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.
** Special Announcement **
Martin Pring will be our guest on Wednesday 10/25! Don't miss it!
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", ADM for Erin and GES for Tom. ADM was mostly unchanged by the end of this week - Starting price: $43.56 End price: $43.52. GES was up slightly on the week - Start price: $15.74, End price: $16.75. Awesome job, Tom! Today's Set-Ups included: Tom's pick is EXTR with a starting price: $11.60 and Erin's pick is AET with a starting price: $162.28. Tom did write about his pick in his blog entry this morning if you'd like to read more.
PMO Workshop: Erin gave us a complete run-down on what the Price Momentum Oscillator (PMO) is, how it is calculated, how to read it on a chart, how to use it as a market indicator and how to scan for investment opportunities using it. You will likely want to watch the re-run. If you "like" our Facebook page, you'll find our shows archived there. Here are a few critical charts she wanted to share here:
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: AAL, CALA, TACO, FIT, LEN, MGM, QCOM, SBAC, TLRD and TSLA. 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. Don't miss the DecisionPoint Weekly Wrap by Carl Swenlin on Saturday morning to get the scoop on market action the prior week and find out what the indicators are suggesting for the future. After reviewing the climactic, short-term and intermediate-term indicators below, Erin is bullish in all three time frames. Notice New Highs and breadth numbers spiking on Friday. Looks like an initiation impulse.
In short, Erin is bullish Dollar, neutral Oil and bearish on both Gold and TLT. She'll be writing about these and all of the other indicator charts in tomorrow's DecisionPoint Alert which you'll find in the DecisionPoint blog.
It's a Wrap! In closing Tom and Erin revealed their thoughts on where the market might be heading before the next show. Erin as noted above is still bullish and Tom is bearish given seasonality studies he has done.
Looking Forward:
Tune in on Wednesday at 12:00p - 1:30p EST on 10/25. Martin Pring will be with us giving you his expert perspective on the market!
