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Top Advisors Corner

Tom McClellan: 50 Years Since Creation of the McClellan Oscillator

by Tom McClellan

It was 50 years ago in 1969 that my parents created what later became known as the McClellan Oscillator. So, this week, I thought I would share a little bit of that history and offer a look at how it was done back then.  My father Sherman McClellan is still alive and doing well at age 84, and I get the privilege of collaborating with him every day on our McClellan Market Report newsletter and our Daily Edition. My mother Marian McClellan passed away from cancer in 2003. The important part of this particular story is that the early work that they did required the Read More 

Top Advisors Corner

Tim Ord: The Ord Oracle February 12, 2019

by Tim Ord

SPX Monitoring purposes; Sold SPX on 2/12/19 at 2744.73 gain 1.36%; long 2707.89 on 2-8-19. Monitoring purposes GOLD: Long GDX on 1/29/19 at 21.96. Long Term Trend SPX monitor purposes; Long SPX on 10-19-18 at 2767.78 Yesterday we said, “First upside resistance is last Tuesday’s high of 2739 and next higher resistance is 2800 SPX, which is November and December high.” We where thinking that we'd get to the 2800 level, and we may still, but in the very short term, a pullback is likely. SPX closed the day at 2744.73, just above the previous high of Read More 

Top Advisors Corner

Tom McClellan: Rainbow Convergence - Some Charting Magic

by Tom McClellan

One of the chart features that I discuss quite often in my Daily Edition is what we call a “rainbow convergence.” It is named for the point on the chart where all of the pretty moving average-type lines come together. Some of those indicators may be new to some readers, so you can get a quick tutorial on what they mean in this article.  A rainbow convergence can be important to watch because the way that prices behave as it is happening gives us information about what lies ahead. There are two types of price behavior at the moment of a Read More 

Top Advisors Corner

Tim Ord: The Ord Oracle February 5, 2019

by Tim Ord

SPX Monitoring purposes; Neutral. Monitoring purposes GOLD: Long GDX on 1/29/19 at 21.96. Long Term Trend SPX monitor purposes;  Long SPX on 10-19-18 at 2767.78 According to Urban Carmel (@ukarlewitz), "SPX up 5 day in a row, Since 2011, N =  33 times. SPX closed higher within next five days in all except one (97% success).” The graph above shows the NYSE intermediate-term volume momentum oscillator. When this oscillator gets above 185 (the current reading is 195.13), it means the market is near a stall phase, if not a short-term top. What this chart tells Read More 

Top Advisors Corner

Tom McClellan: As Goes January...? Really?

by Tom McClellan

The stock market’s relationship to its normal seasonality has gotten wacky lately. October to December is supposed to be an up period for stock prices, and instead we saw a very sharp correction. In recent years, January has typically seen a meaningful decline, but the stock market instead powered higher. In fact, the DJIA’s 7.2% gain in January 2019 was the strongest January since 1989. This makes for a good time to bring up the old idea of the “January Barometer,” which is the belief that the stock market’s behavior in the month of January is determinative of what Read More 

Top Advisors Corner

Tim Ord: The Ord Oracle January 29, 2019

by Tim Ord

SPX Monitoring purposes; Neutral. Monitoring purposes GOLD: Long GDX on 1/29/19 at 21.96. Long Term Trend SPX monitor purposes;  Long SPX on 10-19-18 at 2767.78 The top window in the chart above is the NYSE McClellan Summation index. When this index reaches above +500 (today’s close was +554), it is implied the market has reached “escape velocity” and a new uptrend has started. There can be corrections that follow, but overall higher prices are expected and it is an intermediate-term bullish sign. Yesterday’s low tested last Thursday’s low on higher Read More 

Top Advisors Corner

W.H.C. Bassetti: Still damned if you do, damned...

by W.H.C. Bassetti

http://schrts.co/tXAfNmEr As we wrote last week, we dipped a tiny toe into the market while repeating our mantra: if this doesn't work we'll run for it. Well, we ran for it. This in spite of technical tools which point to higher prices. If we ran a rule-of-seven analysis (http://www.edwards-magee.com/ggu/ruleofseven.pdf) on this wave, we would get target prices of  2921 and 3112. Not only that, but the P&F analysis has a target of 2809. These may very well be accurate - it's just that we didn't want to get seasick from volatility Read More 

Top Advisors Corner

Tom McClellan: Junk Bond Strength is Bullish For Stocks

by Tom McClellan

High-yield bonds, or “junk” bonds, are corporate bonds, but they trade a lot more like the stock market than they do like T-Bonds. What’s more, they are much more liquidity-sensitive than most stocks, and so, when liquidity turns bad (or good), it often shows up first in the behavior of junk bonds. FINRA publishes the Advance-Decline (A-D) data for corporate bonds each day, breaking them down into different categories. This week’s chart features a cumulative Daily A-D Line for FINRA’s “high yield” category.  I don’t know how they make their determinations of which bonds Read More 

Top Advisors Corner

Tim Ord: The Ord Oracle January 22, 2019

by Tim Ord

SPX Monitoring purposes; Neutral. Monitoring purposes GOLD: Sold 11/27/18 at 18.88=gain .075%; Long GDX at 18.72 on 8/17/18 Long Term Trend SPX monitor purposes; Long SPX on 10-19-18 at 2767.78There is a confluence of Fibonacci levels of 50% and 61.8% retracement level at 2640 SPX range, which is where the November and December lows lie along with the 50-day moving average (not shown); all are resistance zones. An Elliott Wave five count up appears to have completed on Friday and an “ABC” correction could be in the making. The TICK closed at -122 and TRIN at 1.62 and, off tops, this Read More 

Top Advisors Corner

W.H.C. Bassetti: The present state of the market...

by W.H.C. Bassetti

http://schrts.co/NZCENeFF It is interesting to note that during the recent sell-off prices did not take out the very strong and long P&F trend line. We won't go into the niceties of P&F charting except to say that trend lines have the same import as bar chart trend lines. In fact it might be said they are marginally more powerful because of the P&F chart's filtering of noise.http://schrts.co/HqBMEUAb In fact, the chart is an excellent presentation of the context of the markets and shows price bouncing off the long term trend Read More 

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