200,close)]
Tom showed us how to create and save ChartStyles. For more information on ChartStyles, here is a link to ChartSchool.
Ten in Ten Before One: In this regular segment, Tom reviews, annotates and saves ten charts in ten minutes. 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. To see today's 10 in 10 to 1, go to the MarketWatchers LIVE ChartList. The link is at the top of the MarketWatchers blog. Both Tom and Erin were bullish on Visa (V):
Mailbag Segment: Each show Erin and Tom answer questions received via Twitter, Facebook and Email. Today Tom explained how he determines annualized return using his spreadsheets. For more information, you'll want to send us an email to marketwatchers@stockcharts.com. Erin was asked what signals she uses in addition to the PMO SELL signal for selling holdings. Erin explained that once she is in a stock she watches momentum with the PMO but won't necessarily sell if it turns lower or triggers a sell signal. She primarily watches for targets to be reached and stops to be determined by looking for chart patterns or support/resistance.
It's a Wrap! Our latest viewer poll will be open on Twitter until showtime on Friday at noon EST. Today's poll: "How many trades do you typically enter in one month?" Erin will review the results on Friday morning!
Looking Forward:
Tune in on Friday at 12:00p - 1:30p EST on 6/2 when Erin will talk sentiment and Tom will give you the industry groups to watch.
The regular segments, Ten in Ten to One, DecisionPoint Report and Mailbag are also on tap for Monday, where we look at your recent questions and symbol requests.
Don't miss it!!
