Welcome to the recap of Monday's MarketWatchers LIVE show, your antidote for the CNBC/FBN lunchtime talking heads. Listen and watch a show devoted to technical analysis of the stock market with live market updates and symbols that are hot. Watch the latest episode here!
Information abounds in our Monday/Wednesday/Friday 12:00p - 1:30p shows, but the MWL Blog will give you a quick recap. Be sure and check out the MarketWatchers LIVE ChartList for many of today's charts.
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What Happened Today?
Every Monday, Tom and Erin look at which charts are shaping up as "ones to watch" for the week, since Greg Schnell joined the show today, we also got his pick. You'll find all of Tom's Monday Set-Ups in his ChartList here. His pick for the week is CTLT:
Erin's pick this week came from her regular SPX PMO scan. Candidates that she found interesting were ALL, BBY, BOFI, ETFC, FITB, JPM, PNC, RCII, SCLN, TROW, UNM and WING. However, her pick this week is Ameriprise Financial (AMP) which coincidentally turned up on Tom's Monday Set-Up list for the day.
Greg is very bullish on the energy sector, but gas and oil exploration in particular. He did a scan on that particular industry group and decided on CNQ as his Monday Set-Up pick.
Special Guest: Greg Schnell: As noted above, Greg is very bullish on Natural Gas and Oil. He believe that the Energy sector has hit a cycle low and is due for a bull market. He also explained that it could be an advantage to buy Canadian commodities that trade on the US market. Since he suggests that the Dollar will likely fall a bit more, these stocks will indirectly benefit on pricing. For more, check out Greg's latest video.
Earnings Spotlight: Tom spotlighted Home Group (HOME). It reported earnings earlier this month and although they were positive, HOME took a hit. He likes that we are seeing a bounce off very strong support.
Ten in Ten Before One: In this regular segment, Tom reviews ten charts in ten minutes with Erin's comments and comments from the "peanut gallery" peppered in there. Send in your symbol requests via Twitter (@mktwatcherslive) before the show and we'll try and add them. Symbols reviewed today: FSS, THO, IMMU, TREX, HAIN, F, TRTN, ALB, SMG, GDX and FAST. You'll find all of the charts in the MarketWatchers LIVE ChartList, located at the top of the MarketWatchers blog homepage.
DecisionPoint Report: On Monday Erin analyzes DP indicators to give us a heads up on the market conditions as we start the week. She also reviewed the "big four": Dollar, Oil, Gold & Bonds. Today Erin reviewed Carl's Weekly Wrap published on Friday. Big picture: SPY is short-term overbought and could require some consolidation or a pause to clear those indicator conditions. UUP has a positive descending wedge, but support on the weekly chart is very low. GLD is pulling back likely to 1300. Oil should be in for more rally and Bonds are pulling back.
It's a Wrap! In closing Tom and Erin revealed their thoughts on where the market might be heading before the next show. Erin is still sitting mostly neutral, looking for some consolidation and an opportunity for her indicators to unwind. Tom and Greg both don't want to argue with current all-time highs being hit and are bullish going into the week.
Tune in on Wednesday at 12:00p - 1:30p EST on 9/20. Tom and Erin will be answering more mailbag questions, doing another Ten in Ten segment as well as regular market updates and indicator reviews!