MrJohnRoss' Account Talk

[JTH]

Here's an interesting perspective on the market - the NYSE Composite Index, which is all NYSE listed stocks. Some possibly troubling signs here:

1) The Index is having difficulties retaking the uptrend line that goes back to June of 2012;
2) The Index has not broken above the downward sloping triple top line, and failed at it's latest attempt;
3) Possible head and shoulders formation taking shape;
4) Death cross of the 50 and 200 SMA

Other than that, things are looking nice and rosy here. Heh.


View attachment 31437

Perhaps a potential setup for an inverted head & shoulders, but that would mean we need a 50% retrace of the previous up-wave, roughly an additional -4% drop from current price. From that perspective, I'd like to see the neckline get tested again (for symmetry) before the next drop.

 

[MrJohnRoss]

Perhaps a potential setup for an inverted head & shoulders, but that would mean we need a 50% retrace of the previous up-wave, roughly an additional -4% drop from current price. From that perspective, I'd like to see the neckline get tested again (for symmetry) before the next drop.

Yes, I don't see any bears coming out of hibernation (yet). The bull market continues, although it is an aging bull. A -4% correction sounds reasonable at this juncture. Apparently Mr Market still wants to stomp around some more before he goes down.

 

[MrJohnRoss]

Been quietly trimming some of my stock positions. Taking some money off the table, a little at a time.

 

[MrJohnRoss]

Of the 10 most active stocks on the NYSE, Nasdaq, and AMEX, nine of them are down today. NYAD and NAAD are both lower as well.

I have one position with a very big gain; ARDX. I'm up 57% since my purchase on 10/3, and it's now my largest stock holding. Keeping a close eye on this one, as it's very overbought.

 

[MrJohnRoss]

I have one position with a very big gain; ARDX. I'm up 57% since my purchase on 10/3, and it's now my largest stock holding. Keeping a close eye on this one, as it's very overbought.

Wow, that happened really fast. Sold ARDX at 33.60 for a nice +52% gain. Looks like it's gonna print a shooting star today.

Let's play that game again sometime, shall we?

 

[MrJohnRoss]

The MOSI for most of the indicies were down again today. The exceptions:

XLY - Consumer Discretionary
XLF - Financial
XLV - Health Care
XLB - Materials
XLK - Technology
XLU - Utilities
S&P 100
S&P 500

Some of the above are "just barely" above a sell signal. So yes, there are some select pockets of strength. This market is not going down easily.

 

[MrJohnRoss]

Wow, that happened really fast. Sold ARDX at 33.60 for a nice +52% gain. Looks like it's gonna print a shooting star today.

Let's play that game again sometime, shall we?

Just an FYI, not all of my trades were this successful. Got rid of a few stinkers in the portfolio as well. Doh!

 

[MrJohnRoss]

The "good" news on the job report was a little bit of a market mover. Dollar much stronger today, causing metals and miners to go down. Interest rates up, which means bonds are down. Stocks up slightly - not much of a poop, I mean pop...

 

[MrJohnRoss]

Gold Shorting Exhaustion

Time to step up to the plate?

 

[RealMoneyIssues]

Gold Shorting Exhaustion

Time to step up to the plate?

Long article, translation, buy gold now?

 

[MrJohnRoss]

Long article, translation, buy gold now?

It's the reason that gold is beaten down that makes this article so interesting. Well worth the few minutes to read it, if you have the time.

 

[MrJohnRoss]

Quite a turn around for the markets today. Glad I sold off most of my stocks last week and holding some TZA as insurance.

Here's how the MOSI looks for different sectors:

XLY - SELL
XLY - SELL
XLP - SELL
XLF - BUY
XLV - BUY
XLI - SELL
XLB - SELL
$NDX - SELL
$COMPQ - SELL
$OEX - SELL
$SPX - SELL
$SML - SELL
XLK - SELL
XLU - SELL
$WLSH - SELL

Some of these signals are right on the borderline, but it's pretty obvious that there isn't much strength left in very many sectors. Proceed with caution of you plan to stay in the markets.

 

[MrJohnRoss]

Picked up some more TZA at the open. Likely support for the S&P is in the range of 2020 - 1978. Let's call it 2000 for easy memory. The 50 DMA is also at 1996. That's also a level of support. I'd expect a bounce in that range.

 

[MrJohnRoss]

Wow, nice comeback for the market today. Does this mean it's safe to swim in the waters?

 

[GUCHI]

Wow, nice comeback for the market today. Does this mean it's safe to swim in the waters?

Sure come on in the water feels fiiiiiiiiinaaaay

 

[MrJohnRoss]

MOSI update: only the Financials ETF (XLF) has a buy signal. Some insist on dancing on the zero line, but things still look unhealthy for the majority of the indicies. I'm sticking with my bond position, and will hope for a buying opportunity soon to come.

 

[JTH]

MOSI update: only the Financials ETF (XLF) has a buy signal. Some insist on dancing on the zero line, but things still look unhealthy for the majority of the indicies. I'm sticking with my bond position, and will hope for a buying opportunity soon to come.

Thanks, sorry I have to ask, but what does MOSI stand for?

 

[MrJohnRoss]

Thanks, sorry I have to ask, but what does MOSI stand for?

It's top secret, but since I trust you... it's the McClellan Oscillator Summation Index.

 

[MrJohnRoss]

Do I hear a waterfall?

Oh, it's just the market.

 

[konakathy]

Do I hear a waterfall?

Oh, it's just the market.

Thanks, Scrooge. That'll cheer me up this Christmas. :toung: