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Latest Chartsmarter Game Plans
Industrial Sector Review: 1/14/21
Commerce Clues: I live just outside NYC and near some of the channels that surround Manhattan, and frequently a large container ships will pass by. Many have the Maersk sign on the side of the vessel, and it is a good thing to see, as global commerce pushes on. Remember stocks are discounting mechanisms, so they will often deliver accurate scenarios as to what may take place 6 months out. The marine transportation space is a small one, but AMKBY has good company with names that are acting well. CMRE is trying to approach the very round 10 number. MATX was rejected at the round 70 figure on Tuesday, but today filled in a gap from just Mondays session. It has demonstrated solid PRICE action POST breakout above a double bottom pivot of 59.74 taken out on 1/6. The chart below of AMKBY is acting very well itself with a clean break above a bull flag formation. Perhaps the overall group is giving investors a sanguine feeling about economic prospects internationally this year.
Healthcare Sector Review: 1/13/21
"Providing" Relief: As sexy biotech names capture most of healthcare investors attention, and deservedly so, the healthcare provider names have been under the radar. The group probably does not mind the focus elsewhere, as the funds PRICE action puts its head down and grinds higher. The ETF itself stormed higher by 6.6% last week in robust trade, and give big time credit for the consolidation the 8 weeks immediately preceding that, which digested the 11.6% romp the week ending 11/6/20. This week so far, albeit short lived, is stubborn in giving back any of those gains. The top holding in UNH has carved out a cup base pivot of 368.05, although it looks a bit reluctant to break above the trigger, but losses the last 3 sessions have been negligible. CVS, the second largest component, took out a cup base trigger of 74.74 on 1/8 and is quickly approaching the round 80 number, which has been tough to climb above dating back to 2017. This space has mojo, and that is often hard to reverse once it gets going.
Technology Sector Review: 1/12/20
Key Group: Looking on a very myopic viewpoint, with the sample of 2021 very small so far, technology is lagging somewhat as the XLK is down on the year, albeit fractionally by .3% (energy, materials and financials are by far the top 3, with the XLE up 11%, and the XLB and XLF each up better than 5%). The Nasdaq, S&P 500 and the Dow are each up better than 1% this year, and the Nasdaq did bounce, ever so slightly, but precisely off the very round 13000 number. A big bulk of technology strength emanates from the semiconductors, which rose 1.5%, solid relative strength as the Nasdaq fell 1.2%. Leaders that added more than 3% Monday included stocks like CREE MTSI and TSM. The latter name looks somewhat vulnerable here as it deals with a bearish engulfing candle from last Friday, at all time highs, which came in the largest daily volume in the last 4 months. AMBA rose more than 6% today, and was last profiled in our 12/18 Technology Note. All the names mentioned in this paragraph need to cool off, and perhaps that would be a well needed rest at their respective 50 day SMAs as PRICE catches up.