Note: I have an appointment in the morning so there won't be watchlist for Monday.
Obviously last week was bad for the bulls. There was a lot of technical damage done on higher than average volume. The usual index charts are below along with a bunch of individual stock charts. Sorry that i couldn't get to all of the requested charts...
Here's the Nasdaq chart:
The S&P 500:
The Russell 2000/small caps continue to lead the way down:
Here's Crocs, Inc. (CROX). Are they about to do a Heely's (HLYS) dive?
Even the mighty Apple Inc. (AAPL) got hit last week:
Ditto for the even mightier Google Inc. (GOOG):
Speaking of mighty, Goldman Sachs Group Inc. (GS) has managed to stay above the financial fray and seems to be taking money from all the lesser firms. But even they took a hit last week.
The other day I mentioned that I was stalking VMware, Inc. (VMW). I'm almost embarrassed to admit that I bought some VMW on Friday in my IRA at $89. There was no technical reason, I just thought the selling was over-done (-30% this month). My stop loss is in place in case I was dead wrong.
Here's Lululemon athletica inc. (LULU)
And eBay Inc. (EBAY)
It's safe to call Abaxis, Inc. (ABAX) a leader right now:
Garmin Ltd. (GRMN) is no stranger to wild swings... not for the faint of heart. I gave up day trading GRMN long ago because it acts like a thinly traded stock with wide spreads, etc.
It was a wild week in solar stocks, including Evergreen Solar, Inc. (ESLR)
Here's iShares FTSE/Xinhua China 25 Index ETF (FXI), a China proxy:
Here's Toronto-Dominion Bank (TD). Will the Canadian banks get dragged into the muck with their American counterparts?
And last but not least, an oil play -- Diamond Offshore Drilling, Inc. (DO)
Two more downgrades. We've swung from everything up to almost everything down with a quickness.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
| Primary | Up | Down(-) | Down |
| Intermediate | Down(-) | Down | Down |
| Short-term | Down | Down | Down |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I'm simply using the indices' relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
Great charts, Mike. Thanks a bunch. What do you make of the fact that the OBV is out of line with your reads of the trendlines and other TA factors?
Are things just really messy? Is it because there's been so much volume in such little time that that indicator may be off? Or maybe it's more important now than ever?
Thanks.
In the charts above, $COMPX and GS are failed breakouts to highs. Probably more downside ahead after a weak rally.
Hey Mike, thanks for the ChartFest.
I've noticed you used 10 and 40 DMA for FXI, TD and DO. Is there any particular reason?
I am also wondering how you decide the time frames of charts. Do you extend the time frame until you find a solid trend line?
Thanks again.
Jason -- I'm not sure what to make of it. There always seems to be at least one indicator that's "out of whack" with the rest of the picture. You may be right though about the high amount of recent volume.
Nick -- I switched to the 10 and 40 period MAs for ESLR and FXI because they're weekly charts. I was trying to approximate the 50 and 200 DMA. I forgot to switch them back for the daily charts of TD and DO. D'oh!
great stuff. I hate charts until there is a meltdown so you can get a little entry help.
These charts are interesting and educational. Thank you!