“Trade what you see; not what you think.” – The Old Fool, Richard McCranie, trader extraordinaire.
“The 2024 Republican nomination question was supposed to be: Could anyone harpoon the Great Orange Whale? Who knew that he would harpoon himself, repeatedly? Or that DeSantis, playing Captain Ahab, would pay Trump the sincerest form of flattery by imitating his persona as an unhappy warrior? The nation is dispirited by the prospect of an all-too-familiar binary choice (between Joe Biden and Trump). Republicans might soon recoil from another: between Trump and DeSantis...
...Putin has two hopes for a less than completely mortifying rescue from his Ukraine blunder. One is the election of Trump, whose frivolousness about national security complements his weakling’s admiration for a bully. Putin’s other hope is the election of DeSantis, who says (or said, before retreating when criticized) Russia’s attempt to erase a European nation is a “territorial dispute.” And whose pandering to Trumpkins prevents him from denouncing House Republicans who are as eager to abandon Ukraine as they would have been to abandon Czechoslovakia in 1938.” – George Will. Commentary at...
https://www.washingtonpost.com/opinions/2023/07/14/trump-desantis-not-inevitable/
Limitless ‘white’ hydrogen under our feet may soon shatter all energy assumptions (msn.com)
Another game changer? Maybe. Iceland creates hydrogen from electricity generated by inexpensive hydroelectric and geothermal sources. “For a number of years, public transport buses in Reykjavik, the capital, have been running on hydrogen-powered fuel cells. The next step is the introduction of hydrogen fuel cell cars for private transport. Eventually the entire Icelandic fishing fleet will be gradually powered by hydrogen fuel cells... One hurdle is that hydrogen fuel cells, seen as a way to provide electricity in homes as well as vehicles, rely on precious-metal catalysts like platinum.”
“Special climate envoy John Kerry has had his brain so thoroughly broken by climate change hysteria that he is in complete denial of the world around him. Kerry refused to characterize Chinese dictator Xi Jinping as a dictator... he continues to think that China is a trustworthy partner on climate change. While China’s carbon emissions continue to soar, Kerry is content only with the Chinese Communist Party’s promises that they care about this issue that they clearly do not care about... The climate cult is nothing if not delusional...” Commentary at...
John Kerry shows how climate hysteria forces you to deny reality (msn.com)
-Friday the S&P 500 dipped about 0.1% to 4505.
-VIX slipped about 2% to 13.34.
-The yield on the 10-year Treasury rose to 3.832%.
-Drop from Top: 6.1%. 25.4% max (on a closing basis).
-Trading Days since Top: 382-days.
The S&P 500 is 11.8% ABOVE its 200-dMA and 5.1% ABOVE its 50-dMA.
*I won’t call the correction over until the S&P 500 makes a new-high; however, evidence suggests the bottom was in the 3600 area and we called a buy on 4 October 2022.
I am not trading as much as in the past. You may wish to use the momentum charts and/or the Monday, 40-day gain charts for trading the Dow stocks and ETFs.
XLK – Technology ETF.
XLY - Consumer Discretionary ETF.
KRE has not breached its recent low around 36.
We look at a summary of indicators on Friday: The weekly rundown of indicators moved a little more strongly to the Bull side (now 5-bear and 17-bull). (These indicators tend to be both long-term and short-term, so they are different than the 20 that I report on daily.)
-The 10-dMA percentage of issues advancing on the NYSE (Breadth) is above 50%.
-The 50-dMA percentage of issues advancing on the NYSE (Breadth) is above 50%.
-The 100-dMA percentage of issues advancing on the NYSE (Breadth) is above 50%.
-MACD of the percentage of issues advancing on the NYSE (breadth) made a bullish crossover 3 July.
-Smoothed Buying Pressure minus Selling Pressure is rising.
-My Money Trend indicator is rising.
-MACD of S&P 500 price made a bullish crossover 13 July.
-Long-term new-high/new-low data.
-McClellan Oscillator.
-The long-term, 50-dEMA, Fosback Hi-Low Logic Index.
-Slope of the 40-dMA of New-highs is rising.
-The graph of the 100-day Count (the 100-day sum of up-days).
-On average, the size of up-moves has been larger than the size of down-moves over the last month.
-VIX indicator.
-The 5-10-20 Timer System is BUY.
-The 5-day EMA is above the 10-day EMA so short-term momentum is bullish.
-62% of the 15-ETFs that I track have been up over the last 10-days.
-There was a Distribution Day 6 July, but only 1 since the last Follow Thru day.
-There have been 3 Statistically-Significant days (big moves in price-volume) in the last 15-days.
-Sentiment.
-Bollinger Band Squeeze 28 April - expired.
-Bollinger Bands were bearish 13 July, but are neutral today.
-The 50-dMA percentage of issues advancing on the NYSE (Breadth) has not been below 50%, for more than 3 days in a row.
-Overbought/Oversold Index (Advance/Decline Ratio). It was Bearish 13 July.
-There was a Zweig Breadth Thrust 31 March. That’s a rare, very-bullish sign, but the McClellan Oscillator subsequently turned negative, so this indicator has expired.
-The S&P 500 is 11.8% above its 200-dMA. (Bear indicator is 12% above the 200-day.)
-10 May there was a Bullish Outside Reversal Day – Expired.
-The short-term, 10-day EMA, Fosback Hi-Low Logic Index is neutral.
-There have been 6 up-days over the last 10 sessions – neutral.
-There have been 10 up-days over the last 20 sessions - neutral.
-RSI
-There was a 90% down-volume day 9 March.
-There was a Hindenburg Omen signal 3 May 2023. The McClellan Oscillator turned positive 18 May. – Expired.
-The Calm-before-the-Storm/Panic Indicator flashed a panic-buying signal 10 November - expired.
-2.8% of all issues traded on the NYSE made new, 52-week highs when the S&P 500 made a new all-time-high, 3 January 2022. (There is no bullish signal for this indicator.) This indicated that the advance was too narrow and a correction was likely to be >10%. It proved correct, but is now Expired.
-The Smart Money (late-day action).
-The smoothed advancing volume on the NYSE is falling.
-Issues advancing on the NYSE (Breadth) compared to the S&P 500. The Index is too far ahead of Breadth as it has been for a month.
-Short-term new-high/new-low data.
-XLI-ETF (Cyclical Industrials) is underperforming the S&P 500.
-S&P 500 spread vs. Utilities (XLU-ETF) shows the Index outpacing Utilities, however, it peaked a week ago so I’ll put it in the bear camp.
TODAY’S RANKING OF 15 ETFs (Ranked Daily)
ETF ranking follows:
The top ranked ETF receives 100%. The rest are then ranked based on their momentum relative to the leading ETF.
*For additional background on the ETF ranking system see NTSM Page at…
http://navigatethestockmarket.blogspot.com/p/exchange-traded-funds-etf-ranking.html
DOW 30 momentum ranking follows:
T
For more details, see NTSM Page at…
https://navigatethestockmarket.blogspot.com/p/a-system-for-trading-dow-30-stocks-my_8.html
