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OK, That Was Weird

This was an odd day in the market relative to what we've seen lately.

The Market

Today was one weird day in the market. Typically, when the small-caps ramp as much as they did today, breadth is explosive and very positive, yet that was not the case. Well, not for the NYSE, anyway.

For Nasdaq, it was another story. Net volume, which I complained about yesterday so of course today it ramped, soared to the highest reading since June 28. The commonality? The end of the quarter.

I don't want to rationalize the move, but I do think it had something to do with the end of the quarter since the last time we saw this sort of move was also at the end of the quarter.

And quite frankly, aside from technology and banks, most everything else milled around today, making it an odd day in the market relative to what we've seen lately, where the rally was widespread in many names and not so concentrated.

In any event, as I've said for quite some time, a strong Russell 2000, strong transports and good breadth are bullish. What is not bullish is that things felt a bit out of control today and, well, weird.

The utilities are down almost 5%. The Utilities Select Sector Fund (XLU) - Get Free Report is also nearing some support. I expect $52 to hold on this leg down for XLU.

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On the sentiment front, it's a mixed bag of sorts. The CNN Fear and Greed Index went down to the 60s and is now back to 77. Remember that over 80 and the market tends to stall out and/or correct. The put/call ratio for ETFs is now back under 100%. Yet the put/call ratio for the VIX has been 20% or lower for three of the last five trading days.

Typically, a low put/call ratio for the VIX is bullish, but when it happens very frequently we typically get a bout of volatility near term.

New Ideas

I have liked Target (TGT) - Get Free Report for quite some time, but it stalled out about six weeks ago. Despite that push up over resistance, it has lagged. Yet as long as it stays over this $57-$58 area, it seems to be digesting for the move to fill the gap.

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Today's Indicator

The Volume Indicator is at 54%. Once it tags that 55% area, it's overbought. So it's very close.

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Q&A

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.

Several months ago, I recommended First Solar (FSLR:Nasdaq) coming out of the head- and-shoulders bottom/base with a target near $50. It achieved that a few months ago. I don't see much to get excited about now because every time it has tried to break out recently, it has immediately come right back down. However, there is a very clear stop under $45 if you want to give it a try. I would prefer to wait until a pattern developed.

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Cedar Fair (FUN) - Get Free Report broke down from a top, rallied back to the breakdown, filled the gap and has essentially achieved the downside target of $62. I don't think it goes very far right now because it seems to me it will take some time to build a base that I could feel confident in, one that didn't make me think it could break down again. My guess is it's too early to tell if this is a waystation or the beginning of a base.

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For VanEck Vectors Gold Miners ETF (GDX) - Get Free Report, the $23 level has been key. When we last checked on it, I thought we'd see a bounce off $23, but it didn't feel like the bounce would be more than that: a bounce. If GDX can hold in this area in the next several days, I might be more interested in buying some. So I have my eye on it.

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