MarketWatchers LIVE

11/16 MarketWatchers LIVE Recap - Greg Schnell on Point and Figure Charting - "What Would You Do?"

Erin Swenlin

Erin Swenlin

Co-Founder, DecisionPoint.com

 

Welcome to the recap of Thursday'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 latest episode here.

Information abounds in our Monday through 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, email is marketwatchers@stockcharts.com and our Facebook page is up and running so "like" it at MarketWatchers LIVE. You'll also find archives of our shows on our Facebook page and YouTube channel. Don't forget to sign up for notifications at the end of this blog entry by filling in your email address. 


** UPCOMING SCHEDULE **

Friday (tomorrow) - Erin will be doing a workshop on chart patterns.

Wednesday (11/22) - Mark Young of the Wall Street Sentiment Survey will co-host with Erin while Tom is out.

No show on Friday after Thanksgiving

Friday (12/1) - Julius deKempenaer will return to the show to talk RRG charting

 

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. Erin discussed the indicators and support levels of the S&P 600. She reviewed the McClellan Oscillator for $SML as well as the ITBM/ITVM for $SML. She will be publishing an article in the DecisionPoint blog that will review what she talked about this morning.

 

Greg Schnell - Point and Figure Charting: Greg did a great job of discussing how P&F charts work, the patterns and how to use them to find support and resistance levels. Below are a few of his "linkable" charts:

 

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:  HYG, X, MYGN, STM, ALA.TO, DIS, EXPE, SCI, CAI and IYZ.  You'll find all of the charts in the MarketWatchers LIVE ChartList, located at the top of the MarketWatchers blog homepage.

 

What Would You Do? In this regular segment, Tom and Erin will look at one chart and ask the question, "What would you do?" with this stock: Buy/Hold, Sell/Short or Leave it Alone. We also ask our live audience in the Livestream chat room to give us their answers. Erin posts the "What Would You DO?" polls on Twitter to find out what you think. The current Twitter polls are here. Today both Tom and Erin looked at the Biotech SPDR, XBI. Erin said that she would "leave it alone" as she sees price could turn in either direction. The head and shoulders pattern is bearish, but price is getting back above the neckline which would negate the pattern. The PMO is oversold, but not decelerating much.

Tom said he would be a buyer even though it might be a little early. He's still bullish on biotechs, especially with this recent pullback.

 

Looking Forward:

Tune in on Friday at 12:00p - 1:30p EST on 11/17 for a review of sentiment polls and numbers and more ten in ten.


Helpful MarketWatchers LIVE Links:

Facebook - MarketWatchers LIVE Page

YouTube Channel for StockCharts

Erin's PMO Scan

Tom's Trading Places Blog

DecisionPoint Blog

MACD

PMO -Price Momentum Oscillator

RSI - Relative Strength Index

OBV - On Balance Volume

Stochastic

 

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