As Goes __, So Goes the Market

The following is just a small excerpt from my latest Weekly Strategy Session (please click on that hyperlink for details about trying it out). which I published for members and 12631 subscribers this past Sunday. 

Some of the “old school” market types may view General Electric and IBM as two of the quintessential broad market bellwethers, or “tells.”

If that is the case, then you can clearly see that both GE and IBM are not particularly inspiring for bulls. General Electric is struggling to hold its 200-day moving average after notably lagging the market all of last week, and IBM continues to operate below a clearly-declining 200-day moving average.

 

 

 

A more recent popular broad market tell has been Goldman Sachs. Along similar lines to GE, you can see Goldman trying to hold its 200-day moving average. 

Indeed, you might argue that all three of these major stocks need to be monitored in the coming week to see if they truly have been tipping us off to looming broad market weakness.

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Looks…interesting. What say you?

Hat Tip: Downtown Josh Brown 

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I am back to looking at McDonald’s as a short idea for Monday, especially with weakness down away from the declining 200-day moving average. If price moves back under $96 I will likely enter the short. McD’s remains a damaged chart technically on multiple timeframes.

And on the long side, despite the sloppy day the ETN chart had on Friday corn futures are near session highs overnight. I am long CORN and obviously looking for that soft commodity to push higher yet.

Drop me your top tickers overnight.

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A big congratulations to “elizamae” for correctly guessing the mystery chart from my last post.

As eliza noted, the chart is a quarterly view of the major biotech firm, Gilead.

Specifically, here is what eliza had to say:

I believe this is a quarterly chart of an old Rhino favorite, $GILD. Hard to argue with the parabolic move in biotechs of late…but these moves always come to an end sooner or later.

It would be extremely difficult for me to have confidence going long here…even less confidence going short…so I’d rather eat some popcorn and wait to see how it shakes out.

In addition, a tip of the hat to the estimable trend follower @JBoorman for also correctly guessing the chart on Twitter around the same time eliza did on the blog.

What do you think about Gilead and the biotechs here?

Thank you to everyone who played.

I will be back later with ideas for Monday.

But I already gave tight analysis in my latest Weekly Strategy Session published, earlier today. Check it out!

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Hint this week: Quarterly timeframe.

Try to guess:

1. The ticker symbol of the chart;
2. The sector in which the stock trades; and
3. Whether or not you think the stock will move higher or lower throughout the end of the winter months.

Thank you to everyone who has been playing along.

Please click on chart to enlarge

[Members: My latest Weekly Strategy Session has been published]

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Back with some charts and ideas later…

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