Market Talk


Market trying to place a few lines in the sand on monthly 20sma holds. Too early to tell whether we have the bottom of our range (it is a monthly candle after all) but here is a quick look at what is holding up in this market.

LMT from MarketSmith’s RS Line New High scan fantastic strength. Hasn’t even give up the 20sma on daily. Too extended for us here to be interested but put on your list for pullbacks.

CECO also from the RS Line New High scan fantastic strength and heading into new highs.

VOYA from the Near Pivot scan nice base on weekly. Not a good stock for tight stop/short time-frame swing but we like it for longer term swing/wider stop. Nice hold on 20sma weekly

Let’s take a quick look at some IBD 50 stocks. BOOM IBD #33 – blast from the past here as we used to trade this name quite often back in the day. Very nice strength and good to see it in the IBD 50. Adding back to watch-list.

TWTR #14 IBD 50 list note the base test and bounce. Over 37 and it could get some legs.

SPY monthly 20sma held — has until end of June to hold.

QQQ 20sma monthly same thing — again tough to trade our time-frame off monthly but they are valuable for perspective/bigger picture.

It hasn’t paid to be patient with swings recently — until that changes we’re looking for singles and doubles. See you on the streams. HCPG