This is one of my favorite things to do: Forget everything that happened in the first half of the year and start from scratch. It doesn’t matter what we did or how we felt in early 2019. It’s irrelevant. We’re moving forward. This is my Q3 2019 Playbook.
[Unlocked] A Valuable Exercise
From the desk of Tom Bruni @BruniCharting
Every time we see a few days of strength from Financials or Energy, people come out of the woodwork to call a bottom in the Value Factor.
After the last few weeks of action, we find ourselves back in this position.
So is this time different? Let’s take a look.
India: Two Beaten-Down Sectors Ready To Squeeze
Today we’re exploring opportunities in two beaten-down sectors that look ripe for a squeeze.
[Read more…]
[Chart(s) of The Week] Small and Mid-Caps Set To Rip
From the desk of Tom Bruni @BruniCharting
We’ve been bearish the Micro/Small/Mid-Caps relative to Large and Mega-Caps from a structural perspective for most of the last year, however, last week’s rally confirmed the conditions we look to indicate potential outperformance in the coming weeks and months.
New Monthly Charts Are Published!
Monthly charts force us to take a step back and identify the direction of the primary trend. By erring in the direction of these trends, we are increasing our probabilities of success. Markets trend. That’s why Technical Analysis works. This process at the end of each month is arguably the most valuable part of all the work I do. I can tell you that from the bottom of my heart.
One that definitely stands out here is the Dow Jones Industrial Average going out at new all-time monthly closing highs. This is the highest monthly close in the history of the stock market: [Read more…]
Nifty Metal Index Stabilizing
The Nifty Metal Index has been dead money for a while, but we are finally starting to see signs of stabilization within the space.
While there aren’t a lot of actionable trades right now, we think that rotation into this area is a positive for the broader market and will offer some great setups on the long side in the second half of this year.
[Chart of The Week] Another Failed Attempt
From the desk of Tom Bruni @BruniCharting
We just sent out the Top 10 Charts of The Week Report that goes out to our Institutional Clients every Wednesday morning, and while I may be biased, I really enjoyed putting together week’s edition.
We discussed a few market themes as we typically do and then identified several actionable trade ideas on both the weekly and daily timeframes.
With that said, I wanted to share one chart and its caption because I think they sum up the current market environment pretty well.
A “Pause-itive” Development
From the desk of Tom Bruni @BruniCharting
The good news is the S&P 500 and several other large-cap US indexes are back at all-time highs, however, the bad news is there remains a lack of confirmation from breadth and momentum readings around the world.
Needless to say, it was easier to be buying stocks last month than it is today, but let’s avoid getting into the weeds and simply look at the number of markets around the world above their 2018 highs.
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