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?
Talking Technically: Today Tom and Erin discussed the dichotomy of the major markets rising but the Nasdaq and NDX declining. In fact, the Dow hit all-time highs during the program. Tom took a tour around some of the various tech industries. In particular, he took a look at $DJUSSC, the semi-conductor space:
Monday Set-Ups - Pick of the Week:
Every Monday, Tom and Erin look at which charts are shaping up as "ones to watch" for the week. To make it interesting, Tom and Erin picked among their couple of set-ups to select a "pick of the week". Tom and Erin will review their picks of the week on Mondays before they discuss their new picks of the week. Tom's pick was Coherent, Inc (COHR) for the MarketWatchers show, but you can also look at his other pick of the week, Adobe Systems (ADBE) in today's Trading Places blog article. Erin's pick of the week is M&T Bank (MTB). Given the financial space is on the rise with Treasury yields, she opted to pick this stock over the others generated by her PMO Scan. Note the positive confirmation of the the rising PMO and SCTR.
âEarnings Spotlight with John Hopkins of EarningsBeats.com: Today John highlighted his article posted in last weekend's ChartWatchers Newsletter (If you aren't signed up for this free email newsletter, enter your email address at the bottom of the member homepage). To read that article click here. The "Chart of the Week" is Thor Industries (THOR).
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. Tom looked at: COPX, REGI, YUM, FL, PEY.TO, GOOGL, IBB, HST, UCTT and NTNX. To see all of the charts and annotations, you can go to the MarketWatchers LIVE ChartList. The link is found at the top of the main MarketWatchers blog homepage. Erin and Tom did disagree somewhat on REGI. Tom was bullish on the breakout and Erin agrees that is positive, but she cautioned that the PMO was very oversold and it may be time for a pullback before another shot into the sky.
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 reviewed the monthly charts of the DecisionPoint Scoreboard indexes and the "Big Four", (Dollar, Gold, Oil & Bonds). Additionally she discussed her current indicator charts in three timeframes. For complete indicator analysis and monthly chart write-up, go to last weekend's DecisionPoint Weekly Wrap, written by Carl Swenlin in the DecisionPoint blog. The DP Scoreboards are below. A new PMO SELL signal was posted on the SPX last Friday. The NDX finished the week barely holding on to its IT PMO BUY signal, but a look at the current weekly chart shows the negative crossover is in the queue for Friday's close. Erin pointed out that the NDX monthly PMO is now in decline while the other three indexes are still showing rising PMOs. You'll find all of these annotated charts in the DecisionPoint ChartList. The link is at the top of the DecisionPoint blog homepage.
Monthly charts: NDX topping PMO, others still rising on the monthly charts.
Weekly chart for SPX and NDX showing signal changes in effect and pending.
Mailbag Segment: Each show Erin and Tom answer questions received via Twitter, Facebook and Email. During the show Tom and Erin were asked if it is possible to use indicators but no trendlines. Both agreed it is of course, a matter of preference, but both Tom and Erin agree that using them generally helps, not hurts. You can skip declining tops and rising bottoms trendlines if you choose, but both believe it is critical still use horizontal support/resistance lines for trading and analysis. The second question was whether either of them have written a book. Tom said that he has no plans to at this point, but Erin did say that she is working on a book describing the DecisionPoint Analysis Approach and indicators. However, it is on a back burner in another room with her upcoming wedding this month. (Erin will be on vacation for about three weeks in late July and August).
It's a Wrap! At the beginning of the program, Erin discussed the Twitter viewer sentiment poll from Friday and the Wall Street Weekly sentiment chart. The majority of viewers felt the market would finish lower on Friday in agreement with Tom and the Wall Street Weekly sentiment timers and they appeared to be right with the market closing down 0.61% on June 30th. This week, viewers are bearish along with Erin and the Wall Street Weekly market timers. Tom was neutral. Typically the first week of the month is seasonally strong, but there are cracks in the foundation right now which kept Tom from going in as a bull for the week. Look for our Twitter polls at @mktwatcherslive.
Looking Forward:
Tune in on Wednesday at 12:00p - 1:30p EST on 7/5. Tom and Erin will be answering more mailbag questions, doing another Ten in Ten segment as well as regular market updates and indicator reviews!
