MarketWatchers LIVE

6/26 MarketWatchers LIVE Recap - Monday Set-Ups - PMO Scan Reprint

Erin Swenlin

Erin Swenlin

Co-Founder, DecisionPoint.com

 

Welcome to the recap of Monday'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 in 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 marketwatchers@stockcharts.com and our Facebook page is up and running so "like" it at MarketWatchers LIVE.


What Happened Today?

Monday Set-Ups:

Every Monday, Tom and Erin look at which charts are shaping up as "ones to watch" for the week. Tom's charts included look backs at AMD and LRCX as well as new charts of UCTT, CERN, ULTA, GIIII, ELY and VSH. Erin's charts included DGX, EPAY, KMX, IDXX, LMNX, WLH and PCLN which all came up on her PMO scan. As promised, her scan code is printed at the end of the blog for Extra members and above to copy into their scanning workbench.

 

EarningsBeats with John Hopkins: John came on for a regular Monday segment that spotlights earnings. Today John talked about Red Hat, Inc (RHT) as a company that blew out estimates recently. John is waiting for a 20 day EMA test, possibly even a gap fill before trading.

 

 

Ten in Ten Before 1: In this regular segment, Tom reviews ten charts in ten minutes, followed by Erin's comments and comments from the Twitter "peanut gallery". Send in your symbol requests via Twitter (@mktwatcherslive) before the show and we'll try and add them. On today's list: IBB, P, CP.TO, ZNGA, TXN, HUN, RH, AMAT, XBI and APO. You'll find all of these charts in the MarketWatchers ChartList by clicking here or clicking on the ChartList link at the top of the MarketWatchers blog.

DecisionPoint Report: Erin looked at the DecisionPoint Scoreboards, weekly charts of Scoreboard indexes, short- and intermediate-term indicators as well as a look at UUP, GLD, USO and TLT. Both Tom and Erin were watching TLT closely now that price has closed gap resistance. Expectation from both of them is lower Bond prices with Fed interference.

For more information on DecisionPoint indicators and analysis, go to the DecisionPoint blog or the DecisionPoint Shared ChartList here.

Erin promised at the show's beginning to publish her DecisionPoint PMO scan in today's blog, so here it is below. Note that you can copy and paste the entire code (including comment lines) into the advanced scanning workbench as an Extra member or above.


// The "universe" you are scanning:
[group is SP500]
OR [group is SP600]

// PMO has not yet had a crossover:
AND[today's PMO Line(35,20,10)<today's PMO Signal(35,20,10)]

// PMO Rising for last 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)]

// Positive Line-up of EMAs 20-EMA > 50-EMA > 200-EMA (Implies Stock is in an IT or LT Bull market:
AND [today's ema(20,close) > today's ema(50,close)]
AND [today's ema(50,close) > today's ema(200,close)]


 

Mailbag Segment: Each show Erin and Tom answer questions received via Twitter, Facebook and Email. Today they were asked about whether they use the SCTR as a buy/sell indicator. Both said "no" but Erin used Greg Schnell's analogy. Think of the SCTR ranking as a batting average. You want to shop for good players based on their batting average and knowing which is hot. Yes, you could look at stocks whose SCTR is in the basement and hence ready to improve, but that is similar to seeing the lowest average player at the plate and saying, "he's due!". It doesn't work that way. It is a great confirmation tool!

 

It's a Wrap! In closing Erin discussed the Twitter viewer poll from Friday. The majority of viewers felt the market would rally today and they appeared to be right. Look for our Twitter polls at @mktwatcherslive. 

 

Looking Forward:

Tune in on Wednesday at 12:00p - 1:30p EST on 6/28. Tom and Erin will be answering more mailbag questions, doing another Ten in Ten segment as well as regular market updates and indicator reviews! 

 

Erin Swenlin
About the author: is a co-founder of the DecisionPoint.com website along with her father, Carl Swenlin. She launched the DecisionPoint daily blog in 2009 alongside Carl and now serves as a consulting technical analyst and blog contributor at StockCharts.com. Erin is an active Member of the CMT Association. She holds a Master's degree in Information Resource Management from the Air Force Institute of Technology as well as a Bachelor's degree in Mathematics from the University of Southern California. Learn More