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.
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?
Monday Set-Ups:
Every Monday, Tom and Erin look at which charts are shaping up as "ones to watch" for the week, but to start, they reviewed last week's Monday Set-Ups "picks", WIT (Tom) and NTRI (Erin). Erin's pick won out handily with a near 5% gain on the week! WIT was mostly unchanged but Tom says he still likes the chart. Today's Set-Ups picks for this week were for Erin, RTRX which was at $24.29 as of airing; and Tom's pick is EW which was at $109.83.
Nice flag formation on RTRX as well as a PMO that is about to have a crossover BUY signal.
Tom likes Edwards Lifesciences (EW) at the top of gap support. EW reported excellent quarterly results in the past two quarters. Since its last report, it's traded mostly lower and has returned to a key gap support level established from its earnings announcement in late April. For more of Tom's Monday Set-Ups, check out his ChartList. The link is at the top of the Trading Places blog.
Technical Scans: Tom and Erin both shared some of their primary scans to familiarize viewers on how to use the advanced scanning workbench. Tom shared his volume scan that he does on his favorite ChartLists and Erin shared her PMO scan that she uses to find her own trading opportunities and to give you a Monday Set-Up. Here is the language for Tom's volume scan:
[type = stock] AND [Daily SMA(90,Daily Volume) > 300000]
AND [Daily SMA(90,Daily Close) > 1]
AND [Daily Volume > Daily SMA(90,Daily Volume)*1.5]
Erin's PMO Scan is below:
// Narrows down the universe to stocks with decent volume and from the US
[type = stock] AND [Daily SMA(20,Daily Volume) > 100000]
AND [country is US]// Keeps the penny stocks and high volatility stocks out of your results
AND [Close > 10]// This identifies a PMO that hasn't yet had a positive crossover its signal line
AND [today's PMO Line(35,20,10) < today's PMO Signal(35,20,10)]// This identifies a PMO rising for three days
AND [today's PMO Line(35,20,10) > yesterday's PMO Line(35,20,10)]
AND [yesterday's PMO Line(35,20,10) > 2 days ago PMO Line(35,20,10)]
AND [2 days ago PMO Line(35,20,10) > 3 days ago PMO Line(35,20,10)]//This ensures we get a positive IT and LT Trend Model configuration
AND [today's ema(20,close) > today's ema(50,close)]
AND [today's ema(50,close) > today's ema(200,close)]//This identifies stocks with SCTRs greater than 75 or in the "hot zone"
AND [SCTR > 75]
For more on scanning, take a gander at this helpful article.
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 and we'll try and add them. Symbols reviewed today: SEDG, TSM, PEP, SQ, KEM, PRGO, AUP.TO, INCY, AAL and IHI. You'll find all of the charts in the MarketWatchers LIVE ChartList, located at the top of the MarketWatchers blog homepage.
Site Feature of the Week (Predefined Alerts): Today, Erin discussed the predefined technical alerts panel on the member dashboard. She also went through how to transfer one of your scans into the technical alert workbench. By setting up one of your scans as an alert, you can be notified when the scan posts results either intraday or after the close or before the open. Alerts can be sent not only to email, but you can get alerted while you're on the site or by getting a text message. For more information on predefined technical alerts, you can read this article from ChartSchool.
It's a Wrap! Erin reminded everyone to not miss the DecisionPoint Weekly Wrap by Carl Swenlin published last Friday. He analyzed not only the weekly charts that had gone final, but he also reviewed the monthly charts which went final on Friday as well.
Looking Forward:
Tune in on Wednesday at 12:00p - 1:30p EST on 10/4. Arthur Hill will be joining us Wednesday to give us technical insight on the markets! You will not want to miss this!
