Monday Market Recap: A Look Ahead

Before I get started I just want to say WOW! Its like 1999 all over again but its not exactly the same (Tech is hot but not 3 alarm hot). This time its the metals and miners. Everyone is talking about Gold but Silver and Uranium stocks are just outright filthy smoking hot right now and there is now articulate way I know how to express that. If you have missed this move  I think you have to find a way to get in on pull backs or buy small amounts and keep tight stops on them so you don't get hammered. These stocks are very small in terms of market cap a couple I have went up over 30% yesterday. Look into ETFs as well there is a new one symbol URA and NLR which are basket of Uranium miners. So party on!

Stock futures were moving a little lower in the early going on the back of a rise in the greenback and lower European markets. There was no economic data scheduled for release today.

The week began with a four point gap lower. The index moved lower until 10:00 am before bouncing a few points. A sharp downward move began just before 11:00 to put the low of the session on the chart at 11:03 and then the bears once again vacated and allowed the dip buyers to move the tape higher most of the rest of the day as the session closed near the highs after another tight range session.

For the SPX Index there were 197 Advancers/290 Decliners. On the NYSE 3,129 issues were traded with 1,386 advancing issues and 1,633 retreating issues, a ratio of 1.18 to one declining. There were 287 new highs and 13 new lows. The five day moving average of New Highs is 254 while the five day moving average of New Lows is 9 and the ten day moving average of Net Advancing is 383. The Net Advancing data indicates a bullish trend.

Declining volume was higher at a ratio of 1.18 to one. The closing TRIN was 1 and the final tick was 520. The NYSE Composite Index lost -0.24% today while the SPX lost -0.21%.

For the NYSE, relative to the previous 30 session average, volume was -13.88% below the average. Of the last 15 sessions 7 sessions ended with volume greater than the previous rolling 30 day average volume. Of the last 30 sessions, 25 sessions ended on a positive tick, 8 of last 10. For the SPX, the day's volume was 85.7% of the average daily volume for the last year. Volume was 87% of the last 10 day average and 66.5% of the previous day’s volume.

Total tick for the day was 105,000 and the average tick for the day was 68. There were 73 ticks greater than 600 and 50 ticks more extreme than -600. There were 3 ticks greater than 1000 and 2 ticks more extreme than -1000. The tick action suggests institutional accumulation.

Intraday volume patterns still are showing increased volume on down moves. The nightly breadth indicators are mixed but continue to suggest that we are recovering from a pullback that we never saw.


63.40% of the SPX components are giving a crossover Buy signal; 11.60% of the SPX components are giving a Sell signal. This is a 5.5 to 1 ratio of Buy signals over Sell signals.

71% of the SPX are above their five day moving average, 81% are above their 10 day average, 78.8% are above their 20 day moving average, 85.8% are above their 50 day moving average, 89% are above their 100 day moving average, 81.8% are above their 150 day moving average, and 79% are above their 200 day moving average.

There were no significant moving average crossovers today but we still see Russell Technology and the SOX moving closer to their Golden Cross.