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, Email is marketwatchers@stockcharts.com and our Facebook page is up and running so "like" it at MarketWatchers LIVE. Don't forget to add your email at the bottom of the blog for notifications!
What Happened Today?
Talking Technically:
Today the hot topic was Oil. After a report around 10:30a EST U.S. Oil producers announced a building of reserves occurring. This news sent Oil prices careening lower with USO closing today down over 5%. Tom and Erin are still leery of getting into Oil despite hitting such lows. A look at Erin's chart below of USO and $WTIC shows the seriousness of this decline. For more on Oil, check the DecisionPoint blog later tonight.
"What Would You Do?": Tom handed the reins over to Erin today for the "What would you do?" segment. Erin presented daily and weekly charts of Pinnacle (PNK). As she annotated it, viewers were asked what they would do with this stock. Buy it? Hold it? Sell it? Long-term? Short-Term? Ultimately Erin would be a buyer and look for a short-term trade with a target of $22. While she said she would have a tight stop. Viewers remarked that a pullback could offer a better opportunity. Check out our Twitter feed @mktwatcherslive to read some of the other comments on the charts. Let us know your opinion in the current Twitter poll.
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) with a brief question 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 Friday. Erin and Tom both looked at WIX, MPWR, GD, FRED, AMBA, RACE, SINA, DHI, LM, ASIX. You'll find all of his charts right now in the MarketWatchers LIVE ChartList.
DecisionPoint Report: Erin updates you on the latest market conditions with DecisionPoint indicators and reviews the "Big Four". Today Erin pointed out nicely rising IT indicators that although they ticked lower yesterday, they are trying to turn back up and have not had any negative crossovers. For now, they look very bullish.
Erin concentrated on Gold in yesterday's DecisionPoint blog article. The current breakout on the weekly chart looks quite promising. That particular declining tops trendline has been a problem since 2012 and now we have a breakout. $1300 is the next important level for Gold. If it can rise above, I'd be looking for a possible rally to $1400. Still need to bide our time. Look for a decisive breakout of 3% to confirm this rally.
Mailbag Segment: Each show Erin and Tom answer questions received via Twitter, Facebook and Email. Today Tom and Erin discussed volume and buying. Erin was asked what her minimum daily volume for a liquid US stock was necessary for her to buy. Erin said that typically she won't trade stocks with less than 100,000 shares traded on average. Tom said he will actually look for 200,000 as his minimum. It's a matter of volatility and spreads. If a chart looks super fantastic to Erin, she might consider a trade on a low volume stock.
It's a Wrap! In closing Erin said she'd be watching Gold closely to see if that decisive breakout is on tap. Tom said he would be keeping an eye on Treasury Yields ($TNX) and bonds with the upcoming Fed minutes arriving next week (6/14).
Looking Forward:
Tune in on Friday at 12:00p - 1:30p EST on 06/09 for our viewer-centric program. We will run real-time polls and focus on your symbol requests and questions!
IMPORTANT ANNOUNCEMENT
Julius de Kempenaer will be on the show 6/14 to talk to us about using Relative Rotation Graphs (RRGs). You won't want to miss it! Mark your calendar!
