In this Episode of Allstarcharts Weekly, Steve and I discuss the relentless buying pressure in stocks throughout the first half of November. Even when the Dow Jones Industrial Average did not register a positive day, the market didn’t really go down either. In fact, we’ve just seen the two smallest down days in the history of the Dow Averages that date back to the 1880s. This is what we’re talking about here. Some might think we’re overbought, but I would argue that the overbought readings are just normal characteristics of uptrends. They should be overbought. I still think the Dow sees 30,000.
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Sweden Improving But Still Has Work To Do
From the desk of Tom Bruni @BruniCharting
Tuesday’s Mystery Chart had a lot of people talking and guessing (incorrectly, as usual), so thank you all for your feedback and participation.
Overall the feedback was that the chart was a “no-touch” until a breakout.
With that as our backdrop, let’s get into it.
How Do I Handle Theta Decay?
A subscriber recently sent me this question:
Sean, what is your strategy for handling the impact of Theta on an open position? Is there a bailout point where the time decay outweighs the potential upside?
The answer is YES. Theta, as well as Gamma often become my enemy as we near expiration. Here’s how I approach it… [Read more…]
This Breakout Israel-y Happening
From the desk of Tom Bruni @BruniCharting
Global breadth continues to improve as US stocks press up against all-time highs and many individual countries make multi-year/all-time highs.
Today I want to look at a breakout happening in a market that doesn’t get much attention, Israel.
[Chart of The Week] Marijuana Chart Suggests Look Out…Above?
From the desk of Tom Bruni @BruniCharting
Marijuana stocks have been an absolute disaster for longs in 2019, but one chart suggests that after a nearly 60% decline, the Horizons Medical Marijuana ETF and its components are set up for a counter-trend rally.
Mystery Chart 11-12-2019
From the desk of Tom Bruni @BruniCharting
New Mystery Chart!
For those new to the exercise, we take a chart of interest and remove the x/y-axes and any other labels that would help identify it. The chart can be any security in any asset class on any timeframe on an absolute or relative basis. Maybe it’s a custom index or inverted, who knows!
We do all this to put aside the biases we have associated with this specific security/the market and come to a conclusion based solely on price.
You can guess what it is if you must, but the real value comes from sharing what you would do right now. Buy, Sell, or Do Nothing?
Is Dow 30,000 Next? A Chat with David Keller in Las Vegas
I was in Las Vegas this past week for a bunch of meetings and conferences. There was a lot going on in that city. There were traders and analysts at every hotel on the strip. It was really cool to see old friends and, of course, meet new ones. I personally found myself in a half dozen hotels arguing about markets and seeing a bunch of live music. Check out this video I shot at the Santana show at Mandalay Bay.
On Thursday afternoon I was hanging out at Bally’s with David Keller talking about Stocks, Bonds, Gold, Copper, Sector Rotation, Market Breadth, Sentiment and the current market conditions. This one was short and sweet but we covered a lot: [Read more…]
European Financials and Risk Appetite
From the desk of Tom Bruni @BruniCharting
Stabilization in European Financials has been a big part of our bull case as they’re one of the largest sectors of the Stoxx Europe 600, our broad measure of European stocks, and many individual European countries.
The other aspect of it is risk appetite. If the worst of the worst sectors is catching a bid, then market participants are not likely pricing in the end of the world.
With that in mind, let’s take a look at what we’re seeing in the space right now and what it means for risk appetite.
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