MarketWatchers LIVE

8/30 MarketWatchers LIVE Recap - Scanning Workshop - DecisionPoint Update

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. You'll find the recording of the latest show here or under the "Webinars" tab.

Information abounds in our Monday/Wednesday/Friday 12:00p - 1:30p 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. 

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 end of this blog entry by filling in your email address. 


What Happened Today?

Talking Technically:

Every Wednesday, Tom and Erin start the show off with important earnings announcements, economic news and developing news in the major markets. Tom got us started with a review of the SPX and said the resistance at 2455 should be beat (which is was). Erin showed concerns about the development of a possible head and shoulders pattern. Tom updated us on the Treasury Yields and suggested they will be rising soon and look for the Financial sector to show some strength. Autonation (AN) announced a repurchase of its stock which looks like a short-term positive on the chart. Saw some nice earnings run up on ADI. Rumors of a possible merger between United Technologies (UTX) and Rockwell Collins (COL) revealed some interesting charts. UTX shows a nice breakout above the declining tops trendline and the PMO BUY signal looks great.

COL is looking at the execution of a bull flag. Although the PMO is very overbought, relative strength and internal strength trump the PMO's overbought condition. It's rising nicely in any case.

 

Scanning Workshop: Tom and Erin discussed two of their favorite scans. Tom says, "This is a scan that I run against my specific "Strong Earnings" ChartList ten minutes into the trading day. Its purpose is to identify fundamentally and technically strong stocks that are seeing unusually heavy volume just past the opening bell. 

Erin shared her "The One Scan to Rule Them All" which you can find in her blog article about it here.

 

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. Symbols reviewed today:  RAD, CF, DIV.TO, AXP, UEC, ANDV, APC, IBM, LSTR and SLV.  You'll find all of the charts in the MarketWatchers LIVE ChartList, located at the top of the MarketWatchers blog homepage.

 

DecisionPoint Update: Erin reviewed her ultra-short, short- and intermediate-term indicators. Overall she felt the market was "soft" with neither bulls nor bears taking the reins. All indicators in the short and intermediate-term time frames were leaning bearish. She also reviewed the "Big Four": Dollar, Gold, Oil and Bonds. You should go to the DecisionPoint blog and read her comments in today's DP Alert article. It should be posted by 6:30p EST.

 

Mailbag Segment: Each show Erin and Tom answer questions received via Twitter, Facebook and Email. Tom went through about four questions in 10 minutes that were asked in the LiveStream Chat Box during the program today. Too many for us to list here, so I would invite you to go to the recap and go to the 1:25 minute mark to see them. 

 

It's a Wrap! During the show's opening, Erin discussed the Twitter viewer poll from Monday's "Agree/Disagree" segment. The 86% of those taking the poll felt that Gold would surpass the 1300 level and would hold on to it for support; while the remainder believed the 1300 level would not hold up as support. Look for our Twitter polls at @mktwatcherslive. 

 

Looking Forward:

Tune in on Friday at 12:00p - 1:30p EST on 9/1 for a review of sentiment polls, monthly charts that have gone final and another popular "Ten in Ten to One" segment.

 

 

 

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