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 12:00pm - 1:30pm EST 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. When you first arrive at the MarketWatchers LIVE blog page, you'll see a link to the ChartList in the upper left corner.
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. Don't forget to sign up for notifications at the bottom of this blog article by filling in your email address and hitting the green "Notify Me!" button.
What Happened Today?
Earnings were very much in focus as more than 500 companies reported their latest quarterly results between Thursday and Friday, many of which were recognizable names capable of driving equity prices in either direction. One solid earnings report came from the hot renewable energy ($DWCREE) space where First Solar beat both top and bottom line estimates, then raised guidance to boot. Check out the excellent reaction on Friday:
FSLR gained more than 9% on its heaviest volume day since early May.
Looking in the Oil Patch
Greg Schnell walked everyone through a process of finding some great trading candidates in the energy sector if, in fact, the group has found its bottom and has begun to trend upward. He started by focusing on the tools available on the Member Dashboard, specifically by scrolling down the PRO Control Center to "SCTR Reports" under "Reports & Analysis Tools":
From there, Greg looked at "Large Cap Stocks" and typed "Energy" in the search box to focus on energy stocks. StockCharts.com provides a valuable resource by ranking stocks among its peers. The higher ranked stocks represent the best performing stocks using a mechanical formula. CLICK HERE to read more about StockCharts.com's exclusive SCTR system. Here's what Greg showed us:
Cabot Oil & Gas Corp (COG) has a rank (75.2) in the top quartile of stocks in its peer group. And the chart below shows us that COG was threatening to break out of its 2017 trading range on Friday, although it did fail on the close. Check this out:
Still, how many energy stocks are at or near their 2017 highs? This SCTR rank quickly brought COG to our attention and the stock is certainly worth monitoring for those looking for possible trading candidates in the oil patch.
10 in 10
During his regular segment at 12:50pm EST, Tom showed how quickly you can review and annotate 10 stocks into a ChartList using the powerful tools here at StockCharts.com. Symbol requests were sent in by viewers on Twitter and GoToWebinar as Tom demonstrated how to use the annotation tool to highlight key levels of price support/resistance, trendline support, candlestick patterns, etc. Symbols reviewed today included MO, PM, IMGN, KSS, KIM, COTY, COST, WHR, CTSH and NSP. You'll find all of the charts in the MarketWatchers LIVE ChartList, located at the top of the MarketWatchers LIVE blog page.
Mailbag
One question came in regarding SCTRs and whether a SCTR reading in the 90s means that a stock or ETF is overbought. Greg Schnell reiterated that SCTR scores are simply a means by which you can compare stock or ETF performance vs. its peers. While a high SCTR score can accompany an overbought stock, the score by itself does not determine if a stock is overbought or not. For further discussion on SCTRs, please refer to the link provided earlier and read the Chart School article.
Looking Ahead to Monday
It'll be another week filled with earnings reports and the latest jobs report will be released next Friday! Be sure to tune in to see what Tom and Greg are thinking about the latest stock market action!
Happy trading!
