“Trade what you see; not what you think.” – The Old Fool,
Richard McCranie, trader extraordinaire.
“Far more money has been lost by investors in preparing for
corrections, or anticipating corrections, than has been lost in the corrections
themselves.” - Peter Lynch, former manager of Fidelity’s Magellan®
fund.
“Never, never, never,
believe any war will be smooth and easy, or that anyone who embarks on that
strange voyage can measure the tides and hurricanes he will encounter. The
Statesman who yields to war fever . . . is no longer the master of
policy but the slave of unforeseeable and uncontrollable events.” - Winston
Churchill.
UKRAINE SAYS STARLINK CURBS SLOW WAR PUSH (WSJ)
“The limits on Starlink, which restrict the speed at
which some of Ukraine’s weapons can travel and still connect to the internet,
come as President Trump piles pressure on Ukraine, demanding that it stop hitting Russian oil refineries,
blaming President Volodymyr Zelensky for continuing the war and calling for his
removal.
“I confirm that SpaceX implemented a speed limit for
Starlink terminals operating in motion last night,” Serhii Beskrestnov, an
adviser to Zelensky, wrote on the Telegram messaging app. “Our defense forces
received no warning about this restriction, and it has led to the disruption of
a number of missions.” …
… Musk [said] that Starshield limits are set by the
Pentagon and “ultimately” Trump himself. He did not acknowledge Wednesday’s
slowdown in Ukraine or explain how it came about.” Story at…
https://www.wsj.com/world/europe/ukraine-says-new-starlink-speed-limit-is-disrupting-its-attacks-79225e19
My cmt: Trump claims he didn’t order a slowdown of
Starshield (the governmental version of Starlink). The most likely
interpretation of this is that Trump did order the slowdown: (1) He had
motive, Ukraine is attacking Russian oil production and (2) Musk said Trump sets
the speed limit. Looks like our President is aiding an enemy to lower oil
prices ahead of the November election. Inconceivable!
PPI (CNBC)
“The producer price index rose 6.3% year over year, the
largest annual increase since 2022…Excluding food and energy, the core CPI
added 0.3% on the month and 2.6% compared with a year ago. Economists
anticipated increases of 0.2% and 2.5%, respectively.” Story at…
https://www.cnbc.com/2026/10/15/september-producer-price-index-retail-sales-data.html
PHILLY FED INDEX (Seeking Alpha)
“The Philly Fed Manufacturing Index declined to 20.9 in
October from 37.8 in September, according to data released by the Federal
Reserve Bank of Philadelphia on Thursday…Manufacturing activity in the region
continued to expand overall.” Story at…
https://seekingalpha.com/news/4653396-philly-fed-manufacturing-index-softens-in-october-but-still-shows-growth
NY FED MANUFACTURING (WSJ)
“Manufacturing activity in New York
state picked up in April, according to the latest monthly edition of the Empire
State Manufacturing Survey. The survey’s headline index rose to 11, from a
slightly negative minus 0.2 in March.” Story at…
https://www.wsj.com/economy/central-banking/new-york-fed-survey-shows-manufacturing-expansion-e35bd5f0
JOBLESS CLAIMS (AP News)
“The Labor Department said Thursday that initial jobless
claims ticked down to 197,000 from a revised 199,000 the week before…The report
suggests that most companies are confident enough in the economy and their
sales to hold onto their workers. At the same time, hiring
has been sluggish…” Story at…
https://apnews.com/article/employment-jobs-economy-layoffs-inflation-7d52b48a5f41e60630d96c7a1711774c
RETAIL SALES (Reuters)
US retail sales increased more than expected in
September, boosted by higher gasoline prices, but spending elsewhere was
moderate, which could temper economists' expectations for another quarter of
robust consumer spending growth. Retail sales rose 0.8% last month…” Story at…
https://www.reuters.com/business/us-retail-sales-beat-expectations-september-higher-gasoline-prices-2026-10-15/
QUICK MARKET SUMMARY
-Thursday the S&P 500 rose about 0.3% to 7744.
-VIX declined about 2% to 16.46.
-The yield on the 10-year Treasury declined to 5.079%
(compared to about this time most recent trading day).
MY TRADING POSITIONS
NVDA – Added 12/1/2025, 2/6/2026 & 8/3/2026. Reduced
position 10/7/2021
XLK – Added 6/5/2026.
CURRENT SUMMARY OF APPROXIMATELY 50 INDICATORS:
At the close today, of the
50-Indicators I track, 11 gave Bear-signs and 12 were Bullish. The rest are
neutral. (It is normal to have a lot of neutral indicators since many of the
indicators are top or bottom indicators that will signal only at extremes.)
TODAY’S COMMENT
The daily, bull-bear spread of 50-indicators improved
from -2 to +1 (1 More Bull indicator than Bear indicators), a NEUTRAL
indication. I consider +5 to -5 the neutral zone. The 10-dMA curve of the
spread (purple on the chart above) that smooths daily fluctuations continued
higher, a BULLISH sign.
The Bearish Wedge pattern remains. Today the S&P 500 moved
up from its lower trendline along the bottom of the wedge.
Breadth improved on the 10-day measure.
The McClellan Oscillator reversed to bullish cancelling
the Hindenburg Omen signal.
Indicators are churning up and down, day-to-day, but the
10-dMA of indicator spread continues higher and that’s a bullish sign.
BOTTOM LINE
I’m Neutral, but still concerned.
ETF - MOMENTUM ANALYSIS:
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 STOCKS - TODAY’S MOMENTUM RANKING
OF THE DOW 30 STOCKS (Ranked Daily)
The top ranked Stock receives
100%. The rest are then ranked based on their momentum relative to the leading Stock.
For more details, see NTSM
Page at…
https://navigatethestockmarket.blogspot.com/p/a-system-for-trading-dow-30-stocks-my_8.html
THURSDAY MARKET INTERNALS (NYSE DATA)-
My basket of Market Internals improved to BUY. (My basket
of Market Internals is a decent trend-following analysis that is most useful
when it diverges from the Index.)
My invested position is about 55%
stocks, including stock mutual funds and ETFs. 50% invested in stocks is a
normal, conservative position for a retiree. (80% is my max stock
allocation when I am confident that markets will continue higher; 30% in stocks
is my Bear market position.)
I trade about 15-20% of the total portfolio using the
momentum-based analysis I provide here although I don’t trade as much as I used
to. When I see bullish signs, I add a lot more stocks to the portfolio, usually
by using an S&P 500 ETF as I did back in October 2022 and 2023.
“Trade what you see; not what you think.” – The Old Fool,
Richard McCranie, trader extraordinaire.
“Far more money has been lost by investors in preparing for
corrections, or anticipating corrections, than has been lost in the corrections
themselves.” - Peter Lynch, former manager of Fidelity’s Magellan®
fund.
“Never, never, never,
believe any war will be smooth and easy, or that anyone who embarks on that
strange voyage can measure the tides and hurricanes he will encounter. The
Statesman who yields to war fever . . . is no longer the master of
policy but the slave of unforeseeable and uncontrollable events.” - Winston
Churchill.
CPI (CNBC)
“The overall report shows inflation is uncomfortably
strong,” said Mark Zandi, chief economist at Moody’s. 'The war’s fingerprints are all over the report,” he
said. “It’s driving a lot of the inflationary pickup.' …
…Wednesday’s CPI report 'gives more support to the
argument that the Fed is going to continue raising rates,'” Zandi said.
Chart from…
https://www.cnbc.com/2026/10/14/cpi-inflation-breakdown-september-2026.html
QUICK MARKET SUMMARY
-Wednesday the S&P 500 declined about 1.1% to 7719.
-VIX rose about 10% to 16.87.
-The yield on the 10-year Treasury declined to 5.108%
(compared to about this time most recent trading day).
MY TRADING POSITIONS
NVDA – Added 12/1/2025, 2/6/2026 & 8/3/2026. Reduced
position 10/7/2021
XLK – Added 6/5/2026.
CURRENT SUMMARY OF APPROXIMATELY 50 INDICATORS:
At the close today, of the
50-Indicators I track, 13 gave Bear-signs and 11 were Bullish. The rest are
neutral. (It is normal to have a lot of neutral indicators since many of the
indicators are top or bottom indicators that will signal only at extremes.)
TODAY’S COMMENT
The daily, bull-bear spread of 50-indicators declined
from +6 to -2 (2 More Bear indicators than Bull indicators), a NEUTRAL
indication. I consider +5 to -5 the neutral zone. The 10-dMA curve of the
spread (purple on the chart above) that smooths daily fluctuations continued
higher, a BULLISH sign.
The Bearish Wedge pattern remains. Today the S&P 500
dropped to its lower trendline along the bottom of the wedge. The trendline
would be broken if we see consecutive closes below it; that signals a trend
break and suggests more selling would then be likely. The S&P 500 isn’t there
yet. We might see the Index shake its doldrums and move higher. That doesn’t
seem the most likely path now; it appears to me that the mood has changed.
I mentioned yesterday that more than half of the issues
on the NYSE have been advancing over the prior 10-days. That was true then, but
not now. Breadth has declined; the McClellan Oscillator turned bearish again and
that brings back the Hindenburg Omen signal that is still in the danger zone
now that the Oscillator is bearish.
As mentioned before:
We continue to watch indicators, but price is more
important now. The S&P 500 will
break out of its rising wedge; will it be higher of lower? Indicators are now
Neutral so any prediction would only be a guess (as is my comment above).
BOTTOM LINE
I’m Neutral, but concerned.
ETF - MOMENTUM ANALYSIS:
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 STOCKS - TODAY’S MOMENTUM RANKING
OF THE DOW 30 STOCKS (Ranked Daily)
The top ranked Stock receives
100%. The rest are then ranked based on their momentum relative to the leading Stock.
For more details, see NTSM
Page at…
https://navigatethestockmarket.blogspot.com/p/a-system-for-trading-dow-30-stocks-my_8.html
WEDNESDAY MARKET INTERNALS (NYSE DATA)-
My basket of Market Internals declined to HOLD. (My
basket of Market Internals is a decent trend-following analysis that is most
useful when it diverges from the Index.)
My invested position is about 55%
stocks, including stock mutual funds and ETFs. 50% invested in stocks is a
normal, conservative position for a retiree. (80% is my max stock
allocation when I am confident that markets will continue higher; 30% in stocks
is my Bear market position.)
I trade about 15-20% of the total portfolio using the
momentum-based analysis I provide here although I don’t trade as much as I used
to. When I see bullish signs, I add a lot more stocks to the portfolio, usually
by using an S&P 500 ETF as I did back in October 2022 and 2023.
“Trade what you see; not what you think.” – The Old Fool,
Richard McCranie, trader extraordinaire.
“Far more money has been lost by investors in preparing for
corrections, or anticipating corrections, than has been lost in the corrections
themselves.” - Peter Lynch, former manager of Fidelity’s Magellan®
fund.
“Never, never, never,
believe any war will be smooth and easy, or that anyone who embarks on that
strange voyage can measure the tides and hurricanes he will encounter. The
Statesman who yields to war fever . . . is no longer the master of
policy but the slave of unforeseeable and uncontrollable events.” - Winston
Churchill.
A FACEBOOK POST – THE DEAL WITH PUTIN
“A Republican is now leading the charge to stop Donald
Trump's fuel deal with Vladimir Putin — and he's not asking leadership for
permission.
Rep. Brian Fitzpatrick, co-chair of the Congressional
Ukraine Caucus, says he'll introduce the Ronald Reagan Peace Through Strength
Act to bar U.S. purchases of Russian oil. To get around Speaker Mike Johnson,
he's turning to a discharge petition — the maneuver that forces a floor vote
the moment 218 members sign on, no matter what GOP leaders want. "It will
be forced to the Floor via discharge and it will pass overwhelmingly," he
wrote. Fellow Republican Rep. Don Bacon has already agreed to sign.
Here's the deal they're trying to stop. Trump announced
Friday that Russia would immediately ship more than 300,000 tons of diesel to
the U.S. and global markets, pitching it as a way to bring fuel prices down.
Energy analysts doubt it will move prices much — but it could funnel fresh cash
straight into Putin's war machine.
Ukrainian President Volodymyr Zelensky called the
arrangement neither fair nor honest and said it amounts to a gift to Putin.
Trump's answer was to suggest Ukraine should replace Zelensky altogether.
This isn't the first time Fitzpatrick and Bacon have
broken ranks — earlier this year they forced a House vote on Ukraine aid and
Russia sanctions, and it passed. They now join a growing group of Republicans,
including former VP Mike Pence, openly rejecting a deal that rewards the man
still bombing Ukrainian cities.
The question now is simple: will 218 members put country
over party?” From Democracy Daily,
https://www.facebook.com/profile.php?id=61591287524334
NFIB BUSINESS OPTIMISM (NFIB)
“Small business optimism stayed near the long-term
average in September as Main Street owners remain uncertain about business
conditions,” said NFIB Chief Economist Bill Dunkelberg. “Small business owners
are proceeding with caution as they interpret how rising costs, interest rates,
and the difficulty in finding qualified employees are impacting their
business.” Report at…
https://www.nfib.com/news/press-release/new-nfib-survey-uncertainty-grows-and-optimism-fades-slightly-on-main-street-in-september/
EXISITING HOME SALES (NAR)
"Existing-home sales increased by 1.5% month-over-month
and decreased by 2.2% year-over-year, according to the National Association of
REALTORS® Existing-Home Sales report…’Despite the small monthly gain
on a seasonally adjusted basis, August and September marked the two slowest
months for home sales this year,” said NAR Chief Economist Lawrence Yun.
“Further increases in mortgage rates in recent weeks mean fewer buyers can
qualify to purchase a home. Higher inventory and lengthening days on market
give buyers improved negotiating power. Home sellers need to be realistic about
local market conditions, which could require price discounts and other
incentives to attract buyers,’ Yun said.” Report at…
https://www.nar.realtor/newsroom/existing-home-sales-increased-1-5-in-september-according-to-nar-report
QUICK MARKET SUMMARY
-Tuesday the S&P 500 declined about 2pts to 7805.
-VIX rose about 0.4% to 15.27.
-The yield on the 10-year Treasury declined to 5.215%
(compared to about this time Friday).
MY TRADING POSITIONS
NVDA – Added 12/1/2025, 2/6/2026 & 8/3/2026. Reduced
position 10/7/2021
XLK – Added 6/5/2026.
CURRENT SUMMARY OF APPROXIMATELY 50 INDICATORS:
At the close today, of the
50-Indicators I track, 8 gave Bear-signs and 14 were Bullish. The rest are
neutral. (It is normal to have a lot of neutral indicators since many of the
indicators are top or bottom indicators that will signal only at extremes.)
TODAY’S COMMENT
The daily, bull-bear spread of 50-indicators improved
from +4 to +6 (6 More Bull indicators than Bear indicators), a BULLISH
indication. I consider +5 to -5 the neutral zone. The 10-dMA curve of the
spread (purple on the chart above) that smooths daily fluctuations continued higher,
a BULLISH sign.
As of today, more than half of the issues on the NYSE have been advancing. That’s a good sign. We need to see breadth continue to advance. The McClellan Oscillator, another breadth indicator, remained Bullish.
The Bearish Wedge pattern remains. We need to see the
S&P 500 break thru the upper, horizontal, red-line in the above chart to
feel more comfortable. The chart doesn’t predict a bearish failure – that would
occur if the Index falls below the lower trendline - so we are waiting to see
where the price action goes. Price trumps indicators.
We continue to watch indicators, but price is more
important now. The S&P 500 will break
out of its rising wedge; will it be higher of lower? Indicators are hinting
perhaps higher, but the signal is not very strong.
BOTTOM LINE
I’m Neutral, but concerned.
ETF - MOMENTUM ANALYSIS:
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 STOCKS - TODAY’S MOMENTUM RANKING
OF THE DOW 30 STOCKS (Ranked Daily)
The top ranked Stock receives
100%. The rest are then ranked based on their momentum relative to the leading Stock.
For more details, see NTSM
Page at…
https://navigatethestockmarket.blogspot.com/p/a-system-for-trading-dow-30-stocks-my_8.html
TUESDAY MARKET INTERNALS (NYSE DATA)-
My basket of Market Internals improved to BUY. (My basket
of Market Internals is a decent trend-following analysis that is most useful
when it diverges from the Index.)
My invested position is about 55%
stocks, including stock mutual funds and ETFs. 50% invested in stocks is a
normal, conservative position for a retiree. (80% is my max stock
allocation when I am confident that markets will continue higher; 30% in stocks
is my Bear market position.)
I trade about 15-20% of the total portfolio using the
momentum-based analysis I provide here although I don’t trade as much as I used
to. When I see bullish signs, I add a lot more stocks to the portfolio, usually
by using an S&P 500 ETF as I did back in October 2022 and 2023.
“Trade what you see; not what you think.” – The Old Fool,
Richard McCranie, trader extraordinaire.
“Far more money has been lost by investors in preparing for
corrections, or anticipating corrections, than has been lost in the corrections
themselves.” - Peter Lynch, former manager of Fidelity’s Magellan®
fund.
“Never, never, never,
believe any war will be smooth and easy, or that anyone who embarks on that
strange voyage can measure the tides and hurricanes he will encounter. The
Statesman who yields to war fever . . . is no longer the master of
policy but the slave of unforeseeable and uncontrollable events.” - Winston
Churchill.
TRUMP STRIKES DEAL FOR RUSSIAN DIESEL (WSJ)
“President Trump said Friday his administration reached
an agreement for Russia to supply hundreds of thousands of tons of diesel
fuel, marking a major policy shift that eases pressure on Moscow over its war
with Ukraine in hopes of lowering domestic fuel prices ahead of the midterm
elections.” Story at…
https://www.wsj.com/politics/policy/trump-strikes-deal-with-putin-for-russian-diesel-15751436
But just a few months ago…
TRUMP WANTED INDIA OFF RUSSIAN OIL (CNN – 10 Mar 2026)
“For much of last year, Washington sought to starve
Moscow’s war machine of cash, in part by removing one of its most loyal
customers: India.
Under President Donald Trump’s pressure campaign, the
White House slapped high tariffs on many of New Delhi’s exports and sanctioned
two of the Kremlin’s largest oil firms. The strategy appeared to be working.
While India didn’t quit its Russian oil habit entirely, it sharply reduced its
purchases in favor of supplies from the Middle East.” Story at…
https://www.cnn.com/2026/03/10/india/india-russia-oil-middle-east-war-intl-hnk
“This agreement with a murdering dictator is a stain on
our nation’s character, an insult to Lindsey Graham’s memory, & directly
contrary to Congress’s intent in our bipartisan sanctions bill.” - U.S. Senator
Richard Blumenthal, (D) Connecticut.
QUICK MARKET SUMMARY
-Monday the S&P 500 declined about 0.1% to 7807.
-VIX rose about 2% to 15.21.
-Bond markets were closed for Columbus Day.
MY TRADING POSITIONS
NVDA – Added 12/1/2025, 2/6/2026 & 8/3/2026. Reduced
position 10/7/2021
XLK – Added 6/5/2026.
CURRENT SUMMARY OF APPROXIMATELY 50 INDICATORS:
At the close today, of the
50-Indicators I track, 9 gave Bear-signs and 13 were Bullish. The rest are
neutral. (It is normal to have a lot of neutral indicators since many of the
indicators are top or bottom indicators that will signal only at extremes.)
TODAY’S COMMENT
The daily, bull-bear spread of 50-indicators improved
from +3 to +4 (4 More Bull indicators than Bear indicators), a NEUTRAL
indication. I consider +5 to -5 the neutral zone. The 10-dMA curve of the
spread (purple on the chart above) that smooths daily fluctuations rose, a
BULLISH sign.
We are watching the chart where we see a possible Bearish
Wedge pattern. I say possible because the S&P 500 may simply move higher
and break thru the upper, horizontal dashed, red-line in the above chart. The
chart doesn’t predict a bearish failure yet. An attempt at all-time highs has
only been rejected twice recently. I’d like to see the pattern play out longer
before we can accept it, but it is definitely a pattern to watch. The S&P
500 needs to break significantly above the 7820 area before we can cancel the
Bearish Wedge pattern.
Monday there was more Low volume on the NYSE, about 23%
below the monthly average. This begs the question: Are we running out of
buyers? It’s possible, but too early to tell.
The McClellan Oscillator remained Bullish; other breadth
indicators remain weak, but they are improving.
We continue to watch indicators.
BOTTOM LINE
I’m Neutral, but concerned.
ETF - MOMENTUM ANALYSIS:
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 STOCKS - TODAY’S MOMENTUM RANKING
OF THE DOW 30 STOCKS (Ranked Daily)
The top ranked Stock receives
100%. The rest are then ranked based on their momentum relative to the leading Stock.
For more details, see NTSM
Page at…
https://navigatethestockmarket.blogspot.com/p/a-system-for-trading-dow-30-stocks-my_8.html
MONDAY MARKET INTERNALS (NYSE DATA)-
My basket of Market Internals remained HOLD. (My basket
of Market Internals is a decent trend-following analysis that is most useful
when it diverges from the Index.)
My invested position is about 55%
stocks, including stock mutual funds and ETFs. 50% invested in stocks is a
normal, conservative position for a retiree. (80% is my max stock
allocation when I am confident that markets will continue higher; 30% in stocks
is my Bear market position.)
I trade about 15-20% of the total portfolio using the
momentum-based analysis I provide here although I don’t trade as much as I used
to. When I see bullish signs, I add a lot more stocks to the portfolio, usually
by using an S&P 500 ETF as I did back in October 2022 and 2023.
“Trade what you see; not what you think.” – The Old Fool,
Richard McCranie, trader extraordinaire.
“Far more money has been lost by investors in preparing for
corrections, or anticipating corrections, than has been lost in the corrections
themselves.” - Peter Lynch, former manager of Fidelity’s Magellan®
fund.
“Never, never, never,
believe any war will be smooth and easy, or that anyone who embarks on that
strange voyage can measure the tides and hurricanes he will encounter. The
Statesman who yields to war fever . . . is no longer the master of
policy but the slave of unforeseeable and uncontrollable events.” - Winston
Churchill.
MICHIGAN SENTIMENT (Univ of Michigan)
“Consumer sentiment was little changed this month,
inching down a scant 1.8 index points from September. While year-ahead
expectations for personal finances and business conditions crept up slightly,
buying conditions for durables plummeted amid high prices and borrowing costs.
Increases in sentiment among Democrats and Republicans were offset by a decline
among independents this month. Overall, sentiment for lower-income consumers
and those with smaller stock portfolios dropped steeply this month, groups that
have fewer resources to weather increases in prices. Frustration over
cost-of-living continues to mount, as consumers across the political spectrum
believe that the trajectory of the economy has weakened since the beginning of
the year. Year-ahead inflation expectations ticked up from 4.6% last month to
4.7% this month.” Report at…
https://www.sca.isr.umich.edu/
QUICK MARKET SUMMARY
-Friday the S&P 500 rose about 0.6% to 7812.
-VIX declined about 4% to 14.84.
-The yield on the 10-year Treasury rose to 5.242%
(compared to about this time prior market day).
MY TRADING POSITIONS
NVDA – Added 12/1/2025, 2/6/2026 & 8/3/2026. Reduced
position 10/7/2021
XLK – Added 6/5/2026.
CURRENT SUMMARY OF APPROXIMATELY 50 INDICATORS:
At the close today, of the 50-Indicators
I track, 9 gave Bear-signs and 12 were Bullish. The rest are neutral. (It is
normal to have a lot of neutral indicators since many of the indicators are top
or bottom indicators that will signal only at extremes.)
TODAY’S COMMENT
The daily, bull-bear spread of 50-indicators improved
from -1 to +3 (3 More Bull indicators than Bear indicators), a NEUTRAL
indication. I consider +5 to -5 the neutral zone. The 10-dMA curve of the
spread (purple on the chart above) that smooths daily fluctuations rose, a
BULLISH sign.
It’s good to see indicators improving, but we’d like to
see them in the bullish zone. Now we are watching the chart where we see a
possible Bearish Wedge pattern. I say possible because the S&P 500 may
simply move higher and break thru the upper, horizontal dashed, red-line in the
above chart. The chart doesn’t predict a bearish failure yet. An attempt at
all-time highs has only been rejected twice recently. I’d like to see the
pattern play out longer before we can accept it, but it is definitely a pattern
to watch.
Here’s a description and chart of a bearish rising wedge
example:
There are other concerns.
Friday there was Low volume on the NYSE, about 12% below
the monthly average. This begs the question: Are we running out of buyers? It’s
possible, but too early to tell.
The S&P 500 closed within a few points of an all-time
high Friday, but there were only 41 new highs. That’s a weak number that still supports
the possibility of a correction> 10%.
On a more positive note: The McClellan Oscillator improved
to Bullish although other breadth indicators remain weak.
We continue to watch indicators.
BOTTOM LINE
I’m Neutral, but concerned.
ETF - MOMENTUM ANALYSIS:
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 STOCKS - TODAY’S MOMENTUM RANKING
OF THE DOW 30 STOCKS (Ranked Daily)
The top ranked Stock receives
100%. The rest are then ranked based on their momentum relative to the leading Stock.
For more details, see NTSM
Page at…
https://navigatethestockmarket.blogspot.com/p/a-system-for-trading-dow-30-stocks-my_8.html
FRIDAY MARKET INTERNALS (NYSE DATA)-
My basket of Market Internals remained HOLD. (My basket
of Market Internals is a decent trend-following analysis that is most useful
when it diverges from the Index.)
My invested position is about 55%
stocks, including stock mutual funds and ETFs. 50% invested in stocks is a
normal, conservative position for a retiree. (80% is my max stock
allocation when I am confident that markets will continue higher; 30% in stocks
is my Bear market position.)
I trade about 15-20% of the total portfolio using the
momentum-based analysis I provide here although I don’t trade as much as I used
to. When I see bullish signs, I add a lot more stocks to the portfolio, usually
by using an S&P 500 ETF as I did back in October 2022 and 2023.
BUSY DAY TODAY!
“Trade what you see; not what you think.” – The Old Fool,
Richard McCranie, trader extraordinaire.
“Far more money has been lost by investors in preparing for
corrections, or anticipating corrections, than has been lost in the corrections
themselves.” - Peter Lynch, former manager of Fidelity’s Magellan®
fund.
“Never, never, never,
believe any war will be smooth and easy, or that anyone who embarks on that
strange voyage can measure the tides and hurricanes he will encounter. The
Statesman who yields to war fever . . . is no longer the master of
policy but the slave of unforeseeable and uncontrollable events.” - Winston
Churchill.
JOBLESS CLAIMS (WSJ)
U.S. jobless claims decreased for the fifth week in a row
as employers continue to keep their workforce levels static. The number of
people who filed for unemployment benefits was 197,000 in the week through Oct.
3, 2,000 lower than the revised 199,000 reported a week earlier…” Story at…
https://www.wsj.com/economy/jobs/u-s-jobless-claims-slide-yet-again-2d927e44
QUICK MARKET SUMMARY
-Thursday the S&P 500 declined about 0.5% to 7765.
-VIX rose about 2% to 15.41.
-The yield on the 10-year Treasury declined to 5.225%
(compared to about this time prior market day).
MY TRADING POSITIONS
NVDA – Added 12/1/2025, 2/6/2026 & 8/3/2026. Reduced
position 10/7/2021
XLK – Added 6/5/2026.
CURRENT SUMMARY OF APPROXIMATELY 50 INDICATORS:
At the close today, of the
50-Indicators I track, 12 gave Bear-signs and 11 were Bullish. The rest are
neutral. (It is normal to have a lot of neutral indicators since many of the
indicators are top or bottom indicators that will signal only at extremes.)
TODAY’S COMMENT
The daily, bull-bear spread of 50-indicators improved
from -6 to -1 (1 More Bear indicator than Bull indicators), a NEUTRAL
indication. I consider +5 to -5 the neutral zone. The 10-dMA curve of the
spread (purple on the chart above) that smooths daily fluctuations was flat a NEUTRAL
sign.
NOT MUCH DIFFERENT TODAY…
Breadth continues to be poor. The McClellan Oscillator remains
bearish, another sign of bad breadth. The weak breadth at the all-time high
does suggest that if we do have a correction, it is likely to be greater than
10%. As usual, we need more information.
A down day doesn’t tell us much. We need to see another
new-high on the Index and hope that internals will improve. That would be a
good sign especially if breadth measures suggest a broadening rally. There was
some improvement in the 10-dMA of issues advancing on the NYSE (one my breadth measures).
We continue to watch indicators.
BOTTOM LINE
I’m Neutral until we see improvement in indicators; weak
indicators may send us to bear mode.
ETF - MOMENTUM ANALYSIS:
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 STOCKS - TODAY’S MOMENTUM RANKING
OF THE DOW 30 STOCKS (Ranked Daily)
The top ranked Stock receives
100%. The rest are then ranked based on their momentum relative to the leading Stock.
For more details, see NTSM
Page at…
https://navigatethestockmarket.blogspot.com/p/a-system-for-trading-dow-30-stocks-my_8.html
THURSDAY MARKET INTERNALS (NYSE DATA)-
My basket of Market Internals remained HOLD. (My basket
of Market Internals is a decent trend-following analysis that is most useful
when it diverges from the Index.)
My invested position is about 55%
stocks, including stock mutual funds and ETFs. 50% invested in stocks is a
normal, conservative position for a retiree. (80% is my max stock
allocation when I am confident that markets will continue higher; 30% in stocks
is my Bear market position.)
I trade about 15-20% of the total portfolio using the
momentum-based analysis I provide here although I don’t trade as much as I used
to. When I see bullish signs, I add a lot more stocks to the portfolio, usually
by using an S&P 500 ETF as I did back in October 2022 and 2023.
“Trade what you see; not what you think.” – The Old Fool,
Richard McCranie, trader extraordinaire.
“Far more money has been lost by investors in preparing for
corrections, or anticipating corrections, than has been lost in the corrections
themselves.” - Peter Lynch, former manager of Fidelity’s Magellan®
fund.
“Never, never, never,
believe any war will be smooth and easy, or that anyone who embarks on that
strange voyage can measure the tides and hurricanes he will encounter. The
Statesman who yields to war fever . . . is no longer the master of
policy but the slave of unforeseeable and uncontrollable events.” - Winston
Churchill.
DAN IVES TOP PICKS (MarketWatch)
“In a brief post on X, Ives identified his top tech plays
into 2027: Nvidia Microsoft Palantir Technologies Apple and CrowdStrike “In our
view, investors [are] underestimating the scale and scope of this $4 trillion
spending wave [for the] next few years,” he wrote.” Story at…
Longtime
tech bull Dan Ives says these are his top tech plays going into 2027
JP MORGAN IS BULLISH (The Street)
“JPMorgan strategists are telling clients the recent
selloff looks overdone. They are pointing to specific data to back up a call
for stocks to rebound into year-end.” Story at…
JPMorgan
just put a different spin on the stock market selloff
FED MINUTES (CNBC)
“Federal Reserve officials expect they will raise
interest rates again before the end of the year to head off inflation … But the
meeting summary provided no indication of when specifically that policymakers
expected to raise benchmark rates – only that persistently higher prices and a
stable labor market likely would lead to a second hike this year.” Story at…
https://www.cnbc.com/2026/10/07/fed-officials-see-another-hike-coming-but-no-sign-as-to-when-minutes-show.html
QUICK MARKET SUMMARY
-Wednesday the S&P 500 declined about 0.2% to 7802.
-VIX rose about 0.5% to 15.08.
-The yield on the 10-year Treasury declined slightly to
5.297% (compared to about this time prior market day).
MY TRADING POSITIONS
QLD – SOLD 10/7/2026 (Small gain here. 2%, but it’s
better than a loss.)
NVDA – Added 12/1/2025, 2/6/2026 & 8/3/2026. Reduced
position 10/7/2021
XLK – Added 6/5/2026.
CURRENT SUMMARY OF APPROXIMATELY 50 INDICATORS:
At the close today, of the
50-Indicators I track, 14 gave Bear-signs and 8 were Bullish. The rest are
neutral. (It is normal to have a lot of neutral indicators since many of the
indicators are top or bottom indicators that will signal only at extremes.)
TODAY’S COMMENT
The daily, bull-bear spread of 50-indicators declined
from zero to -6 (6 More Bear indicators than Bull indicators), a BEARISH
indication. I consider +5 to -5 the neutral zone. The 10-dMA curve of the
spread (purple on the chart above) that smooths daily fluctuations continued
higher a BULLISH sign.
Breadth continues to be poor. More than half of the
issues on the NYSE have been down over every time frame we consider – 10, 20
,50, 100 and 150-days. The McClellan Oscillator reversed to the bearish side today,
another sign of bad breadth. The narrow market sets up the possibility of a
correction, but doesn’t guarantee it. The weak breadth at the all-time high
does suggest that if we do have a correction, it is likely to be greater than
10%. As usual, we need more information.
A down day doesn’t tell us much. We need to see another
new-high on the Index and hope that internals will improve. That would be a
good sign especially if breadth measures suggest a broadening rally.
We continue to watch indicators.
BOTTOM LINE
I’m Neutral until we see improvement in indicators; weak
indicators may send us to bear mode.
ETF - MOMENTUM ANALYSIS:
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 STOCKS - TODAY’S MOMENTUM RANKING
OF THE DOW 30 STOCKS (Ranked Daily)
The top ranked Stock receives
100%. The rest are then ranked based on their momentum relative to the leading Stock.
For more details, see NTSM
Page at…
https://navigatethestockmarket.blogspot.com/p/a-system-for-trading-dow-30-stocks-my_8.html
WEDNESDAY MARKET INTERNALS (NYSE DATA)-
My basket of Market Internals remained HOLD. (My basket
of Market Internals is a decent trend-following analysis that is most useful
when it diverges from the Index.)
My invested position is about 55%
stocks, including stock mutual funds and ETFs. 50% invested in stocks is a
normal, conservative position for a retiree. (80% is my max stock
allocation when I am confident that markets will continue higher; 30% in stocks
is my Bear market position.)
I trade about 15-20% of the total portfolio using the
momentum-based analysis I provide here although I don’t trade as much as I used
to. When I see bullish signs, I add a lot more stocks to the portfolio, usually
by using an S&P 500 ETF as I did back in October 2022 and 2023.