This is the video recording of the July 2020 Conference Call for Members of All Star Options [Read more…]
Media Appearance: Just Buy Them Baby!
The stocks that worked well in the second quarter should continue to lead the market higher. We still want to be buyers.
On Tuesday afternoon I had a chat with Catherine Murray over at BNN Bloomberg about which stocks we’re most focused on. As it turns out, the same stocks and sectors showing up on our buy scans in early to mid-March are the same ones showing the most positive momentum and relative strength now.
It’s working. We’re sticking with it. Here’s the interview in full: [Read more…]
The Nasdaq Is Not In A Downtrend
What do we know about all-time highs? We know we don’t usually see them happen in downtrends. As obvious as this might seem to some, you’d be surprised how many people don’t realize that new all-time highs are a classic characteristic of uptrends.
I encourage you to go back and study the greatest uptrends of all-time. Along the way, do you see new lows being made? Or do you see a lot of new highs in those uptrends?
Well, here is the Nasdaq Composite closing at new all-time highs for the second consecutive month. I’ve done the work, these are things we usually find in uptrends: [Read more…]
[Premium] Monthly Candle Strategy Session
It’s my favorite time of the month! We have a fresh batch of Monthly Candles to analyze, help us identify trends and find profitable ideas. It takes me no more than 30-60 minutes and I only have to do this exercise once each month. That’s just 12 times a year and BY FAR the most valuable 6-12 hours of work I put in each year, and it’s not even close!
I’d like to invite you to join be this evening for a live Strategy Session. We’ll be going through all the most important Monthly Charts and talk about what we want to do as we enter the 3rd quarter!
I will be hosting this Live Call tonight, Wednesday July 1 @ 7PM ET. As always, if you cannot make the call live, the video and slides will be archived and published here along with all the other live calls since 2015.
Here are the details for tonight: [Read more…]
US Stocks Fail At Major Resistance
We take a consistent intermarket approach to stocks. Not only do we analyze all the Stock indexes, both domestically and around the globe, but we also compare stocks to other asset classes. This is historically very helpful information to determine the direction of the primary trend for stocks.
Today, we’re taking a look at stocks running into major resistance relative to its alternatives. More specifically, stocks are failing relative to both Bonds and Gold.
As you can see in this chart, we saw significant support near this gray shaded area in late 2018 and then once again in August of last year. This “Support” finally gave way and broke in early March, almost 4 months ago. This former “Support” has now turned into “Resistance” throughout June: [Read more…]
Bank Stocks On Breakdown Watch
Financials are what we’re watching very closely this week as a warning of a more substantial stock market correction throughout the summer.
Our strategy has been to buy stocks that are going up. That’s worked well. But if you noticed, that has NOT included financials. It’s been mostly in the Technology, Internet, Social Media, Biotech & Mobile Payments sectors. That has been our go-to universe during this multi-month rally in stocks.
However, even though we haven’t been buying bank stocks, that doesn’t mean we just ignore them. Quite the opposite, in fact. If you recall, it was the bank stocks that helped us get so bearish in early February, well before any market crash. We are focused on this group again today for the exact same reasons: Risk Management.
Here is a chart of Financials flirting with that 23 level. That represents the former highs from April. If we’re below that, the risk in here is down, and not up: [Read more…]
Charting School: Fibonacci Analysis on Abbott Labs
I get asked a lot about Fibonacci and why I use it so often. If by now I haven’t made that perfectly obvious, the reason we use it is because it works! Fibonacci levels help us set price targets and, most importantly, manage risk. The market tends to respect these levels, so it would be foolish for us to ignore them.
In our NEW Charting School, I explain exactly how I calculate these levels and walk you through a bunch of real life examples where they helped us over the years. You can watch Lesson 1 here for Free, and then decide if you’d like to continue with the rest of the course.
Today I want to walk you through the process of analyzing shares of Abbott Labs. But first, why Abbott Labs? Why am I interested in this name?
Well, Medical Device stocks are starting to come up in conversation with regards to the continued sector rotation we’ve been witnessing in recent months. When I think about these stocks, I immediately laugh because they’re really Tech stocks, stuck in an otherwise disappointing healthcare sector (relative). Look at the charts of the Medical Device stocks. They look like the charts of the best Tech stocks, and certainly not like most Biotech or Pharma names, for example.
So with that “Tech in other sectors” concept in mind, we turn our attention to the biggest names in Medical Devices. $ABT is right near the top of that list representing 14% of the Dow Jones U.S. Select Medical Equipment Index. We want to calculate the long-term Fibonacci extension levels based on their initial and largest correction. In this case the 1999-2007 correction, as you can see here below: [Read more…]
All Star Interviews Season 3, Episode 24: Katie Stockton, Founder & Managing Partner, Fairlead Strategies
I’m so excited to have Katie Stockton on the podcast. Katie is someone whose work I’ve followed my entire career. Even early on, she was there talking about oscillators and price behavior. She’s certainly on the list of Technicians who have influenced my work over the years. Back in the day she worked with Mike Hurley, another friend of the podcast and our featured guest in mid-March. After spending most of her career on the sell side, Katie has adapted to the changes in traditional wall street research and has now gone independent, recently founding Fairlead Strategies. This was a fun conversation that I really enjoyed. Prior to recording, I told her to just pretend we’re at a wine bar with our laptops. What would that sound like? This is that!
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