ChartSmarter Tuesday Game Plan 9/8/15

Markets concluded another volatile week as seasonally it historically does this time of year. The Nasdaq lost 4 of 5 sessions this week with all 4 CLOSING in their lower halves and the one up session a 2.5% gain on Wednesday on tepid trade. It fell 3% and remains 10.5% off recent all time highs and YTD is now LOWER by 1.6%. The S&P 500 fell 3.5% for the week and is precisely 10% off its all time highs. On Tuesday it found some bids near the round 1900 figure and still looks poised to retest the lows of 1867 which coincidentally many are calling for and perhaps for that reason it may not occur. It has now declined 6.7% YTD. Some retail plays are showing some excellent relative strength, with LE the most notable. It has put up back to back double digit weekly gains of 10.2 and 16%. This weeks volume was the second strongest weekly trade of the year. The stock was spun out of SHLD last April and rose a very impressive 25 of its first 38 weeks trading. However since the week ending 1/2 through 8/21 it fell 25 of 34 weeks. LE is now on a 9 session winning streak with volume perking up in the days BEFORE its 5.1% earnings gain on 9/3, its first gain after reporting numbers in its last 4. The prior 3 slumped 4.6, 2.7 and 7.3% on 6/4, 3/25 and 12/10. On the opposite side of the spectrum as if we needed any reminder of how sour the commodity space has been as of late JOY sliced almost a quarter of its market cap off this week falling 22.4%. Trade was gigantic with volume easily the strongest in the last 5 years.