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All Star Charts

Expert technical analysis of financial markets by JC Parets

[Table Of The Week] Global Breadth Remains A Headwind For Stocks

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From the desk of Steve Strazza @Sstrazza

Breadth divergences from earlier this year took a while to confirm, but once they did we saw considerable downside.

My Chart Summit Presentation was on how I use statistics and scans to visualize market internals for insight on breadth and relative strength. I used tables from our Weekly Momentum Reports in January and February to illustrate the clear deterioration in participation taking place at the time despite the major indexes grinding to new highs.

In this post, we’ll do a similar exercise and use stats to analyze whether breadth has been improving or deteriorating in Global Equity Markets over the past month.

[Read more…]

Vedanta Ltd. Begins Voluntary Delisting

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Vedanta Ltd. has begun the process of a voluntary delisting of its shares from the public exchange, with the promoter group planning to buy out the remaining ~49% of non-promoter shares it doesn’t currently own.

We spoke about Vedanta Ltd. in our Chart Summit India presentation last month as a stock setup we liked on the long side, so given this news, we wanted to revisit that setup and see what lessons could be taken away and applied in future situations like this one.

[Read more…]

It’s Time To Sell These Popular Stocks

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From the desk of Steve Strazza @Sstrazza

Last month we wrote about the lackluster move from some of the cyclical sectors off of their March lows, particularly Industrials and Financials.

We continue to see weakness out of these areas over both long and short-term timeframes as Financials are pressing on all-time lows relative to the S&P 500 and Industrials just made a fresh relative 20-year low.

In this post, we’ll take a look at these underperforming areas and share some trade ideas to express our bearish thesis.

[Read more…]

We’re Buying These Breakouts

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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

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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.

[Read more…]

All Star Interviews Season 3, Episode 23: Jordan Kotick, Market Strategist

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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!

[Read more…]

The Week In Review (05-08-2020)

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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.

[Read more…]

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