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Tom Bowley's Market Chatter for May 17, 2013
Tom Bowley - May 17, 2013
Max pain did NOTHING to slow down the bullish action this week. As is so often the case, nothing seems to slow down a bull market. Prices simply move higher. Bad news is ignored. Bad earnings are contained. Overbought conditions remain that way. Sure, we'll see more selling at some point, but trying to time the exact top is dangerous if you're bearish U.S. equities. I am not bearish and suggest that any pullbacks are viewed as opportunities on the long side . . .
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Tom Bowley's Market Chatter for May 10, 2013
Tom Bowley - May 10, 2013
The NASDAQ is on pace for perhaps 1.9 billion shares as it keeps moving up day after day after day. Semiconductors have shown excellent strength for the third straight week and it's certainly being reflected in the overall outperformance by the tech-laden NASDAQ index during that period . . .
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Tom Bowley's Market Chatter for May 3, 2013
Tom Bowley - May 03, 2013
Much better than expected news on the employment front has sent stocks spiraling higher today. We were nowhere near overbought from the recent upward surge in equities and both the daily and weekly charts were supporting a move higher. Therefore, given the solid economic news this morning, I'm certainly not shocked by the market's reaction . . .
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Tom Bowley's Market Chatter for April 26, 2013
Tom Bowley - April 26, 2013
On Thursday, the S&P 500 moved to within less than one point of its all-time closing high just above 1593 before retreating. The NASDAQ tested its multi-year closing high of 3300.16 (it moved fractionally above that level intraday) before failing into the close. Key industry groups like the semiconductors ($SOX) and banks ($BKX) either tested or approached their key resistance levels before faiilng into the close as well . . .
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Tom Bowley's Market Chatter for April 19, 2013
Tom Bowley - April 19, 2013
It only takes one quick glance at the daily charts on our major indices to realize that it's been the most difficult week of the year for the bulls. But let's also realize that there's never been a bull market without pullbacks to unwind the enthusiasm for the advance. It creates sellers and a potential basing period from which to launch another leg higher . . .
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Tom Bowley's Market Chatter for April 11, 2013
Tom Bowley - April 11, 2013
The action on Wednesday really couldn't have been much better. The long-awaited breakout on the S&P 500 to all-time highs finally occurred. I felt it was only a matter of time as our most aggressive index - the Russell 2000 - made its breakout long ago. Then the Dow Jones followed suit. The S&P 500 was likely to do the same, the only question came down to WHEN. Well, yesterday was the day . . .
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Tom Bowley's Market Chatter for April 5, 2013
John S Hopkins Jr - April 05, 2013
Traders are not happy with this morning's jobs report with all of the major indexes lower and near or below key technical levels. Volume has picked up some but nothing out of the ordinary that would indicate wholesale selling . . .
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Tom Bowley's Market Chatter for March 29, 2013
Tom Bowley - March 29, 2013
Here's the good news! The S&P 500 is trading at 1568 at last check, above key closing resistance of 1565! Is it time to celebrate? Well, you might want to hold off on the bells and whistles. The problem with today's rally is that (a) volume is extremely light and (b) healthcare and utilities - both defensive groups - were leading the rally . . .
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Tom Bowley's Market Chatter for March 22, 2013
Tom Bowley - March 22, 2013
After more back and forth action, we're basically right back where we started yesterday morning. This has been a difficult period to trade as the market just churns. There remains an upside bias, but the gains have been minimal and the volume has been very light . . .
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Tom Bowley's Market Chatter for March 15, 2013
Tom Bowley - March 15, 2013
S&P 500 closing price resistance is 1565. Yesterday, we closed at 1563. After selling off earlier today to 1555, the S&P 500 has rallied and is again very close to this key resistance level. Personally, I don't expect this level to hold off the bulls. Instead, if we pullback, it's likely going to be the result of short-term overbought conditions and a normal unwinding of those . . .
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Tom Bowley's Market Chatter for March 8, 2013
Tom Bowley - March 08, 2013
A very solid jobs number this morning sent the equity markets higher at today's open. But to keep the bulls honest, we saw an immediate pullback into a trading range that's been quite familiar to traders, especially those trading NASDAQ stocks. The uptrend is much clearer on the Dow Jones and S&P 500 over the past 3-4 trading sessions, while the NASDAQ has traded more sideways . . .
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Tom Bowley's Market Chatter for March 1, 2013
Tom Bowley - March 01, 2013
One thing is certain. The market environment is now such that impulsive selling has become a bit more normal. We haven't seen too much selling since the mid-November low with the one exception being the fiscal cliff issues just before year end. That seems to have changed - at least temporarily. . . .
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Tom Bowley's Market Chatter for February 22, 2013
Tom Bowley
All of our major indices fell beneath 20 day EMA support on Thursday's close, a near-term bearish development that confirms many of the warning signs discussed recently. Today's upward movement is nice on the surface, but volume is lower and the rally is being led by the beaten down and oversold basic materials sector. There's much more work to be done by the bulls before declaring yesterday's action to be a near-term bottom. . . .
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Tom Bowley's Market Chatter for February 15, 2013
Tom Bowley
There's still a lot of time left in the trading day, but not in the current Bowley Trend NEUTRAL period. That period ends at the close today, at which time 2013 will welcome in its first historical BEARISH period of the year. This will occur as all of our major indices are displaying long-term negative divergences. . . .
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Looking for Market Diamonds? Check out this Strategy
Tom Bowley - February 10, 2013
One of my favorite scans to find stock trading candidates is to first identify stocks with exceptionally heavy volume during earnings season. But that's simply the very first step. Obviously, the volume could be occurring for all the wrong reasons with a stock being hammered to the downside. I don't like stocks being sold on big volume. While some might argue that from a "value" perspective, it's become cheaper, I follow that old Wall Street axiom. It goes something like this. . . .
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Tom Bowley's Market Chatter for February 8, 2013
Tom Bowley - February 08, 2013
We're seeing relative strength from the NASDAQ, which is always a good thing for equities. Much of it is due to renewed strength in Apple (AAPL) shares as that tech giant finally cleared its first hurdle - price resistance at 460 - on Thursday's close. It has extended its gains this morning to test its falling 20 day EMA. . . .
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