Welcome to the recap of Wednesday'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. You'll find the latest episode here.
** SPECIAL ANNOUNCEMENT ** Martin Pring will be on the show next Wednesday, 10/25!
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.
Your comments, questions and suggestions are welcome. Our Twitter handle is @MktWatchersLIVE and/or #mktwatchers, email is marketwatchers@stockcharts.com and our Facebook page is up and running so "like" it at MarketWatchers LIVE. Don't forget to sign up for notifications at the end of this blog entry by filling in your email address.
What Happened Today?
Talking Technically:
Every Wednesday, Tom and Erin start the show off with important earnings announcements, economic news and developing news in the major markets. Housing starts were out this morning which came in just below market expectations. Building permits came in a bit lower as well. Mortgage applications composite index came at +3.6%, it was down last week 1.2%. The Purchase Index rose 4% while the Refinance Index rose 3%. The Refinance Index was down last week. Consequently mortgage brokers like NSM are beginning to take off. Earnings came out on IBM, they reported declining revenues for the 22nd quarter in a row; however, they beat estimates so the gap up on IBM makes Tom think it is a breakaway gap.
Guest - Julius de Kempenaer: We had the distinct pleasure of having Julius' company today. He gave us a very detailed presentation on Relative Rotation Graphs (RRGs) and how you can use them for trading as well as research. Below are some of the charts he presented. You will definitely want to go watch the recording today! If you can't, don't get to upset, he will be back on the show soon and is in the process of putting together some educational videos for our viewers that will be available soon.
Ten in Ten Before One: In this regular segment, Tom reviews ten charts in ten minutes with Erin's comments and comments from the Twitter "peanut gallery" peppered in there. Send in your symbol requests via Twitter (@mktwatcherslive) before the show or via email (marketwatchers@stockcharts.com) and we'll try and add them. Symbols reviewed today: VEEV, HTA, LPTH, IPL.TO, UUP, EXEL, W, TRTN, AAPL and KBH. You'll find all of the charts in the MarketWatchers LIVE ChartList, located at the top of the MarketWatchers blog homepage.
Looking Forward:
Tune in on Friday at 12:00p - 1:30p EST on 10/20 for a review of sentiment polls and numbers and see how everyone did on calling market action for this week. On Monday (10/23), Erin will be doing a presentation on the Price Momentum Oscillator (PMO) - how to use it, how to scan with it and how to trade with it, so don't miss it! On Wednesday (10/25), "Tech Titan" Martin Pring will be Tom and Erin's guest on the show.
