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Intraday Market Notes & Observations
Bulls charge back on China easing/Merger Monday/End-of-Month rebalancing
March 30, 2015

1:15 pm ET: Intraday support/resistance:
SPX 2064/2088
DTX 871/880
DJIA 17725/18025
Nasdaq 4921/4945
RUT 1246.5/1257.5
VIX 13.85/14.75 (falling VIX is bullish & VIX under 15 is bullish)
Trin range: 0.8 - 1.1 (falling Trin is bullish)
Average VWAPs: +92/-44 (bullish)

Market quiet after a stormy week
March 27, 2015

2:00 pm ET: Intraday support/resistance:
SPX 2053/2064
DTX 866.2/871.4
DJIA 17630/17740
Nasdaq 4860/4890
RUT 1229.4/1239.6
VIX 15.15/15.85 (VIX over 15 is bearish)
Trin range: 1.1 - 1.5 (bearish to contrarian)
Average VWAPs: +82/-40 (bulls with the edge)

Bulls fight back, but is a one day rally sustainable?
March 26, 2015

1:00 pm ET: Intraday support/resistance:
SPX 2045.5/2067.5
DTX 861/872.5
DJIA 17580/17810
Nasdaq 4826/4894
RUT 1225.5/1234.5
VIX 14.8/17.2 (falling VIX is bullish but VIX over 15 is still bearish)
Trin range: 0.6 - 1.1 (falling Trin is bullish)
Average VWAPs: +137/-48 (very bullish)

Bears seize control
March 25, 2015

1:55 pm ET: Intraday support/resistance:
SPX 2067.5/2097.5
DTX 878.4/891.6
DJIA 17700/18040
Nasdaq 4897/5007
RUT 1237/1266
VIX 13.2/15.6 (rising VIX is bearish & VIX over 15 is bearish)
Trin range: 0.8 - 1.05 (falling Trin is bullish (!))
Average VWAPs: +45/-190 (extremely bearish)

Bears gaining traction
March 24, 2015

Intraday notes (1:50pm ET): The double topping tails appearing in yesterday's candlestick charts of the S&P (SPX) and the Dow (DJIA) indicated that buying pressure had dried up. It's no surprise, then, to the market sell-off today. In fact, intraday levels suggest further weakening before the close. The only index not expected to drop below today's intraday low is the small-cap Russell 2000 (RUT). As long as the VIX remains below 15, the market is under the control of the bears but if it crosses that mark, watch out!

1:35 pm ET: Intraday support/resistance:
SPX 2090.4/2107.6
DTX 899.5/896.5
DJIA 18030/18150
Nasdaq 4997.5/5032.5
RUT 1262.5/1268
VIX 12.6/13.6 (VIX under 15 is bullish)
Trin range: 0.8 - 1.3 (rising Trin is bearish)
Average VWAPs: +40/-115 (bearish)

Russell 2000 springs to an all-time high
March 20, 2015

1:50 pm ET: Intraday support/resistance:
SPX 2090.3/2114.7
DTX 912.3/918.3
DJIA 17960/18205
Nasdaq 5020/5044
RUT 1259.7/1267.5
VIX 12.45/13.55 (falling VIX is bullish & VIX under 15 is bullish)
Trin range: 0.6 - 0.85 (bullish)
Average VWAPs: +90/-71 (strong rotation out of biotechs)

Market digesting yesterday's big gains
March 19, 2015

2:00 pm ET: Intraday support/resistance:
SPX 2081.3/2098.7
DTX 905.5/916.5
DJIA 17905/18075
Nasdaq 4976/4999
RUT 1247.7/1253.7
VIX 14/15 (falling VIX is bullish and VIX under 15 is bullish)
Trin range: 1.1 - 1.5 (bearish)
Average VWAPs: +87/-57 (mildly bullish)

Yay for Yellen!
March 18, 2015

Today the Fed dropped the word patient in regards to raising interest rates and instead of bumming out the market, the major averages screamed to the upside. What this indicates is that Wall Street was expecting the move but what they didn't expect was the change in the Fed's criteria for a rate hike. Yellen & Co made it clear that unemployment needs to drop even further (it's already at their target rate) and that GDP growth needs to amp up. Perhaps the rising dollar is forcing them to revise their stance..?

All of the major averages notched significant gains with the Russell 2000 (RUT) advancing to another all-time high. The VIX, which has been staying stubbornly high, finally dropped back below 15 putting it officially back in bullish territory--for now.

Nearly every sector closed the day in the green--an impressive move, to say the least. Even recent laggards rose: bonds, oil, precious metals (especially the gold miners), and agricultural commodities (aka softs ). Virtually the only losers were the banks (which will have to wait longer to benefit from rising interest rates) and, more importantly, the US dollar. The long dollar etf (UUP) gave up nearly 2%--its largest percentage move in, well, a very long time. The stock is currently testing $25.75 resistance and a fall below that would indicate further downside to at least the $25.50 level. You might want to consider booking that European vacay now!

Today's bullish flow: There was heavy rotation out of the bear oil and precious metal funds and back into the larger tech names (PCLN, AMZN, GOOGL). Inflows were also seen in the usual suspects: healthcare, pharma, biotech, insurance, and select tech-based small-caps. Money is also flowing into foreign stocks, especially Japanese ones. Hitting new highs today were the following Japanese companies with stock trading on US exchanges: Sony (SNE, $28.11), Canon (CAJ, $34.31), Tokio Marine (TKOMY, $38.28), and Secom (SOMLY, $16.28). Share prices moved up over 2% (Sony shot up over 5%) and the latter three (CAJ, TKOMY, SOMLY) broke above major resistance levels. All of these companies sport relatively low P/E's (Secom's is the highest at 22) and all should continue to do well in a falling Yen environment. If you want to play a broad basket of Japanese stocks, the EWJ ($12.76) is one way to go. The stock recently broke out of a two year channeling pattern to hit a multi-year high. Based on technicals, the stock can easily make a run to the $13.50-$13.75 area. This etf has very liquid options, FYI.

Also getting some love were two Swiss banks: Credit Suisse (CS, $25.48) and Julius Baer (JBAXY, $9.62). Credit Suisse moved over $25 resistance while Julius Baer pushed out of a 13 month base. Both stocks appear to be in rally mode and could continue moving higher as long as the euro moves up against the dollar.

Market slumping pre-Fed announcement
March 18, 2015

1:45 pm ET: Intraday support/resistance:
SPX 2057/2073
DTX 896.3/907.7
DJIA 17655/17845
Nasdaq 4902/4933
RUT 1236/1242
VIX 13.7/17.5 (VIX over 15 is bearish)
Trin range: 0.85 - 1.15 (neutral)
Average VWAPs: +54/-106 (bearish)

Market muted in front of tomorrow's Fed announcement
March 17, 2015

1:50 pm ET: Intraday support/resistance:
SPX 2065/2080.5
DTX 906.2/910.8
DJIA 17785/17975
Nasdaq 4907/4931
RUT 1234.5/1239
VIX 15.75/16.4 (rising VIX is bearish and VIX over 15 is bearish)
Trin range: 0.7 - 1.15 (neutral)
Average VWAPs: +79/-40 (mildly bullish)

Market marches high but volatility refuses to drop
March 16, 2015

Intraday Notes (2:15pm ET): The bulls are already celebrating St. Paddy's Day but is the foam on their green beer about to fizzle? While all of the major averages roared out of the gate this morning, the VIX remained uncharacteristically quiet. Sure, it dropped a little but not as much as one typically sees on such bullish days. Perhaps Wall Street is bit jittery about the FOMC meeting this Wednesday with the burning question being this: Will they or won't they indicate if and/or when they will be raising interest rates?

Some of today's notable broad-based highlights/lowlights:
1. Two Oil funds, OIL & USO, both slid to all-time, post-2006 inception lows. Could this be the start of the next leg down in the price of oil?
2. Biotech & Healthcare continue to climb. Exchange traded funds hitting fresh highs today: Biotechs (BBH, FBT, IBB, XBI), Healthcare (IHI, XLV, IXJ).
3. Other notable sector/industry group highs: Retail (RTH), Broker/Dealers (IAI).
4. On the global front, Japan (EWJ) & Chinese Small-caps (CAF) breaking to new highs. The CAF is the most technically interesting, having popped out of a three and a half month consolidation pattern on more than twice normal volume.

1:50 pm ET: Intraday support/resistance:
SPX 2055/2076
DTX 896.25/909.75
DJIA 17750/17965
Nasdaq 4889/4927
RUT 1235.5/1241.5
VIX 15.4/15.9 (falling VIX is bullish but VIX over 15 is bearish)
Trin range: 0.85 - 1.3 (falling Trin is bullish)
Average VWAPs: +91/-48 (bullish)

Friday the 13th living up to its name
March 13, 2015

1:35 pm ET: Intraday support/resistance:
SPX 2038/2064.5
DTX 888.5/903.5
DJIA 17580/17890
Nasdaq 4833.5/4904.5
RUT 1219.25/1236.75
VIX 15.3/16.9 (rising VIX is bearish and VIX over 15 is bearish)
Trin range: 1.15 - 1.45 (bearish)
Average VWAPs: +63/-89 (elevated VWAPs on both sides indicate sector rotation still continuing)

Major averages rise on yesterday's rally in the Transports
March 12, 2015

2:00 pm ET: Intraday support/resistance:
SPX 2044/2065
DTX 890.3/900.9
DJIA 17620/17880
Nasdaq 4853/4887
RUT 1221.25/1233.75
VIX 15.45/16.45 (falling VIX is bullish but VIX over 15 is still bearish)
Trin range: 1.2 - 1.6 (bearish)
Average VWAPs: +84/-58 (bullish bias but bears still very much in the picture)

Hang on for dear life!
March 10, 2015

Yes, we've been in a bull market for too many years but there is one reason for short-term bulls not to give up hope.

The short-term reason is that the Trin has been heading higher into contrarian territory. Perhaps, even tomorrow on the open, we'll see the market move higher. But it's going no where fast.

That's the short term solution. It the market does move up, this might be a really good time to exit your long positions.



Support levels failing
March 10, 2015

1:10 pm ET: Intraday support/resistance:
SPX 2048/2076
DTX 877.75/891.25
DJIA 17685/17990
Nasdaq 4863.5/4903.5
RUT 1205/1214
VIX 16/16.9 (rising VIX is bearish and VIX over 15 is bearish)
Trin range: 0.8 - 1.7 (bearish to contrarian)
Average VWAPs: +85/-71 (elevated numbers on both sides indicate rotation)

Market regrouping after Friday's smack-down
March 9, 2015

2:00 pm ET: Intraday support/resistance:
SPX 2072.25/2084.5
DTX 890.7/894.5
DJIA 17855/18045
Nasdaq 4920.8/4952.8
RUT 1218.75/1223.25
VIX 14.65/15.75 (falling VIX is bullish but VIX over 15 is bearish)
Trin range: 0.9 - 1.7 (bearish to contrarian)
Average VWAPs: +92/-53 (bullish but bears are sticking around)

Good jobs report sinks stocks & bonds/boosts the greenback
March 6, 2015

1:40 pm ET: Intraday support/resistance:
SPX 2068/2101
DTX 888/900.5
DJIA 17795/18135
Nasdaq 4927/4983
RUT 1218/1231
VIX 14.2/16 (rising VIX is bearish and VIX over 15 is bearish)
Trin range: 0.75 - 1.0 (falling Trin is bullish (!) but a lower Trin gives the bears more room to run)
Average VWAPs: +39/-146 (very bearish)

Major averages clinging to support levels
March 5, 2015

1:35 pm ET: Intraday support/resistance:
SPX 2095.25/2104.75
DTX 896/903
DJIA 18090/18160
Nasdaq 4963/4993.5
RUT 1229/1236
VIX 13.85/14.6 (VIX under 15 is bullish)
Trin range: 1.0 - 1.35 (neutral to bearish)
Average VWAPs: +58/-70 (elevated buying & selling pressure indicate sector rotation)

The Sound of Money
March 4, 2015

Intraday notes (2:30pm ET): There's some rotation going on under the surface of the market today. Strong selling pressure is been seen in the inverse (bear) oil funds (DWTI, DTO, SCO) and auto parts retailers (ABG, AAP, ORLY) while buying pressure is evident in big internet names (GOOG, GOOGL, BABA (staging a big rebound on the heels of yesterday's break-down)), semiconductors (AMBA, AVGO, SOXL), and the darlings du jour, biotech & pharma (ICPT, PCYC, OCUL, IBB, BIB, ATRA).

The bulls are trying to maintain control and need the major averages to close above recent support levels and the VIX to stay below the bull/bear dividing line of 15. The status of the market at today's closing bell may well determine the direction of the market, at least in the short term. Here are the support levels to watch:
SPX 2100
DTX 900 (9000 on most charts--my charting service divides this number by 10 for some reason)
DJIA 18000

Action in the currency market: Today, the Euro Currency etf (FXE) gapped under $110 support to hit a new all-time low (since December, 2005 inception). Making a run in the opposite direction was the Long US Dollar etf (UUP) which popped above $25.25 resistance to close at a five year high. Time to plan that European vacation!

Volatility picking up as bulls try to keep major averages above support levels
March 4, 2015

2:00 pm ET: Intraday support/resistance:
SPX 2087.5/2108.5
DTX 896.3/906.1
DJIA 18020/18205
Nasdaq 4939/4983
RUT 1224.5/1235.5
VIX 13.85/15.35 (rising VIX is bearish and VIX over 15 is bearish)
Trin range: 0.9 - 1.35 (bearish)
Average VWAPs: +101/-60 (buying pressure picking up)

Market consolidating recent gains
March 3, 2015

1:50 pm ET: Intraday support/resistance:
SPX 2098.25/2115.75
DTX 900.75/910.25
DJIA 18140/18280
Nasdaq 4953/4997
RUT 1230.5/1239
VIX 13.25/14.25 (rising VIX is bearish but VIX under 15 is bullish overall)
Trin range: 0.6 - 0.95 (falling Trin is bullish)
Average VWAPs: +68/-80 (bull/bear battle)

March roars in like a lion but will it go out like a lamb?
March 2, 2015

The Nasdaq finally managed to close above the 5000 mark and is only 40 points away from its all-time closing high of 5048.62 reached on 3/10/00--nearly fifteen years ago to the very day. Apart from the Dow Transports, all of the other major averages advanced to new all-time highs while the VIX slid just below 13. As long as the VIX can remain above 12 there's still room for the major averages to advance, so the Nasdaq could easily close above its previous high on or even before March 10th.

While fair weather still prevails, there are a couple of dark clouds forming. The first is the fact that economic numbers are turning bearish: forward earnings estimates are falling and economic growth factors are declining. (Please read this article for more on this story.) The other is that most stocks are not only trading well above their moving averages but well above the historical P/E of the market. Sure, the market can stay elevated for a while but reversion to the mean will happen sooner or later.

Stats for the month of February:
SPX +5.5%
DTX +4.3%
DJIA +5.6%
Nasdaq +7.1% (a lot of that move was due to the 9.6% gain in Apple (AAPL) which is a major component of the index)
RUT +5.8%

While being long any of the indices would have been a nice investment, going short the VIX would have been an even better one. During February, the VIX shed 36% of its value. One way to play that would have been to go long the XIV, the inverse VIX exchange traded vehicle. This fund rallied 31% in that time. Woulda shoulda coulda. Sigh. Good thing there's always a next time...

Will the Nasdaq close the day over 5000?
March 2, 2015

1:40 pm ET: Intraday support/resistance:
SPX 2104.5/2115
DTX 902.25/911.75
DJIA 18120/18300
Nasdaq 4972/5003
RUT 1232.7/1244.3
VIX 13.1/13.9 (falling VIX is bullish and VIX under 15 is bullish)
Trin range: 0.9 - 1.3 (Trin falling intraday is bullish)
Average VWAPs: +84/-65 (bull/bear battle)

S&P 500 ending the month up 4.5%
February 27, 2015

1:25 pm ET: Intraday support/resistance:
SPX 2106/2114
DTX 905.7/910.5
DJIA 18160/18215
Nasdaq 4972.5/4989.5
RUT 1235.75/1239.75
VIX 13.3/14.2 (VIX under 15 is bullish)
Trin range: 0.9 - 1.25 (neutral to bearish)
Average VWAPs: +49/-96 (bearish)

Bears gaining momentum
February 26, 2015

2:05 pm ET: Intraday support/resistance:
SPX 2106/2115.5
DTX 905.5/914.5
DJIA 18180/18250
Nasdaq 4955.5/4989.5
RUT 1231.7/1240.3
VIX 13.3/14.3 (VIX under 15 is bullish)
Trin range: 0.9 - 1.4 (neutral to bearish)
Average VWAPs: +75/-84 (bull/bear battle)

Volatility eases on Fed's non-action
February 24, 2015

1:35 pm ET: Intraday support/resistance:
SPX 2106/2117
DTX 909.3/916.3
DJIA 18100/18220
Nasdaq 4945/4975
RUT 1228.75/1236.5
VIX 13.7/14.6 (falling VIX is bullish)
Trin range: 0.9 - 1.2 (neutral)
Average VWAPs: +64/-68 (bull/bear standoff)

A bumpy road for biotechs?
February 23, 2015

All's quiet on the market front as Wall Street awaits Fed Chair Janet Yellen's testimony before Congress tomorrow and Wednesday. Today saw minor gains in most of the major averages with biotechs and healthcare stocks making the biggest moves. Biotech has been on a roll since the middle of last April with the biotech etfs FBT, XBI, IBB, and BBH gaining more than 60% since then.

The question now is whether the biotechs will continue to run. Judging from today's topping tails in the daily candlestick charts of the above etfs, it appears as if they may be on the verge of taking a well deserved break. (A topping tail is an indication that buying pressure is drying up.) All of the above etfs are trading well above their moving averages and while a stock can do so for a while, it eventually reverts back to the mean.

One way to play a sell-off in biotechs is to buy puts on the above etfs. Of the bunch, the XBI has the most liquid options. The March 330 put has the highest open interest at over 2k contracts and last traded for $3.30. Another way to play it is to buy the double inverse biotech etf, BIS. This fund is down 65% since the beginning of the biotech rally last April which pretty much mirrors the rise in the biotechs. Today it formed a bottoming tail, the reverse of the topping tails seen in the biotech etfs. This gives some confirmation to the thesis that this space is in for a fall. If you're not familiar with inverse leveraged funds, you should note that they are designed to mirror their counterparts on a daily basis only. As such, long-term investors would do best to avoid them.

Market quiet before Yellen/Congress grill-fest tomorrow
February 23, 2015

1:40 pm ET: Intraday support/resistance:
SPX 2103/2110.5
DTX 910.6/916.2
DJIA 18050/18140
Nasdaq 4939.5/4959.5
RUT 1222.5/1234.5
VIX 14.5/15.5 (falling VIX is bullish)
Trin range: 0.9 - 1.45 (rising Trin is bearish)
Average VWAPs: +79/-61 (bull/bear standoff)

Major averages looking to end the week in the green
February 20, 2015

1:00 pm ET: Intraday support/resistance:
SPX 2085.5/2103.5
DTX 899.5/911.5
DJIA 17880/18070
Nasdaq 4905/4942
RUT 1212/1237
VIX 15/16.3 (falling VIX is bullish)
Trin range: 0.8 - 1.2 (falling Trin is bullish)
Average VWAPs: +113/-35 (bullish)

Aerospace flying/Real-estate sliding
February 19, 2015

Apart from the rebalancing of funds from Risk-On (bonds, utes) to Risk-Off (small-caps, tech) mode, there's not too much to write about. Investors and traders looking to spark their portfolios may wish to consider the following long and short ideas:

On the bullish side: The Aerospace industry has been on fire and today saw many issues notch new highs: Boeing (BA, $154), Lockheed-Martin (LMT, $202), Northrup-Grumman (NOC, $170), Huntington-Ingalls (HII, $133), Hexcel (HXL, $47), L-3 (LLL, $131), Spirit Aerosystems (SPR, $51). While most of these have seen significant gains in the past couple of months, they are still not over-valued with all of them trading at P/E multiples under 21 (most in the 16-20 range). Out of the above group, Lockheed-Martin sports the most bullish chart having just broken out of a two month double-bottomed base on heavier than normal volume.

On the bear side: The threat of rising interest rates has halted the ascent in real-estate investment trusts (REITs). One of the most popular REIT exchange-traded funds, Vanguard's REIT etf (VNQ), has been falling from its all-time high put in on January 28th. Today, the stock fell through its second support level at $84 on heavier than normal volume. The next level of support is around $80 which is about 4.5% below today's close. Those of you in this space should tighten up your stops/book profits/protect your position.

For those of you with an appetite for risk, you may wish to consider buying the inverse (bearish) REIT exchange traded vehicles:
SRS is the 2x short REIT fund (SRS, $11.86)
DRV is the 3x short REIT fund (DRV, $22.93)

Bulls trying to take control
February 19, 2015

1:50 pm ET: Intraday support/resistance:
SPX 2090.75/2104.75
DTX 907/917
DJIA 17925/18055
Nasdaq 4900/4934
RUT 1223/1233
VIX 14.83/16.22 (falling VIX is bullish)
Trin range: 0.9 - 1.65 (bearish contrarian)
Average VWAPs: +104/-68 (bullish but bears still in the picture)

Market quiet before 2pm ET release of FOMC minutes
February 18, 2015

1:45 pm ET: Intraday support/resistance:
SPX 2092/2099
DTX 902/909
DJIA 17982/18046
Nasdaq 4885.5/4904.5
RUT 1220/1227
VIX 15.85/16.75 (rising VIX is bearish)
Trin range: 0.85 - 1.15 (rising Trin is bearish)
Average VWAPs: +64/-58 (bull/bear standoff)

Oil gains as bonds slump
February 17, 2015

The S&P 500 managed to barely close above the 2100 level, marking a new all-time high for this index. The small-cap Russell 2000 also ended the day at an all-time high while the Nasdaq notched a post 2000 high. Supporting the recent bull run are the Homebuilders (XHB), Materials (XLB), Tech (XLK), and Retail (XRT, RTH) sectors which all put in new highs in the past two days.

That's the good news.

On the flip side, today's small rally was accomplished on a jump in volatility. The VIX moved back over 15, the bull/bear dividing line. Also, the Dow Transports--considered to be a leader in market direction--has been lagging the other major averages. These two divergences could be a signal that the bulls are starting to run out of steam.

Today's notable highlights: Oil beginning to flow?
Two Oil & Gas Explorer etfs bested resistance levels in recent days. Both the IEO and the PXE staged island reversals on Friday which is a very bullish sign. Although some pundits are predicting a further drop in oil, the charts are telling a different story. A recent Zack's article said that the slew of capital spending cuts by several major players in the industry will likely curb oil production and reduce global supply glut in the coming months, and thereby lead to higher oil prices. Now may be the time to begin building a position in the oil producers/explorers.

Today's notable lowlights: Bonds continue to break down
Treasuries, investment grade corporate, and muni bonds continue to slide with today seeing many representative exchange traded funds breaking secondary support levels (TLO, TLT, TLH). This is a bearish indication and may be a reflection of a pick-up in the sentiment that a growing economy will force the Fed to begin raising interest rates sooner than expected (some feel it could be as early as June).

One way to play the downside is to buy inverse bond etfs. Representing long-term Treasuries (20+ years) is the 1x inverse fund, the TBF, and the 3x inverse fund, the TMV. Representing a shorter time horizon (7-10 years) is the 1x inverse Treasury fund, the TBX. Please note that these inverse funds are designed to track one-day moves and are NOT representative of directional moves over the long term, so please exercise caution when trading them and know your risk level. If you're uncomfortable playing the short side, staying in cash on the sidelines is best the way to play bonds for now.

Will the S&P 500 close over 2100?
February 17, 2015

2:05 pm ET: Intraday support/resistance:
SPX 2090/2102
DTX 901.25/907.25
DJIA 17950/18070
Nasdaq 4880.5/4905.5
RUT 1221/1228
VIX 15.25/16.35 (VIX moving back over 15 is mildly bearish)
Trin range: 0.6 - 1.2 (bullish to neutral)
Average VWAPs: +102/-54 (bullish)

***The Stock Market Cook Book is on vacation this week. We will be back next Monday, February 16th. Have a wonderful Valentine's Day!****
February 9, 2015

Good jobs numbers buffer a Greek downgrade
February 6, 2015

2:25 pm ET: Intraday support/resistance:
SPX 2057.6/2072.4
DTX 892/901
DJIA 17820/17950
Nasdaq 4748/4787
RUT 1204/1215
VIX 16.05/18.15 (VIX over 15 is still bearish overall)
Trin range: 0.7 - 1.0 (bullish to neutral)
Average VWAPs: +57/-110 (bearish)

Consumer discretionary (XLY) hits new high pushed by jump in specialty retailers
February 5, 2015

Market Notes (1:35pm ET): Intraday levels are suggesting that market is essentially rangebound with a bias towards the downside for the rest of the day. The good news is that the consumer discretionary sector etf, the XLY, pushed above its previous high put in at the end of December. The move was helped by jumps in specialty retailers, most notably Stein Mart (SMRT, +12%), Boot Barn (BOOT, +8%), O'Reilly Automotive (ORLY, +8%), Kirkland (KIRK, +7%), and L Brands (LB, +6%). All of these stocks broke through recent resistance to hit new highs on heavier than average volume. If you're shopping for retailing, these companies would be a good place to begin your research.






1:05 pm ET: Intraday support/resistance:
SPX 2042/2060
DTX 888/897
DJIA 17670/17850
Nasdaq 4718/4752
RUT 1193.5/1204
VIX 16.65/17.55 (falling VIX is bullish but VIX over 15 is still bearish overall)
Trin range: 0.8 - 1.0 (bullish to neutral)
Average VWAPs: +76/-70 (bull/bear see-saw)

Oil drops as bulls take a break
February 4, 2015

2:05 pm ET: Intraday support/resistance:
SPX 2039.3/2051.7
DTX 882/892
DJIA 17605/17775
Nasdaq 4698/4746
RUT 1189/1199
VIX 16.95/18.05 (falling VIX is bullish but VIX over 15 is still bearish overall)
Trin range: 0.75 - 1.1 (bullish to neutral)
Average VWAPs: +107/-85 (bull/bear battle)

Bulls trying to take control/Oil continues to gush
February 3, 2015

1:40 pm ET: Intraday support/resistance:
SPX 2022.75/2045.25
DTX 878.5/888
DJIA 17370/17680
Nasdaq 4671/4714
RUT 1180/1195
VIX 17.2/18.9 (falling VIX is bullish but VIX over 15 is bearish)
Trin range: 0.65 - 0.95 (bullish)
Average VWAPs: +122/-52 (very bullish)

Oil heats up bolstering Canadian & Aussie $$
February 2, 2015

1:25 pm ET: Intraday support/resistance:
SPX 1981/2014
DTX 858/880
DJIA 17035/17325
Nasdaq 4580.5/4667.5
RUT 1154/1174
VIX 19.2/21.8 (VIX over 20 is very bearish)
Trin range: 0.65 - 1.0 (bullish)
Average VWAPs: +77/-79 (bull/bear battle)

January going out on a low note
January 30, 2015

Market Notes (1:35pm ET): The intraday support levels indicate that there's lots more room for the major averages to move towards the downside before the day ends. The VIX moving back over 20 certainly is not boding well for the bulls, either, but they've shown lately that they have the muscle to move the market up into the close. As this is the last trading day of the month, anything can happen as fund managers and investor move to reposition their portfolios. Today also marks the last day that the wash rule is in effect and Monday we could see buying in those issues that were dumped before the end of the year. I'm thinking that there could be a rebound in energy names next week and possibly in precious metal miners, too.

The bad news is that January is going out at a lower level than when it began. Historically, it's been shown that as January goes, so goes the rest of the year. Not that this scenario will necessarily pan out this year, but it's something long-term investors may wish to keep in mind.

Market Update (2:50pm ET): I just tweeted that out of the 65 stocks on today's New Yearly High List, 41 of those are muni bond funds. This is a huge sign of the continuing flight to safety. For the past couple of months, the most popular areas of investment have been in the safer, dividend-payers, mainly utilities (which have become richly valued), Treasuries and investment grade corporate bonds, REITs (also richly valued), and consumer staples. The rotation out of riskier assets (the high beta names) is reflected by the rise in market volatility.

1:25 pm ET: Intraday support/resistance:
SPX 1995/2020
DTX 861/884
DJIA 17220/17420
Nasdaq 4636/4704
RUT 1168/1186
VIX 19.25/21.25 (VIX over 20 is very bearish & rising VIX is bearish)
Trin range: 0.85 - 1.2 (neutral)
Average VWAPs: +66/-77 (bull/bear battle)

Bulls stage a mid-day charge
January 29, 2015

1:45 pm ET: Intraday support/resistance:
SPX 1989/2018
DTX 872.6/885.4
DJIA 17135/17345
Nasdaq 4602/4668
RUT 1170/1182
VIX 19.05/21.55 (VIX over 15 is bearish & rising VIX is bearish)
Trin range: 0.8 - 1.6 (bearish contrarian)
Average VWAPs: +183/-45 (very bullish)

The Fed sinks stocks/buoys bonds
January 28, 2015

2:15 pm ET: Intraday support/resistance:
SPX 2015.5/2042.5
DTX 885/900.25
DJIA 17315/17485
Nasdaq 4668/4742
RUT 1177/1201
VIX 16.9/18.7 (VIX over 15 is bearish & rising VIX is bearish)
Trin range: 0.95 - 1.45 (bearish)
Average VWAPs: +57/-90 (bearish but bulls still around)

Bulls trying to stay in control
January 27, 2015

1:15 pm ET: Intraday support/resistance:
SPX 2020/2048
DTX 887.5/901.5
DJIA 17290/17640
Nasdaq 4660/4726
RUT 1186/1200
VIX 16.45/18.4 (VIX over 15 is bearish)
Trin range: 0.85 - 1.35 (bearish)
Average VWAPs: +123/-25 (bullish)

Things are heating up in the Land of the Rising Sun
January 26, 2015

Despite a spate of unsettling news--the big snowstorm slamming into the East Coast, Russia's credit downgrade to junk status, and the elections in Greece (and what it might mean for the fate of their presence in the EU), the bulls managed to stay in control of the market. Not only did all the major averages manage to close in the green, but even more surprising was that the VIX, a measure of fear and uncertainty, dropped nearly 7% to close just above the bull/bear dividing line at 15. Judging from the fact that up volume was more than twice down volume, it appears as if January could go out on the plus side.

There was a lot of action to the upside today. While biotech/pharma etfs (IBB, FBT, BBH, PJP) continue to soar, there's one area that's been rallying under the radar: Japanese stocks. The devaluation of the yen by the Japanese central bank has lit a fire under Japanese industry (which is what it was supposed to do). In particular, the stocks of Sony (SNE, $23.37) and Toyota (TM, $131.86) have been moving up and their charts over the past 6 months have been nearly the mirror image of the movement in the Yen (FXY). Today, both Sony and Toyota jumped over major resistance levels to hit new yearly highs on heavier than normal volume. Technically, Sony won't face another major challenge until the $34-$35 range (approximately 45% above today's closing price). However, Toyota is less than 5% from testing its all-time high of $138 reached in early 2007, but should it hurdle that, the sky's the limit. Both companies pay dividends: 2.2% yield for Toyota and 0.9% for Sony. There are options on both stocks as well.

Bulls taking control
January 26, 2015

1:50 pm ET: Intraday support/resistance:
SPX 2041/2061
DTX 895.75/908.25
DJIA 17565/17730
Nasdaq 4734/4776
RUT 1181.75/1200.25
VIX 15.75/17.45 (falling VIX is bullish but VIX over 15 is still on the bears' side of the fence)
Trin range: 0.7 - 1.1 (falling Trin is bullish)
Average VWAPs: +130/-38 (bullish)

Bulls trying to close the week in the green
January 23, 2015

1:55 pm ET: Intraday support/resistance:
SPX 2053/2065
DTX 898/913
DJIA 17723/17823
Nasdaq 4738/4777
RUT 1185.5/1195.5
VIX 15.7/17.1 (falling VIX is bullish but VIX over 15 is still on the bears' side of the fence)
Trin range: 1.05 - 1.35 (rising Trin is bearish)
Average VWAPs: +105/-61 (bulls in control but bears still very much in the picture)

Dow Transports leading today's rally/S&P 500 makes a run at 2050
January 22, 2015

1:25 pm ET: Intraday support/resistance:
SPX 2026/2057
DTX 890/913
DJIA 17485/17735
Nasdaq 4644.5/4725.5
RUT 1161.3/1187.7
VIX 16.25/19.25 (falling VIX is bullish but VIX over 15 is still on the bears' side of the fence)
Trin range: 0.95 - 1.25 (neutral to mildly bearish)
Average VWAPs: +101/-69 (bulls in control but bears still very much in the picture)

Bulls losing their grip
January 21, 2015

Intraday Notes (2:20pm ET): Today's pivot points are suggesting that the major averages have already found their intraday support and resistance levels, although the support level calculated for the Russell 2000 (RUT) is indicating that it has a little room left to move below the low put in just after the opening bell. Notable sector movements include an uptick in oil and gas producers and drillers (not sure if this is due to short-covering or is the start of a sector rebound), and a break out in two Emerging Market etfs VWO & EEM. In the currency market, the Swiss franc (FXF) is trying to find its footing. Trading in this exchange-traded note has been very volatile since the Swiss central bank decided to unpeg its value to the euro (FXE). Today's biggest currency loser is the Canadian Dollar (FXC). The stock has been tanking along with oil prices and today the loonie dropped by 2% to test $80. This was its biggest one day drop in years. Note that there's not much standing between it and its post-2006 fund inception low of $76.59 reached in early 2009. That's it for now.

2:10 pm ET: Intraday support/resistance:
SPX 2012/2038
DTX 880/894
DJIA 17395/17600
Nasdaq 4629.5/4692.5
RUT 1163/1175
VIX 18.65/21.85 (VIX over 20 is very bearish)
Trin range: 0.6 - 1.1 (bullish to neutral)
Average VWAPs: +49/-110 (bears gaining ground mid-day)

Gold regains its glitter
January 20, 2015

A couple of today's market highlights:

The drop in fuel prices is helping to boost airline and transportation stocks. Still at attractive valuations are Alaska Air (ALK, $65) and Int'l Consolidated Air (ICAGY, $39). Both of these broke out to new highs today. The volume on ICAGY was 14 times normal on no apparent news, but volume like this is a strong indication that somethin's up. Note that the average trading volume is only around 10k so if you're thinking of taking a long position in this ADR, please do consider using limit orders.

Precious metals continue to surge. Today, the Silver etf (SLV, $17.18) broke out of a four month base on slightly heavier than normal volume. The precious metals are gaining momentum and I do feel that one should have some exposure in this area. If you're unsure what to play, I would suggest a mix of gold miners (GDX or GDXJ), gold (GLD or IAU), and silver (SLV). Those with more tolerance for risk can play some of the triple-levered vehicles such as the Gold Miners Bull 3x (NUGT, $20.64) which also broke out of a base today to rally over 10%.

Bulls trying to extend Friday's rally
January 20, 2015

1:20 pm ET: Intraday support/resistance:
SPX 1997.5/2029
DTX 872.7/886.3
DJIA 17265/17590
Nasdaq 4588/4662
RUT 1156/1179
VIX 19.8/21.9 (VIX over 20 is very bearish)
Trin range: 0.8 - 1.1 (neutral)
Average VWAPs: +96/-64 (bullish but bears aren't backing down)

Bulls trying to end a bad week on a high note
January 16, 2015

Intraday Notes (1:50pm ET): The intraday levels are showing there's more room left to run to the upside. In the golden days of yore (i.e., pre-2015), the bulls had little problem advancing into the close but those days appear to be receding into the rear-view mirror. Today's rally may be due in part to traders closing out short positions ahead of the weekend. We'll get a better understanding of which camp is really in charge--the bulls or da' bears--as we head into the close.

1:45 pm ET: Intraday support/resistance:
SPX 1988/2016.5
DTX 862/874
DJIA 17245/17455
Nasdaq 4563/4622
RUT 1151/1177
VIX 21.55/23.45 (VIX over 20 is very bearish)
Trin range: 0.7 - 1.6 (bull/bear battle)
Average VWAPs: +131/-38 (bullish, for now)

The Swiss put the EU on watch
January 15, 2015

Today's Notable Market Highlights:

1. The Swiss central bank made a surprise announcement that it would cut its currency's apron ties with the euro. The news sent the Swiss franc etn (FXF) to rise over 17%. This is a MONSTER move in the currency market. If you had bought into that fund at its recent low, you'll probably be invited to this year's economic summit in Davos because you'll be one of the few who will be able to afford it.

The question is now: Will the Swiss franc go higher? I have no idea but you should note that the stock jumped back to its previous high put in last February, and a move above that will likely send it higher.

On another not so happy note, this move by the Swiss is definitely not a sign of confidence as to the viability of the European Union (and hence, the euro (FXE)) going forward. I'm sure this will be a big topic of conversation that will be occupying the financial press for a while.

2. Oil retraced much of yesterday's gains (no big surprise) while gold made a nice move in the opposite direction. Both the major & junior gold miner etfs, the GDX and the GDXJ, gained 5%. The Gold metal etfs (GLD & IAU) broke recent resistance today and both appear to have completed an inverse head & shoulders pattern. Based on the position of the inverted heads, the technicals suggest a move to $13 for the IAU and to the $128-$130 range for the GLD.

3. Internet-based etfs, PNQI and FDN, both plunged below support levels. This reflects the overall bearish momentum in their major underlying components: Amazon (AMZN), Facebook (FB), Ebay (EBAY), Google (GOOG, GOOGL), and Priceline (PCLN). All of these stocks have been trending down for at least the past month. Amazon has been spiraling down for over a year and is close to retesting its October low at $284. A break below this level could easily send it down to major support at $250.

4. While long-term treasuries (TLT, TLO), muni bond funds, REITs, and consumer staple stocks continue to advance into the stratosphere, intermediate and shorter-term bond funds are starting to gain traction. Here's a list of some representative exchange-traded and mutual funds in this category (by symbol only): TLH, IEF, ITE, IEI, VFICX. The latter symbol, Vanguard fund (VFICX), has a 3% dividend yield that is notably higher than the others which fall in the 1-2% range.

5. Noting the bullish action mentioned above in consumer staples, we found three sector members breaking resistance to hit new highs: Dr Pepper/Snapple (DPS, $76), Kraft (KRFT, $66), and Altria (MO, $52). All of these pay dividends currently in the 2-4% range.

S&P and Russell 2000 testing support levels
January 15, 2015

Intraday Notes (1:10pm ET): News that the Swiss central bank decided to decouple the Swiss Franc from the euro combined with a fall in the producer price index added more fuel to the bears' fire. The intraday levels are showing that there's plenty more room left to run to the downside before the close. Currently, the S&P (SPX) and the small-cap Russell 2000 (RUT) are retesting support levels--2000 for the SPX and 1150 for the RUT. I just checked the moving averages (a lot of folks are guided by them but I think they're secondary compared with support/resistance levels) and all of the major averages listed below are testing their 100dma's. A drop beneath these levels would be a strong indication that more downside is in the cards.

1:00 pm ET: Intraday support/resistance:
SPX 1983.5/2021.5
DTX 860.25/875.75
DJIA 17235/17520
Nasdaq 4556/4664
RUT 1151/1181
VIX 20.85/23.75 (rising VIX is bearish and VIX over 20 is very bearish)
Trin range: 0.6 - 1.2 (bullish to neutral)
Average VWAPs: +49/-131 (bearish)

Bears stepping in to halt the bulls' early morning charge
January 13, 2015

Intraday Notes (1:40pm ET): While I was publishing the intraday levels, the major averages were busy slicing through their intraday lower bounds (as calculated from their pivot points). However, I don't know how much lower it can go (at least for today) as both the negative VWAPs and the Trin are in contrarian territory.

1:30 pm ET: Intraday support/resistance:
SPX 2028/2057
DTX 876.5/895.5
DJIA 17645/17925
Nasdaq 4674/4751
RUT 1181.5/1200.5
VIX 17.65/20.5 (rising VIX is bearish and VIX over 20 is very bearish)
Trin range: 1.05 - 1.65 (bearish to contrarian
Average VWAPs: +30/-215 (extremely bearish to contrarian)

Oil drops as gold pops
January 12, 2015

1:25 pm ET: Intraday support/resistance:
SPX 2021/2049
DTX 878/889
DJIA 17565/17795
Nasdaq 4634/4716
RUT 1173/1188
VIX 18/20.6 (rising VIX is bearish and VIX over 20 is very bearish)
Trin range: 0.9 - 1.15 (neutral)
Average VWAPs: +56/-100 (bearish)

Better than expected jobs report fails to spark the market
January 9, 2015

1:35 pm ET: Intraday support/resistance:
SPX 2037.5/2064.5
DTX 885/898
DJIA 17665/17915
Nasdaq 4680/4745
RUT 1183/1196
VIX 16.45/18.5 (VIX over 15 is overall bearish)
Trin range: 0.9 - 1.35 (bearish)
Average VWAPs: +84/-66 (bull/bear battle)

Bulls charge back as investors turn to riskier assets
January 8, 2015

2:00 pm ET: Intraday support/resistance:
SPX 2030.5/2068.5
DTX 879/901
DJIA 17590/17900
Nasdaq 4688/4744
RUT 1184/1200
VIX 16.9/18.1 (falling VIX is bullish but VIX over 15 is overall bearish)
Trin range: 0.6 - 0.8 (bullish)
Average VWAPs: +97/-61 (bullish but bears still hanging around)

Bulls get to party as the bears take a rest
January 7, 2015

3:00 pm ET: Intraday support/resistance:
SPX 2005.5/2030.5
DTX 872.5/879.5
DJIA 17375/17625
Nasdaq 4614/4656
RUT 1165/1174
VIX 19/20.7 (falling VIX is bullish but VIX over 15 is overall bearish)
Trin range: 0.7 - 1.0 (bullish to neutral)
Average VWAPs: +108/-66 (bulls in control but bears still hanging in)

Bears on the warpath
January 6, 2015

1:40 pm ET: Intraday support/resistance:
SPX 1989.75/2030.25
DTX 866/890
DJIA 17220/17580
Nasdaq 4563/4667
RUT 1146/1194
VIX 19.5/23.5 (VIX over 20 is extremely bearish)
Trin range: 0.7 - 1.15 (neutral to slightly bearish)
Average VWAPs: +32/-179 (very bearish)

Bears push major averages below support levels
January 5, 2015

The bears extended the sell-off that rang in the New Year by pushing the major averages well below recent support. Judging by the strength of today's sell-off, it's possible that we could see a retest of the next major support levels very soon. For the S&P 500 (SPX) that would be at 2000, only 20 points (1%) below today's close.

The Dow Industrials (DJIA) violated not just one but two minor support levels today and is currently resting on 17500. It appears likely that it will slip below that to retest its December low at 17060.

The Nasdaq broke 4700 and is well on its way to test major support at 4600. While the VIX did (somehow!) manage to close under 20, I don't think it's going to remain there for long. In spite of all these negative indications, the one minor ray of light is that the Trin is at contrarian levels meaning that we could see a relief rally tomorrow, but I'm not expecting it to last long.

Despite the fact that nearly every sector was trading in the red, there were a few bright spots--the US dollar (UUP), REITs, long-term treasuries (TLO, TLT), municipal bonds, and investment grade corporate bonds. This rotation strongly reflects a flight to quality and safety. Two market bell-whethers, the financials and technology (represented by the XLF and XLK exchange-traded funds), both broke support levels adding further downward pressure on the market. Oil (as represented by the exchange-traded vehicles OIL, DBO, and USO) continues to tank and the burning question right now is where will it find a bottom?

The only other areas that are finding some upside are precious metals and their miners (GLD, GDX). Many of today's biggest percent gainers were found among the junior gold miners (GDXJ). Today's rally caused one junior miner, Gold Fields (GFI), to jump over 7% to hit a new yearly high. The triple-levered long gold miner etf (NUGT) gained over 8% to close just above $13. From its chart, it appears as if it's making another run towards the $15 level which it tested a few weeks ago.

2:30 pm ET: Intraday support/resistance:
SPX 2016.5/2054.5
DTX 884.75/908.25
DJIA 17440/17820
Nasdaq 4647/4703
RUT 1180.75/1194.25
VIX 19.2/21.8 (rising VIX is bearish and VIX over 20 is extremely bearish)
Trin range: 1.0 - 1.8 (extremely bearish; over 1.5 is contrarian)
Average VWAPs: +40/-155 (very bearish)

2015 kicking off to an inauspicious start
January 2, 2015

Market Notes (1:30 pm ET): The market opened on an upbeat note but the rally was short-lived as bears stepped in with a vengeance. In trying to calculate today's intraday support/resistance levels (shown below), I had a very tough time trying to believe that the pivot levels that are appearing in today's charts of the major averages could actually be real. For the sake of the bulls, I truly hope not. If they do prove to be the real deal, we could be in for a whole lot more hurt before the toll of the closing bell.

As of this writing, both the S&P 500 (SPX) and the Dow Industrials (DJIA) have both broken support levels (2050 & 17750 respectively) whlle the Dow Transports (DTX) and the Nasdaq are testing their support levels (900 & 4700 respectively). The volatility index (VIX) is making its second attempt this week to push above 20. A close above this level is an indication that more bearishness is in the cards--at least for the short-term.

What this all translates into is this: If you're holding long positions that have enjoyed a good run up, it's time to either sell or hedge them at the very least. Short-term traders with higher risk appetites may wish to consider buying put spreads on index tracking stocks or selling out-of-the-money call spreads.

1:20 pm ET: Intraday support/resistance:
SPX 2037.5/2072.5
DTX 892/906
DJIA 17710/17950
Nasdaq 4653/4777
RUT 1172/1213
VIX 17/20.5 (rising VIX is bearish and VIX over 15 is bearish)
Trin range: 0.8 - 1.4 (neutral to bearish)
Average VWAPs: +72/-130 (rotation of out riskier high beta stocks (GOOGL, TSLA) into hedging instruments (precious metals, oil))

Recent Articles
Street Signs
March 21, 2015 at 7:35 pm

Street Signs

Is the market poised for a correction?

It’s been March Madness for Mr. Market–one week the trend is down, the next week it’s up. So, where’s it heading now?

Judging by the bullish movement in the major averages, it appears as if we’re entering a new leg up. The fact that the small-cap Russell 2000 and the tech laden Nasdaq popped to new highs on Friday reflects the fact that it’s been precisely those stocks which have advanced the most. The problem is that this advance hasn’t been mirrored in the larger-cap indices. Sure, the S&P and the Dow are close to retesting their recent highs and the market-leading Dow Transports is trying its best to rise above its quadruple top at 920 (9200 on some charts). If this doesn’t happen very soon, we could be in for a sharp sell-off.

Why? Today, a couple of technical signs indicate that a correction may be in the cards. The first involves volatility. The Volatility Index (VIX) has dropped precipitously over the last four trading sessions and is now nearing contrarian levels. It closed Friday at the 13 mark. Should it fall to 12 (or beneath it especially), that would be a strong sign that there’s too much complacency and that a market reversal is in the cards.

The next sign is the fact that soft (agricultural) and hard (oil and metal) commodities reversed their extended downtrends and abruptly moved up. One big standout in the softs was the Wheat etf (WEAT). The stock popped out of a one month base rising above $11 resistance. It ended the day up 3% on heavier than normal volume.

In metals, the Copper etf (JJC) jumped nearly 4% out of a two month base. This is a big deal considering that copper is associated with being the metal of choice for countries expanding their infrastructures, most notably China. And if copper is rising, could Chinese stocks also be poised for gains?

Looking globally, most country and foreign currency exchange-traded funds rallied on Friday in direct contrast to the fall in the greenback. The Long US dollar fund (UUP) has been in strong rally mode since its September breakout and was overdue for consolidation.

Going global

However, many Wall Street analysts believe that the dollar will be strong for the next several years. What this means is that foreign companies will become more attractive to investors at the expense of large-cap US stocks (hence the reason why the S&P and the Dow Industrials are lagging). Many feel that China, Japan, and Europe in particular will be the biggest beneficiaries of a strong dollar.

One way to play the global market is through the International Small-cap etf (GWX, $29.11). This fund covers a broad spectrum of industry groups and is a "market capitalization weighted index designed to define and measure the investable universe of publicly traded small-cap companies domiciled in developed countries outside the United States." The fund has been trending up since it’s December 19th ex-dividend date (of $3.56) and broke resistance at $29 on Friday. One way to buy the stock would be to sell a cash-secured put at $29. The drawback is that open interest is virtually nil but it could be feasible using a limit order.

If you’re more interested in building your own basket of international stocks, take a look under the hood of the following which all broke out of bases on Friday:
1. Indesit (IDEXY, $16.39): Note that Whirlpool owns the majority of voting stock in this Italian appliance maker.
2. CSL (CSLLY, $37.39): This Australian bio-pharma specializes in vaccines and plasma products.
3. Marks & Spencer (MAKSY, $15.97): British apparel retailer affectionately known as Marks & Sparks popped out of a one year base on 28x normal volume on rumors that a Middle Eastern group will be making an offer for the company 30% above its current share price (around $19.50).
4. Julius Baer (JBAXY, $10.20): Shares of this Swiss investment bank broke out of a one year base on no news. Credit Suisse (CS, $26.47) also broke through resistance on twice normal volume (but it has a ways to go before testing its previous high at $33).
5. Canon (CAJ, $34.84): Technically, the stock of this Japanese camera maker broke out on Wednesday but it jumped again on Friday. Yes, the digital camera space is essentially dead but Canon is refocusing (no pun intended) on the surveillance camera market.

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