Welcome to the recap of today'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.
What Happened Today?
Talking Technically: Today Tom went over the latest economic reports from Bloomberg:
"Housing starts and permits posted unexpectedly strong gains in October, up 13.7 percent for starts to a 1.290 million annualized rate and up 5.9 percent for permits to 1.297 million."
"Online shopping has been strong this year but did slow in the third quarter, up 3.6 percent quarter-to-quarter vs a revised 4.7 percent in the second quarter. As a percentage of total retail sales, e-commerce continues to gain ground, up 2 tenths to 9.1 percent."
"Regional report after regional report say the same thing: manufacturing is growing solidly. Kansas City's composite index for November did ease by 7 points to 16 but the slowing is welcome news given the risk that rates of growth were becoming unsustainably hot."
Erin's Chart Pattern Workshop: Erin did a detailed review of some of the basic chart patterns. To hear her comments, you'll want to re-watch today's show. She said that she will be featuring a chart pattern a week in the DecisionPoint blog where she will give you a detailed discussion about each pattern in regard to volume, confirmation, psychology and construction. She explained that all of her information was taken from Thomas Bulkowski's book, "Visual Guide to Chart Patterns". You can use chart pattern analysis on any timeframe chart, but tend to get better follow-through on longer-term patterns. (Exception: a symmetrical triangle should be in place 3 weeks or more, otherwise it is a pennant). Remember that "reversal" patterns mean that a trend must be in place to "reverse". Example, a double-top pattern that forms in the midst of a decline isn't a double-top.
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. Symbols reviewed today: GUSH, KTOS, TIF, DVN, PYPL, URA, CVS, HTHT, UNG and AMGN. You'll find all of the charts in the MarketWatchers LIVE ChartList, located at the top of the MarketWatchers blog homepage.
Anatomy of a Trade: Tom quickly ran through a few of his recent trades with viewers that included AMGN, DVN and PIII. You definitely should watch this section that starts at about 1:20p on today's show.
Sentiment Update: Erin looked over the latest sentiment charts. You're in luck! She wrote her ChartWatchers article on all of those charts! Just click the link to today's article here.
t's a Wrap! This week's MWL sentiment poll asks, "Will the market finish higher, lower or mostly unchanged next week?" Tom and Erin are in agreement that the market will finish higher next week. What do you think? Our viewer poll will be open on Twitter until showtime on Monday at noon EST.
Looking Forward:
Tune in on Monday at 12:00p - 1:30p EST on XX/XX for Monday Set-Ups. Tom and Erin will discuss which charts look hot or not for the upcoming week.
The regular segments, Ten in Ten to One and Mailbag are also on tap for Monday, where we look at your recent questions and symbol requests.
Don't miss it!!
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PMO -Price Momentum Oscillator
