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All Star Charts

Expert technical analysis of financial markets by JC Parets

Breadth Deteriorates for King Dollar

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From the desk of Steven Strazza @Sstrazza and Ian Culley @IanCulley

King dollar is sitting perched upon its throne. But the floor beneath it is beginning to crumble.

The rally in the US dollar index $DXY isn’t as strong as today’s fresh highs would suggest. In fact, when we dig beneath the surface, the dollar is only trending higher against a few currencies over shorter timeframes, while underperforming the vast majority.

Conveniently, the handful of currencies the USD continues to best are the most heavily weighted components of the US dollar index.

This lack of internal strength can be seen pretty much anywhere outside of the chart of DXY itself. Whether we’re looking at our USD trend summary table, our custom USD advance-decline line, or the individual crosses themselves, it all suggests the current trend in the dollar lacks support. 

Let’s take a look.

[Read more…]

The Inside Scoop (04-05-2022)

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From the desk of Steve Strazza @Sstrazza

One of the overarching themes since we launched the Inside Scoop and began writing about The Hot List each day has been the relentless interest in commodity stocks.

Coincidentally, these same stocks have exhibited incredible relative strength over this time period. It’s already been a few months, but we’re not seeing any signs of this trend slowing down.

We discussed a lot of these names during last week’s live strategy session. Click here to watch the replay and to download the accompanying chartbook.

And be sure to join us tomorrow at 1:00 p.m. ET for this week’s live strategy session.

Today, we’re going to talk about some new long setups that we’re getting involved with.

[Read more…]

Elon Musk Joins Twitter Board

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We had a feeling this one would be fun to watch unfold…

After just 24 hours of speculation and buzz about Elon Musk becoming the largest shareholder of Twitter, we already have some important follow-up news.

In an 8-K filed around 8:30 a.m. ET today, Twitter reported that Musk has been appointed to a board seat.

The only significant information in the filing is that Musk is restricted from becoming a beneficial owner of more than 14.9% of outstanding shares during the time he serves as a director (and 90 days thereafter).

Whether he already owns the 14.9% now or not is unknown. We should find out soon in a 13D and/or a Form 4 filing in the coming days.

Stay tuned. There’s going to be more to come on this one.

[Read more…]

Follow the Flow (04-04-2022)

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From the desk of Steve Strazza @sstrazza

This is one of our favorite bottom-up scans: Follow the Flow.

In this note, we simply create a universe of stocks that experienced the most unusual options activity — either bullish or bearish, but NOT both.

We utilize options experts, both internally and through our partnership with The TradeXchange. Then, we dig through the level 2 details and do all the work upfront for our clients.

Our goal is to isolate only those options market splashes that represent levered and high-conviction, directional bets.

We also weed out hedging activity and ensure there are no offsetting trades that either neutralize or cap the risk on these unusual options trades.

What remains is a list of stocks that large financial institutions are putting big money behind.

They’re doing so for one reason only: because they think the stock is about to move in their direction and make them a pretty penny.

Then we flip through our list of stocks flashing unusual activity and pick the best setups using many of the same technical filters we do for our other scans.

And just like that, we’ll follow the money flow and fatten our own pockets along with some of the world’s most powerful financial institutions.

[Read more…]

Under the Hood (04-04-2022)

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From the desk of Steve Strazza @Sstrazza.

Welcome back to our latest Under the Hood column, where we’ll cover all the action for the week ended April 1, 2022. This report is published bi-weekly and rotated with our Minor Leaguers column.

What we do here is analyze the most popular stocks during the week and find opportunities to either join in and ride these momentum names higher, or fade the crowd and bet against them.

We use a variety of sources to generate the list of most popular names.

There are so many new data sources available that all we need to do is organize and curate them in a way that shows us exactly what we want: a list of stocks that are seeing an unusual increase in investor interest.

Watch this video for a behind-the-scenes look at our process.

Whether we’re measuring increasing interest based on large institutional purchases, unusual options activity, or simply our proprietary lists of trending tickers, there’s a lot of overlap.

[Read more…]

[PLUS] Weekly Momentum Report & Takeaways

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From the desk of Steve Strazza @Sstrazza

Check out this week’s Momentum Report, our weekly summation of all the major indexes at a Macro, International, Sector, and Industry Group level.

By analyzing the short-term data in these reports, we get a more tactical view of the current state of markets. This information then helps us put near-term developments into the big picture context and provides insights regarding the structural trends at play.

Let’s jump right into it with some of the major takeaways from this week’s report:

* ASC Plus Members can access the Momentum Report by clicking the link at the bottom of this post.

[Read more…]

[PLUS] Weekly Top 10 Report

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From the desk of Steve Strazza @Sstrazza

Our Top 10 Charts Report was just published.

In this weekly note, we highlight 10 of the most important charts or themes we’re currently seeing in asset classes around the world.

 A Warning From Banks

With risk-seeking behavior increasing, Financials and banks are lagging behind and not participating to the upside in a way we’d expect. The chart below is an equal-weight representation of the six largest banks in the US. This index can act as a leading indicator for financials more broadly. The fact that the index has not been able to hold the 2007 highs in an environment where rates are rising globally is a concern. Throughout history, you don’t tend to see bull markets without financials. These are the largest and most important financial institutions in the world. Bulls want to see them carve out a bottom here and catch higher along with other cyclical stocks. It should happen soon if it’s going to.

[Read more…]

Musk Buys a Big Twitter Stake

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The big news of the day is centered around an SEC filing by the wealthiest man in the world.

This morning, Elon Musk disclosed a 9.2% ownership stake in Twitter $TWTR in a 13G filing. Musk has amassed roughly 73.5 million shares for a value of almost $3 billion.

According to the filing, Musk has been buying since the middle of March.

[Read more…]

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