Sunday, May 04, 2014

WEEKLY WRAP UP




The NasDOGS, QQQ, double topped the Right Shoulder of the head and shoulders I've been talking about, opening almost on the gnat's ass at the $88 level on Friday and putting on an ugly looking bearish engulfing candle, that $88 is also the last swing high on the chart, the horizontal green line, and the swing low is the orange line down by the 200 DMA which is also in the "area" of the neck line of the pattern, so, if it's going to play out we should head down IMMEDIATELY on Monday, any gap up or run up through that swing high and it probably NEGATES the pattern.
On the indicators below the chart (and we ALL know that "indicators" don't mean diddly squat), I have 3 GREEN circles, the Woodies CCI, MFI and MACD, 2 RED circles, the 13 period Stoch and the ROC, 1 orange cirle, the ADX, which is NEGATIVE as the red line is alobve the blue line but the blue line has turned up and the red line down, and 1 green circle with an orange circle outside it, the 60 period Stoch, as that has an upward cross but is sitting right at the 50 level, which is typically where the 60 period will fail if we are going to get a continuation to the down side. Not noted on the chart are two indicators that would have a green circle, the HMA and the Parabolic SAR, and the 13 period RSI would be red as it's trying to do a cross over to the down side.


The main men, the $NYAD's, look great, continuing in their preferred configuration of LEADING the markets higher.


The $NYSI is still on a buy signal and turning higher.


The winner's in my 73 markets this week were pretty much Legion, with Turkey, TUR, leading the charge, up 6.26%, followed by EWZ and RSX (Putin WIN's again, hahahahaha), our best sector was the XLK, up 1.79%, followed by the IYR. Our best Major index this week was the NasDOGS, up 1.51%, followed by the SPY, .95%, DIA .86%, with the little guys bringing up the rear, IWM up .38%. Sitting right uder the NasDOGS was the flight to safety, TLT up 1.49% on the week, like the Military says, don't ask don't tell, as I have NO IDEA if fleeing back into risky assets like the NasDOGS or the risk off trade in bonds.


Not many loser's, mostly the inverse funds, XLU was the big sector loser, down 1.41%, SLV lost 1.32% on the week with GLD down .29%, USO lost .85% with DBC down 1.09%, grains were down, DBA -.58%.


Even with the big up week Russia is still working on a 20 DMA 50 DMA Death Cross, other notables still on a Death Cross are IWM, XLY, XLV, QQQ, XLF, XLK, GDX, GLD and SLV.


157 stocks in the S and P 500 were down or flat this week, the big winner was POM, which I never heard of, followed by FISV and WYNN, BBY won the dead cat bounce of the week, up 7.26% with a horrible looking chart, YHOO was up 6.93% as they await Abaracadabara, or what ever it is, TRIP, GRMN, NFLX and GILD led some of the former high flyer's, aaaaahhhhhhh, HIGHER!


COH was the big loser this week, down 11.92% as I guess KORS's is kicking their ass, I always wondered what they sell, COH, so I looked through their site this week, I see that wallet's go for like $128, so I under stand why they are down as I wouldn't NEED a wallet if I spent that kind of money for one. A few on the list surprised me, like JEC, WAT, GT, NOV, WDC, ROC, MYL, MUR, PCAR, the way Bubblevision was hyping ESRX I thought the damn thing was UP this week, rather than down 5.36%, wad ever.


Nice 38 minute interview with my all time favorite, Doug Kass, on Benzinga TV in the premarket this morning, I tell Ya, I am shocked, just SHOCKED I tell Ya, to find out he's BEARISH, hahahahahahaha!
Despite his bearish reputation he's actually a fairly decent stock picker, he mentioned this thing as one of his favorites:




By Elliott Wave International
Elliott Wave International's technical analysis expert, Jeffrey Kennedy, shows you the first step in identifying a high-confidence trade setup in this 4-minute video clip. It's taken from a live lesson he taught on April 9, 2014. Read more.

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