wow, breakdowns everywhere.....anyone see HMO index, goodbye ...and Materials sector(XLB)......

GDP number out tomorrow morning - 3% is expected - should direct trading tomorrow.    A high number could mean more rate hikes, but a low number means the economy is indeed slowing down, which seems to be a major concern now.     Still no real nice charts on the long side.     Do we continue today's negative reversal?

Josh, are we out of the "oversold" realm yet?

ORKiter!!!!!!!!!! You beat me to it. I just came on to post that!!!



Nice job.

Breakdowns everywhere. If I took all the good shorts I scanned tonight I would have 30 new shorts!!!

Some indicators have worked off oversold conditions. I will post some articles in a bit.

What is up with the nat gas sector?  SWN and DVN both having good weeks, even NGS a little bit.  Cramer was talking about the 1st two on his radio show last week.

New Swing Longs: NONE

New Swing Shorts: CGX IJS LHO IJT HYDL DRIV SYNA RRGB NCC RACK FDX

Longs Outperforming: AKAM-130 STNR CTV BOT CTCI-67 LMT PAY-31 SEIC VLG-31 MO BWP TYL FORR DLP ABI GISX BSML

Shorts Outperforming: SWC JOYG BPFH ELY USG WSM RTP RES AVID MEOH MAFB BTH APOL GYI TXRH XNPT PBE MAS PII CXG POOL PWC VO OPTN IYT SUPX NTE GE WFSL PDCO ESIO C AME HTLD VXF VB WTI WERN FRC RS DSL CATY AF WTFC HMY IFX X STLD CPF MAR AGP LDSH EXBD NCI

Stocks On Radar Screen: STR CTV SWY BRR LBIX IMAX STEC

Cover Shorts: FRZ AB HVT

The trend is down in all of those stocks. It is just a matter of time before all of them crack. Too ugly of a chart on all of them after HUGE runups.

NGS already cracked. That baby is not going to see new highs for at least another year. Way too much technical damage.

SWN: Not much time is left for this sucker play.

DVN: that is the strongest chart and all that volume in this recent base has the classic sign of churning.

Cramer is a trapped bull(sheet).

Mauitrader and other forum members:

What main indicies do you watch in telechart?
And have you made a special watchlist for it...

E.g. I have 'Market Indicies and Leader' which contains:

SP500,
SP600
NASDAQ
DOW JONES
NYSE
RUSSEL 2000
CBOE oil index
Will be adding market leaders soon to also assist in gauging the market direction.

Anything else worth watching?


Regards,
Laf

Another Q for tc users:

Do you have any methods you like to use to determine industry leaders with tcnet, rather then just price reaction to a rally?

Initial GPD numbers coming in a bit light...2.5% rather than 3%.

This should signal to the FED that they should have ended their job Mar/Apr time frame...however, we can not change the past just learn from it.

GDP number will not impact the market, look for earning disappointments to lead the way.  Trend is down, it will stay down for a bit.

Anyone notice CVX exhaustion gap yesterday?

Down big at the open.

CVX posted huge YoY profits and it puts in an exhaustion gap...telling me people are willing to sell CVX...and with Oil's exhaustion gap two weeks ago...Oil Sector is weakining.

this mkt is ridiculous and will prob be volatile like this til Fed comments on Aug 8.......stupid to buy into this noise about fed hype re: not raising anymore on Aug 8th, since mkt usually goes down after fed stops tightening since they usually wait to stop once economy shows its slowed since they historically overtightened(ie- today's GDP #'s).....today is suckers rally, especially w the inflation #'s that surged on this GDP report.....and we are going into AUGUST/SEPT the worst 2 months

"Investors cheered after the Commerce Department said GDP growth slowed to a 2.5 percent annual rate from 5.6 percent in the first quarter. Although the reading drove concerns that the economy could be headed for a downturn -- economists were predicting a 3 percent rate -- it reinforced beliefs that the Federal Reserve may not need to hike interest rates further."

It's frustrating though to short right now too because everytime it looks like things are going to finally crack, we get a rally like today.   It's hard to find patterns right now that behave the way I expect them to, especially in the commodity areas.   They look like they're about to breakdown, but then just when you expect them to, they rally back up.   Maybe it is just going to take more time.   But it's frustrating.  

ps- mkt definitely hasnt priced in slower grwth in 2H this yr which is what is going to happen when you see a GDP report like this mornings......so important why charts are important(not just findamentals) as many stocks reporting record earnings have charts showing slowdown and these co's wont report a slowdown or revise #'s probably until the end of this qtr before next earnings season.............today's AM spike in the mkt from trying to say the GDP report is positive is silly, like the old saying goes "lets put some lipstick on this pig" ........although i wont disagree that some stocks could still rally into what the fed will due so shorts could be volatile .......this GDP report confirms what the materials and transports have been showing in their breakdowns

lafayette, use the custom sort screen to just find the sectors that are rising the most when the market is up or down.  I don't use the industries in TCNet. I use IBD Industry groups.