Welcome to the recap of Friday'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?
Talking Technically: With economic reports for new home sales out, Tom focused his attention on the Home Builders industry group. New home sales rose 2.9 percent in May, below the expected increase of 3.7 percent. Momentum was fading on the MACD, but the breakout is encouraging.
Industries on Fire: Tom and Erin reviewed the Biotech and Renewable Energy industry groups which have been on fire. They looked at various stocks: VRTX, REGN, CRL, GLYC, CELG, AMGN, ABBV, BMRN, BLUE, SPWR, CSIQ, JKS, TAN, VSLR, among others. Here are two charts from this segment:
ETF Watch: Tom and Erin devoted today to ETFs, taking symbol requests for ETFs only for 10 in 10 to 1. Erin spent some time looking at the international ETFs straight off the Market Summary that can be reached from the homepage. She concentrated on the Russia ETF (RSX) and Mexico ETF (EWW). Tom reviewed every SPDR!
Possible head and shoulders forming, but one could make a case for a bullish ascending triangle. MACD is turning up on a 20-EMA breakout. For more about the Tech sector, read Erin's DecisionPoint article from Wednesday.
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. If we missed them this show, we have many of them in the queue for Monday. To see all of today's 10in10to1 charts (as well as those from Monday and Wednesday), go to the MarketWatchers LIVE ChartList (the link is at the top of the main blog page for MWL). Today Tom focused on the following ETFs: EEM, IBB, VHT, XBI, IWM, GDXJ, KBA, JKL, IYW, ARGT
Mailbag Segment: Each show Erin and Tom answer questions received via Twitter, Facebook and Email. Today's question was addressed to Tom and Erin: "If you own a stock and it hasn't hit its target yet, what sign would you look for or one signal that would have you exit early?" Of course the answers varied. Tom and Erin both agree that support and resistance is a big deal. Momentum should be considered. But, overall...and I know we hate this answer, "It depends." Erin showed a chart of KOPN (which she owns - full disclosure) and how she was still holding it waiting for another breakout move to $4.40. However, since buying it at the PMO BUY signal, it hasn't gone up, but mostly down and sideways. Erin said she is continuing to hold it because support is holding nicely for the time being. The PMO is trying to turn up again. Although there is a negative divergence with the OBV, the SCTR is in the hot zone, meaning this stock has relative strength on its side. Another reason to hold on to it a bit longer.
It's a Wrap! In closing, Tom and Erin stated their position on the overall market going into next week. Tom and Erin are in slight disagreement. Erin believes the market will finish mostly unchanged next week, while Tom believes it will likely close lower. What do you think? Our viewer poll will be open on Twitter until showtime on Monday at noon EST. Look for our weekly sentiment polls at @mktwatcherslive on Twitter.
Looking Forward:
Tune in on Monday at 12:00p - 1:30p EST on 06/26 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.
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