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Latest From The Blog

ChartSmarter Tuesday Game Plan 11/25/14

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Markets were off to a fast start Monday to the holiday shortened week and the Nasdaq led the way with a .9% gain. It is looking now for a sixth consecutive up week. The S&P 500 rose .3% as both indexes went out on session highs. Both are now in "overbought" mode with the Nasdaq sporting a RSI of 71 and the S&P 500 a 75. Traditionally anything above the 70 figure is considered stretched, but this market has been anything but ordinary. The oversold indicator at the 30 RSI number tends to work better as markets generally have a long bias. That is not to say the market can not correct at any point, and remember the RSI is a secondary indicator to the all important price. Retail was one of the winning groups Monday and a look at the XRT shows that technical analysis is not a perfect sport. If it were all technicians would be billionaires, but in my eye it remains a much more valuable tool as it gives you precise entry and more importantly exits to limit damage. The XRT took out a 90.09 cup base trigger on 11/9 rising almost 2% in robust volume. The pattern had a V shape to it which are failure prone but this ETF looks as if it wants to thrive. Notice how the round numbers theory came into play here at the very important 90 handle. It came within one penny of of taking it out on 9/18 before retreating and to demonstrate that former resistance becomes support on 11/18 it went back to test the breakout trigger and did so almost exactly with a low of 90.03 on 11/18 before bouncing.

A Peek Into ChartSmarter

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Each week at ChartSmarter we like to bring to a little insight into what we do on a daily basis. We have been at it for more than 4 years and we love doing it. Each night we detail 8 to 10 of our favorite ideas, both long and short, for the next days session. We do NOT have a chat room, nor are we active “tweeters”. We like our business growing by word of mouth. Here are a few examples of ideas we recently examined in our Daily Game Plans, exactly how they were written. For those who would like to see a full copy of our Monday Game Plan, email me at chartsmarterblog@gmail.com. In Thursdays Game Plan we looked at recent lodging IPO LQ. LQ recorded a very bullish outside week gaining 3.3% after announcing a public offering, a very common theme recently. Most impressive was the action Tuesday with a precise bounce off the 50 day SMA just what one would like to see from a leader. It did keep the bulk of its gains Friday and notice how well LQ has defended the round 20 handle since taking it out on 10/27.

ChartSmarter Monday Game Plan 11/24/14

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Markets started strong Friday but ended up giving the vast majority of their gains back by the close. For the week the S&P 500 rose 1.1% and the Nasdaq by .5%. The YTD lead the Nasdaq is enjoying over the S&P 500, by a 12.8 to 11.6% margin, is dwindling and should be an interesting race to see who comes out on top. New 52 week highs steamrolled lows with the tally 194 to 10 on the NYSE and 129 to 30 on the Nasdaq. Keep in mind though there were countless intraday reversals to be concerned about. That being said the bulk of the new 52 week highs came from the retail sector and although many attribute that to the falling price at the pump, it is too soon for that to be factored into the equation. Do remember however that stocks tend to look 6 months into the future so the anticipation of a juiced up consumer is taking place. We like to try and find names that most tend to overlook and some that fit that role are MIK and BURL. MIK fresh from coming public once again is higher by 21% the last 2 weeks. No reversal for this name Friday as it went out on highs and is higher 11 of the last 14 weeks. It reported earnings Thursday and rose 1% and also jumped 9.2% on 8/27 after its only other earnings release. BURL is another name in the sector that recently went public and is higher by 63% since inception last October. It is a well managed firm as it has reacted very well to earnings the last 3 times rising 3.1, 5.3 and 15.8% on 9/9, 6/10 and 3/20. More impressive are the technicals as BURL has CLOSED on a weekly basis the last 3 weeks all within 9 pennies of each other.

What Readers Say

Amazing work in this piece. Truly inspirational! You gotta keep this up. Good luck next week.
Stewie, ArtofTrading.net
On Monday I played 3 of your alerts:  JACK = $110, AVD = $600, and SPW = $700. Today I played 2 more of your alerts: ALL =  $300 and WYN = $280.  THANK YOU!
JT
I know Doug from the Carlin days in 1999.  He’s the hardest working technical trader out there and shows no bias in his analysis.  A must read in any market.
Dan Shapiro, AccessATrader.com
Some great setups in @chartsmarter’s service tonight. Do yourself a favor and take it for a test drive. You will be glad you did.
Andrew S