Welcome to the recap of Friday's MarketWatchers LIVE show, your antidote for the CNBC lunchtime talking heads. Listen and watch a show devoted to technical analysis of the stock market with live market updates and symbols that are hot.
Information abounds in our Monday/Wednesday/Friday 12:00p - 1:30p shows, but we will give you a quick recap. Be sure and check out the MarketWatchers LIVE ChartList for many of today's charts. Your comments, questions and suggestions are welcome. Our Twitter handle is @MktWatchersLIVE (#mktwatchers), Email is marketwatchers@stockcharts.com and our Facebook page is up and running so "like" it at MarketWatchers LIVE.
What Happened Today?
Talking Technically: On Friday Tom and Erin focus on interesting earnings news, social media questions/polls, etc. This afternoon, Tom started with a look at the $TNX and discussed the negativity Retail Sales report, Consumer Sentiment, May Business Inventories, etc. You can find these reports and the economic calendar on Bloomberg.com at this link.
Additionally, Tom and Erin reviewed some upgrades: JP Morgan (JPM), PNC Bank (PNC), Wells Fargo (WFC) and Citigroup (C) and some downgrades: F5 Networks (FFIV) and Snapchat (SNAP).
ETF Focus: Tom and Erin discussed interesting ETFs. Tom said that if you want some diversification within the financial sector, KBE looks good. BBH was looking strong. IYZ, Tom says the $31.50 level is important.
Erin looked at two viewer requests, EEW and EWZ.
Agree or Disagree: Tom asked the audience (and Erin) whether they agreed that TLT will not surpass the June high. The real-time poll on GoToWebinar, showed that 58% agreed it would be the final high for the year. If you'd like to vote, you can take the poll on Twitter right here.
Ten in Ten Before One: In this regular segment, Tom reviews ten charts in ten minutes with Erin's comments and comments from the Twitter "peanut gallery" peppered in there. Send in your symbol requests via Twitter (@mktwatcherslive) before the show and we'll try and add them. If we missed them this show, we have many of them in the queue for Monday. Symbols reviewed today: DE, X, TGI, OZM, GOOGL, MRE.TO, JCP, EW, JCI and URI. You'll find all of the charts in the MarketWatchers LIVE ChartList, located at the top of the MarketWatchers blog homepage.
Earnings Spotlight: Tom wrote a great article this morning in his Trading Places blog regarding the big name earnings announcements. Banks are number one. Here is the link to his article.
DecisionPoint Report - Sentiment: Erin went over the DecisionPoint sentiment charts for the American Association of Individual Investors (AAII), National Association of Active Investment Managers (NAAIM) and the Rydex Asset Ratio. She did a complete write-up on these charts in this week's ChartWatchers article.
Mailbag Segment: Each show Erin and Tom answer questions received via Twitter, Facebook and Email. Tom was asked whether he drew trendlines along the "body" of candlesticks or along the "wicks or tails". Tom typically uses the bottom of the candlestick bodies, but there is no wrong or right way. Erin was asked about a possible bottom on USO to which she replied, "not likely". USO has now hit a strong resistance area. Indicators are looking better, but the risk here is great. It wouldn't not be out of the question that USO could drop to the $8.00 level before it's all said and done.
It's a Wrap! The Twitter viewer poll from Monday showed sentiment split evenly among higher, lower and unchanged for the week. It appears 1/3 of viewers were correct with the SPX closing 1.41% higher for the week. Look for our weekly sentiment polls at @mktwatcherslive. This week, Tom and Erin are in agreement. Erin believes the market will finish lower next week. What do you think? Our viewer poll will be open on Twitter until showtime on Monday at noon EST.
Looking Forward:
Tune in on Monday at 12:00p - 1:30p EST on 7/16 for Monday Set-Ups. Tom and Erin will discuss which charts look hot or not for the upcoming week.
The regular segments, Ten in Ten to One and Mailbag are also on tap for Monday, where we look at your recent questions and symbol requests.
Don't miss it!!
