Here is how the major indexes did for the week - all lower.

The sector winners and losers.

 

For those who trade our watch list the buys have been less the last couple of weeks and some of the short term moves smaller but there are still buys each day and those buys make profits. This is a normal cycle and it will pass. For people though who stay long in the broad market is can be a tough time as they get so bored waiting for a bottom. Some may eventually sell just to wait it out with more cash and if so than their selling could finally make a bottom. I think the chart would shape up better if more times passes. It cannot be called symmetry I am after but a different pattern than what we see now. We are still close to the 38% retrace and 200-day and another test and maybe even a break would be ok as it would be much better to take enough time to build a base and have enough sellers washed out so then start a longer term rally.

On the closer view of the Dow you see that the last three candles do not suggest a good time to buy but instead look more like a bear flag ready to fall. But longer term you can buy these dips if you average in and are long term

From the close view we pull back and see that the break out above the 2000 high has not been tested and maybe it won't be but historically as you know this year in the presidential cycle has an excellent track record of big gains and if we were to test the break out line it would add strength to the base and then the move higher.

The World Index broke the 50-day and rallied back to it and dropped back and it so could maybe use a good test of the 38% or even 200-day. We all (except bears) prefer it when the market goes up most days and our breaks out are many and big but to let the market make a better base and wash out the skeptics so fresh blood buys would be worth a longer time of slower action to let it work.

In this view the Nasdaq looks quite similar to the Dow chart.

The Nasdaq 100 instead of being at the 200-day EMA is at the 50-week EMA in this weekly view. The stochastics are just a tad under 20 so a valid bounce point but some more time down here could be a good thing and would not even be too bad if it dropped to the lower green trend line. The 50 may hold but I prefer a longer time to pass before a bigger rally as worry of the sub prime and the Yen and Housing has to be dissipated with time.

As we showed last week - the semis have held up really well and that shows the strength in the market.

This view of the Russell 2000 shows little price change from last week but was a double bottom. There may become three? Right now caught in limbo between the 50 and 200.

The weekly though shows the stochastics have not yet gone below 20 and we would like to see that to signal an over sold condition.

Not much to day about the NYSE but it too  may be a bear flag and a drop to the 200-day not really so scary. Maybe the bears won't be able to do that but we do not think it will change the bullishness of this market if they can.

The percentage of NYSE stocks that trade above their 50-day average dropped to a low not seen for many months and a drop here also below 20 may be all that would be needed to take us back to the races.

Oil had 200-day resistance that was too strong for it so droped back and broke the 50-day on its way back down. It has settled near the trend line now so will give it more time to set a direction.

The commodities CRB index failed to break over the 38% and since then has been pulling back and this week no exception. Maybe it will bounce at the 50%.

And gold back to the trend. The 65-week MA still moving up so maybe we can see a test of it as it has been such long term support it could give confidence on a successful retest again.

The economic calendar from briefing com

Another note - that icecoldstocks.net have added us to their site and are showing our daily videos.

I have also decided to add quick audio links to the home page for some icecoldstocks commentaries and they will appear soon. They will be the Iceman with comments before the market and one or more times a day on the market and stocks that may make for good trades. The Dollarman give comments about stocks under $5 and the Snowman makes comments on special situation stocks including the ones we have on our page. I think these are good additions to our site especially for the active trader and welcome him (these three) to our site.

I looked at all the sector charts and most are still finding a base or in between stages but the Footwear index was a surprise. It has just had an MACD crossover and a little level break out. It is common after a recession or a longer term economy downtrend to see shoes leading the way out. We do not have that situation so interesting to see this sector so strong. Maybe the component mix is such that only a few stocks make up most of the index. You can look all the companies in the sector here Footwear Sector

Here are three from the sector worth putting on the watch list. NKE over $108.51

DECK over $70.74

And KCP maybe it will pullback - hate to chase anything. Note the 200 cross below the 50. Bullish

FIS could bounce but would not like to buy it if it did. Instead rather short it under the $48.30.

BLKB another possible short under $22.00

TNXI  A lower volume stock but set up for over $4.15

SPBU look for a move over $1.06

TIDE a penny stock for a move over $0.29 or a pullback to the 50-day.

SBGI had weeks of tiny moves each day but lately more action and we would put the buy as you see at $15.65.

CAMH The 50-200 very near and a cross would have been bearish and when the two are about to meet there is often fireworks and there were on Friday. If the strength can continue over the $2.67 we would buy with tight stops.

CDY nice looking chart over $2.15

MDFI had huge volume Friday and would be good if it would now rest a bit if it plans on breaking the $0.80 resistance.

AMSC nice volume in the up days will break out above $14.45

Been some time since IRIS could hold above the 200-day. With any continued gain the 200-day may cross below the 50-day - very bullish. Above $13.30 seems like may be a good entry on volume.

FPL - this is an electric utility basically but the high volume Friday suggest it is not ready to stop its move higher.

PALM had a golden cross recently and now may try and make some new highs with a little level at $18 then at $18.31 break out.

FEIC is a pretty nice chart with its gap up two weeks ago then a pullback to fill the gap now movement back up so would buy over $35.53.

SUPG is at a 3 times try on breaking $5.78 so maybe can do it this time. You see the older resistance on the left.

SGLS A stock for the penny crowd nice pattern set up waiting for a move over $0.0285 in high volume.

These last two are not on our watch list but only pointing them out as momentum stocks.

ZROS ran from 8 cents to $1.74 so seems to me it is a bit over done. I have not had time to try their software for sharing files though I installed it. Not sure that is can be any better than using torrents and they are already used worldwide very heavily and free.

BDYT I know little of the company but hear that soon there may be some promoting and the volume sure suggests that . Again - only showing these for those who like to look at some  wild ones.

Sunday March 18 was walking over this bridge toward the Kremlin. The word kremlin means fortress so most old cities had or have them where the people could go inside during attacks to be safe. This kremlin is is closed though to the public except for tours and it has many old churches  (like 700-800 years old) and a few other buildings you can enter that are museums or the state's treasure etc. The Palace and government offices are closed to the public. There is a nice concert hall that is very active though. Today was partly cloudy and warm but the Moscow river still looking cold.

This is Alexander's garden a small park next to the Kremlin wall and it is very strange to see no snow and the grass already turning green for this time of year.

In this part of the wall they are showing part of the way it was many hundreds of years ago. The tower was for watching for any invaders.

Here is the tomb of the unknown soldier like in many cities that have such a thing it has a flame and it is guarded as a show of respect and honor for those who died serving the country.

That's a full lid for today. Will see you all during the week.

Check the current Earnings Calendar on all overnight holds.

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