Relative Strength Review - Quick Hit
at 2005-11-12 23:55:02
Educational use only. Never intended as advice.
I've already reviewed the relatively overbought condition (mildly by VXO extension, moreso by stochastics oversold and 10 day overbought parameters). I just wanted to mention a couple of items about relative strength on some major ETFs.
1. There are now 43 ETFs trading an average of over 400K shares/day
2. There are now 28 ETFs trading an average of over 1M shares/day. I have no doubt that ETFs will eventually an even more preferred trading and hedging vehicle.
3. In the past 20 sessions, the SPY is up 2.09%. BBH, RKH, OIH, and XLF are all up over 5% during this timeframe, with BBH up 9.2%. BBH is a good proxy for short and longer-term speculative 'juice'. While OIH is up, XLE is net negative. The worst performing active ETFs (the 43) during this time incl
Playbook Sampler at 2005-11-12 23:55:02
Educational use only. Never intended as advice.
Always click graphs to enlarge.
The Beat Goes On at 2005-11-12 23:55:02
Educational use only. Never intended as advice.
Is volume for losers? Classical texts, like those of Schabacker (Technical Analysis and Stock Market Profits) emphasize the importance of volume. Traders whom I greatly respect (like Dave Landry) downplay it. Research that my son, Conor, has done tends to align with Dave. The major US indexes continued their upward climb, on attenuated volume today.
I didn't do a lot today, except taking a small position in MWD which was oversold by my criteria. Winning trades tend to work from the beginning, and that was the case with MWD.
Dynamics:
4% of NDX stocks and 6% of SPX stocks are oversold by stochastics 80% of NDX stocks and 74% of SPX stocks are overbought using the criteria of
Depends at 2005-11-12 23:55:02
Educational use only. Never intended as advice.
There are a few things you don't ever want to hear in life - "the 60 Minutes Team is at the door,"..."pancreas"...and "Depends", as in the adult diapers. There's just nothing funny about incontinence. The news from Toll (the company that warns off short sellers) about disappointing business prospects threw a wrinkle into the bull party today, but a modest one.
The SP500 (SPX) continues its movement back toward the upper channel line on the weekly chart. Wall Street and children have a lot in common. They're egocentric and lo
Stick around at 2005-11-12 23:55:02
A nice plug from www.thekirkreport.com today. Thanks from one guy with passion for the markets to another.
As Emeril would say, "stick around".
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