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Death by 1,000 Cuts

It's an ugly way to go, so let's hope something shakes this market up -- because right now it's going nowhere fast; also, let's check Tesla and Pinterest.

The Market

It was another day of the indexes going nowhere. In fact, they have basically gone nowhere for two weeks. With the mega-cap tech names up after hours, let’s see if tomorrow turns out to be a day where they get all the love (and therefore move the indexes) and everything else sits it out.

At least breadth was good today, not flat like yesterday. That keeps the indicators heading up, not down.

There were two minor surprises for me today. The first was that the put/call ratio, after being so low for two days surged back up to .81. Maybe folks were looking to hedge, because the market was so sloppy, but it seems excessive to me to be jumping around like that.

The other sentiment indicator of note is that the Investors Intelligence bulls backed off by 4.5 points to 59.2. While 59 is not exactly a show of bearishness, I think it tells us what the last few weeks of chop have done to investors in general. They have decided to pull back.

Of course if you want the other side of the coin, we have the ISE Equity call/put ratio which is over 2.0 for the first time since March 1.

I think we can get pockets of strength here and there, but mostly there is very little follow-through. And that is true for the upside, as well as the downside. Something will need to shake this market up, because what we have is death by a thousand cuts.

New Ideas

I want to circle back to the chart of the emerging markets exchange-traded fund, iShares MSCI Emerging Markets (EEM) - Get Free Report. It has moved up a bit this week and is currently sitting at that $55 level. It really needs a breakout to capture some attention.

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The other day we looked at the Chinese ETF FXI (FXI) - Get Free Report -- and I offered up EEM Instead, but thought FXI was OK, just EEM was better. However, it has come to my attention that I should have offered up Xtrackers Hvst CSI 300 China A-Shs ETF (ASHR) - Get Free Report as another choice for a Chinese ETF.

It’s chart is cleaner and clearer when it comes to a breakout. Over $40 will do it.

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Today’s Indicator

The Volume Indicator hasn’t changed in a week. It remains in the low 50s, off the overbought reading but not oversold.

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Q&A/Reader’s Feedback

Helene welcomes your questions about Top Stocks and her charting strategy and techniques. Please send an email directly to Helene with your questions. However, please remember that TheStreet.com Top Stocks is not intended to provide personalized investment advice. Email Helene here.

United Parcel Service (UPS) - Get Free Report measures to this $195-$200 area, so I would expect it to take a break and have a rest here. But it hasn’t done anything wrong yet.

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Pinterest (PINS) - Get Free Report is another one of those charts that looks like a top and even when it collapses on earnings it doesn’t break. I’m not terribly interested in picking at bottoms in stocks like this, but if it comes down to the $60 area in the next few days, then the risk/reward for a trade gets better, because you know if it cracks much under there, you are wrong. I’d rather buy a stock that is bottoming, though.

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Tesla (TSLA:Nasdaq) rallied to resistance and is now coming back to support. I suppose it ought to rally again from support ($675-$680), but mostly it looks to me like the best it can do is go sideways until the market is back to oversold again. There is so much of this going on: choppy trading with a whole lot of sideways going on.

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