ChartSmarter Wednesday Game Plan 11/23/16

Markets continued to climb the proverbial wall of worry, or better yet it seems like there is no worry. The Russell 2000 is now higher 13 consecutive sessions and the Nasdaq and S&P 500 gained ground by .3 and .2% respectively. The Nasdaq has been pushed back just below the round 5400 number and the Dow and S&P 500 are playing with their own round figures as well. The clear winner Tuesday were the consumer discretionary stocks as the XLY rose by 1.2% (the XLRE was the best performer today higher by 1.8%, and healthcare was the only major S&P sector to fall with the XLV dropping 1.4%). Many retail names that reported earnings today impressed as many have been recently. They included DLTR, BURL, DSW and KIRK which advanced 8.2, 16, 7.9 and 7.3% Tuesday. Others that have fascinated are PLCE which jumped 13.2% on 11/17, and that was preceded by a 17% gain PRIOR to the release in the 6 days heading into it. Some casual dining plays put up powerful performances with JACK reversing strongly to the upside and and reclaiming a 99.11 double bottom trigger originally taken out on 11/14. CBRL rose 5.7% today after reporting numbers. To be fair there have been blow ups from ANF, a laggard which dropped 13.8% on 11/18 and GPS which slipped almost 17% on the same day. Major player WMT slumped 3% on 11/17. Some names I feel have run a bit to much to fast and they include KSS and below is the chart from the Thursday 11/17 Game Plan. It has now cut well into the bearish gravestone doji candle and I can absolutely be WRONG here and a recommended buy stop for this situation is at 56.60. I am wishing everyone an excellent Thanksgiving holiday.