The market was straight down most of the day.
We saw a little bounce, but nothing that impressive.
Expert technical analysis of financial markets by JC Parets
by David
From the Desk of Kimmy Sokoloff
The market was straight down most of the day.
We saw a little bounce, but nothing that impressive.
From the desk of Steve Strazza @Sstrazza and Alfonso Depablos @AlfCharts
Our Hall of Famers list is composed of the 150 largest US-based stocks.
These stocks range from the mega-cap growth behemoths like Apple and Microsoft – with market caps in excess of $2T – to some of the new-age large-cap disruptors such as Moderna, Square, and Snap.
It has all the big names and more.
It doesn’t include ADRs or any stock not domiciled in the US. But don’t worry; we developed a separate universe for that which you can check out here.
The Hall of Famers is simple.
We take our list of 150 names and then apply our technical filters so the strongest stocks with the most momentum rise to the top.
Let’s dive right in and check out what these big boys are up to.
Stocks continue to be slippery with the S&P 500 down 6 out of the last 8 trading days.
I’m in the camp that this is a constructive pullback after a fantastic run to kick off 2023. JC has been pounding the table all month about how sloppy, digestive trading action in the month of February is perfectly normal market behaviour.
With February drawing to a close soon, I wouldn’t be suprised to see this downdraft exhaust itself soon. As such, I’m going to make a tactical bet that a leading name in the banking/finance sector is going to hold these levels and potentially lead the way back to 2023 highs.
[Read more…]
by David
From the Desk of Kimmy Sokoloff
The market is jittery this morning as we await more economic data, more importantly inflation data.
In January, Fridays were very strong. In February, Fridays have overall traded higher but very lackluster.
by JC
Wall Street analysts keep raising their estimates.
This, of course, is happening as the prices of these stocks keep on going up.
This is classic behavior for bull markets.
You can see the revisions trend rising as the price of the S&P500 keeps heading higher: [Read more…]
by Ian Culley
From the Desk of Ian Culley
Rates continue to rise along with concerns of an impending recession.
The narrative is quickly shifting back to tighter monetary policy following last week’s higher-than-anticipated CPI and strong economic data. I don’t pay too much attention to this gossip. But I do keep a pulse on the latest discourse surrounding markets.
With these newfound recessionary fears circulating, I want to share a chart I like to avoid… The 2s10s treasury spread.
It sounds so simple.
To win at trading means to take profits.
If there are no profits taken, there is no winning. And if there is no winning, then what am I even doing here?
Subscribers to the various options education services we provide at All Star Charts know that I’m usually very clear about where I’ll take profits in the various trades I put on. Most trades have a profit target and I set the GTC limit orders out in the market and let them get hit. I’m hands-off. Unemotional.
So it would seem that I’m pretty automatic about this practice of profit-taking in all realms of the market in which I engage.
You might be surprised that this hasn’t been true in my personal index options trading. [Read more…]
by David
From the Desk of Kimmy Sokoloff
This morning the market popped.
Then it faded most of the day until about 1:00 p.m. ET, when the rally started, right off of support.
$SPY dipped below 396.76, and then it bounced from there.