Normally one day of price action doesn’t get our attention, but given our cautious view of stocks from a structural perspective, it’s worth outlining why today’s candle in the Nasdaq 100 could potentially be a big deal for stocks all around the world.
We’re Buying These Breakouts
If you haven’t heard by now, the Online Retail Index broke out to new all-time highs. We’re not exactly seeing that from a broad-based perspective. This is not happening domestically and it’s certainly not happening around the world. The rotation we’re seeing among sectors and industry groups is real. Today we’re going to focus specifically on online retail.
The way I see it, the question here is simple. Is the massive reversion, and return to these prior highs, “the” move? Or was that just a multi-year consolidation, and the move is just getting started?
Here’s what that looks like: [Read more…]
Short Opportunities In A Sideways Market
The weight of the evidence remains mixed and suggests that there will be winners on the long side, winners on the short side, and a lot of stocks in the middle that aren’t going anywhere.
An easy way to view that is through our five bull market barometers, which continue to suggest we’re in a bear market. As a result, we’re focused on the best opportunities on both the long and short side.
In this post, we’re going to outline which area of the market we’re looking to short and add several individual stock trade setups to our list of open ideas.
All Star Interviews Season 3, Episode 23: Jordan Kotick, Market Strategist
Jordan Kotick is one of the key people that early in my career inspired me to be more intermarket oriented. They would ask Jordan about the S&P500 and he would go into a tangent about bonds. They would ask him about Emerging Markets and he’d whip out, what he refers to as, “Chinese Dow Theory”. For over a decade, Jordan was the Managing Director of Macro Strategy at Barclays and then Managing Director of Cross Asset Strategy at RBC Capital Markets. He is the first person to have ever been president of both the CMT Association (then called the MTA), and the Canadian Society of Technical Analysts (CSTA). In this podcast episode we talk about some of the great lessons Jordan learned over the years and what sorts of markets and charts investors should be paying attention to in the current environment. This was a really fun conversation and was great to catch up!
The Week In Review (05-08-2020)
From the desk of Steve Strazza @Sstrazza
For the week ended Friday, May 8, 2020:
Every weekend we publish performance tables for a variety of different asset classes and categories along with commentary on each.
Many of the relative trends in stocks that have been in place for a long time have come into question recently as they’re showing signs of maturing due in part to the change in leadership we wrote about this week.
In this post, we’ll highlight two structural intermarket themes that have remained robust throughout this tumultuous time for equity markets.
Retail Stocks & Unemployment Rate Both Break Out!
The headline you’ll hear is that unemployment rates are soaring to unprecedented levels. What I always like to point out is that stocks crashed months ago, collectively factoring in just that. Stocks are a discounting mechanism. It’s more obvious today than ever, and I think this is a nice reminder. [Read more…]
The Weakest Region In The World
From the desk of Steve Strazza @Sstrazza
There aren’t too many charts in the Equity Markets breaking out of decade-long bases on an absolute basis right now…
This week’s Mystery Chart was though, and the vast majority of you were buying it against former resistance turned support. We agree with that approach and would be doing the same here.
Thanks as always to all those who participated, but there’s just one catch…
The chart was inverted! This means most of you were actually selling the breakdown in the Latin America 40 ETF (ILF).
[Table Of The Week] A Look At The New Leadership
From the desk of Steve Strazza @Sstrazza
There has been a lot of talk about the potential implications on the broader market if Mega-Cap Growth and Technology stocks were to lose their leadership. Since they have been responsible for driving much of the gains in the major averages for years now… we can only ask ourselves, who might pick up the slack if and when this happens?
In this post, we’re going to analyze the top-performing areas today and compare them to their strength before the market crashed in February and March.
We’ll also look at the leaders from back then and see how they’re holding up today.
This will give us an idea of whether we really are undergoing a change in leadership or not, and if so, where the new areas of strength are.
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