Sunday, December 17, 2017

The Daily, Part 1 of 3, 12-16-17

* * * *
12/16/2017 Investment House Daily
* * * *

Investment House Daily Subscribers:

MARKET ALERTS:

Targets hit: ROKU; SKX
Entry alerts: LH
Trailing stops: PII
Stop alerts: None issued

The market alert service is a premium level service where we issue intraday
alerts relating to the general market conditions, when stocks hit action
points (buy, stop, target, etc.), and when we see other information
impacting the market or our stocks. To subscribe to the alert service you
can sign up at the following link:
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********************************************************************
The Market Video is DIVIDED into component parts: Market Overview, Economy,
Technical Summary, and the Next Session. Choose the segments you are
interested in without having to search a longer video. Click on the link to
the portion you wish to view.

TO VIEW THE MARKET OVERVIEW CLICK THE FOLLOWING LINK:
Flash: http://investmenthouse1.com/ihmedia/f/mo/mo.mp4

TO VIEW THE TECHNICAL SUMMARY VIDEO CLICK THE FOLLOWING LINK:
Flash: http://investmenthouse1.com/ihmedia/f/ts/ts.mp4

TO VIEW THE NEXT SESSION VIDEO CLICK THE FOLLOWING LINK:
Flash: http://investmenthouse1.com/ihmedia/f/nxt/nxt.mp4
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The REPORT SCHEDULE is as follows:

Market Summary Video, Plays and Play Videos, and Play Table with play
annotations will issue Wednesday, Weekend.

Monday a Market Summary video, new plays, play table annotations.

Tuesday and Thursday reports will contain the market summary, chart links to
view the index charts, and updated play table.

Access to all current videos will remain assessable each day using the play
links in the reports.

If any market circumstances arise where we see additional plays we want to
prepare for the next session, we will of course issue those plays regardless
of the day of the week.


MARKET SUMMARY

- The tax reform dance: market drops, rallies based upon a few senators.
- Stocks surge back with even NASDAQ punching a new high ticket.
- FAANG trying to rejoin leadership, small caps as well.
- Economic data back and forth but trending higher ahead of a very busy data
week.
- Rally toward yearend may have just caught on for all indices.
-
Just when you thought the tax cut news was all baked into the market you get
a couple of 'no' votes crossing over to 'yes,' even Korker's, and you get a
market recovery, indeed, surge. Thursday RUTX and SP400 sold off on renewed
worries the bill would fail when Marco Rubio and Mike Lee were said to be a
'no' and a 'leaning no.' Rubio got what he wanted and Korker's came out of
nowhere as a yes. Stocks got what they wanted and rallied to new highs on
NASDAQ, NASDAQ 100, SP500, and DJ30.

SP500 23.80, 0.90%
NASDAQ 80.05, 1.17%
DJ30 143.08, 0.58%
SP400 1.05%
RUTX 1.56%
SOX 1.50%
NASDAQ 100 1.20%

VOLUME: NYSE +194%, NASDAQ +77%. Okay, it was quadruple expiration and thus
volume exploded upside.

ADVANCE/DECLINE: NYSE 2.2:1, NASDAQ 2.3:1. Very passable numbers. That is
all, just passable. With 1+% moves on the growth indices you would
anticipate 3:1 or so.


NEWS/ECONOMY

On a week of back and forth economic news the market showed a lot of back
and forth itself, but the major indices did not give up their trends.

Retail Sales, November topped expectations at 0.8%, 1.0% if you take out
autos. Clothing, Food and Drink, online sales were all strong.

Core CPI rose 0.1% month/month, sliding to +1.7% year/year versus the 1.8%
prior. Oh no, no inflation. The Phillips Curve readers remain confused.
Oh, there is inflation, it is just the kind that the antiquated way we
measure price increases misses. Producers make smaller sizes but charge the
same price; no inflation as per the government measures, but you pay more
for less. Voila, inflation.

New York Empire PMI at 18.0 fell from 19.4 and was the lowest since July.
At the same time, however, the New York Fed says the economy is growing at
4+% while the Atlanta Fed says 3.3%. Three 3+% GDP quarters in a row? That
is a long time coming.

So, the argument goes, why tax cuts? Because we need tax reform to compete
in the changing world. Lower corporate and small business taxes. Get out
of states forced to subsidize other states' profligate spending by limiting
SALT deductions (and they should be phased out for everyone). After years
of struggling with no investment, businesses and individuals are finally
feeling some optimism and are spending money.

That is all based upon an expectation for change and the repeal of thousands
of regulations from the prior administration. If you remove the restraints
on investment from the increased taxes, from the ACA, and from regulation,
the US could really boom, not just put in the 'usual' 3% growth experienced
these three last quarters. That is what we usually run. In a recovery, an
unfettered economy would really surge in the 4%, 5% or better range.

As you can see, I don't buy into the 'US has run its course' economic
argument. That is the SAME theory and argument heard in the late 1970's. I
recall it clearly: Newsweek, Time and others discussing how the US economic
run was impressive but over. Demographics changed, other countries were
rising, blah, blah, blah. SAME arguments are heard today: changing
demographics, changing world economics. IT DOESN'T MATTER. If we free up
our innovators from regulations and skewed tax codes, our system has always
produced the best and the most. Communism, even the updated version China
practices, cannot do that. Socialism obviously not. It is the system that
produces the outcomes. We need to let it work. Dance with who brought you
as the old Darrell Royal phrase goes.

Thus, if we truly reform the code to let money flow where it is most needed
or where the markets believe it should go, we will come up with the new
innovations that create demand where there was none before. No one needed a
personal computer. Heard that over and over in the 1980's. Apple made one
and what do you know, everyone needed one. People were not out saying 'we
need a personal computer!' People with vision saw the future and made the
goods that would be needed. That is how you make the innovations that drive
the next technology booms and the jobs they create.

That drives economic growth not at just a 3% average, but well above that.
In the 1980's that recovery produced 4%, 5%, 7%, 11% quarterly GDP growth.
If we had not loused up so bad in the 2000's with the recovery we would have
don't it again. Instead we regulated and mandated and taxed the economy to
less than 2% growth in a recovery. As I said then, that was no recovery.
Finally, NOW we are seeing are recovery, and it is based just on
ANTICIPATION of real change.

Now you see why the markets are up on tax reform talk and trade back and
forth based upon how that talk is going. If people would only READ and
attempt to understand what the tax reform bill is going to do for them
versus listening to soundbites from the network and cable news, they would
understand that the changes proposed are truly game changing and will
overall rev up the US economy once again. We then all benefit from the
growth, the new jobs, and yes, the increased tax revenues. We have to put
aside the 'what is in it for me that I directly get?' mindset and see the
big picture just as in the early 1980's.


THE MARKET

CHARTS

NASDAQ: A long time coming (since late November), NASDAQ broke to a new
high. After the rotation from these stocks to start December, they are back
for now after a brush near the 50 day EMA. NASDAQ is on its fourth run
after the third 20 day EMA test since breaking higher off the 50 day in
mid-September. Four to five such bounces are typical off a 50 day MA test.

DJ30: New high as well, the Dow now on its fifth rotation off the short
term moving averages after the last 50 day EMA in early September. DJ30 is
12+% over the 200 day MA, getting stretched on this move. No signs of
slowing thus far.

SP500: Still moving up off the 10 day EMA as SP500 presses its 14 week run
after starting at the 50 day MA in late August. 8% over the 200 day SMA and
still on the run thanks to the financial stocks working better and the big
techs rallying.

RUTX: RUTX was all over the map to end the week. Up Wednesday off support,
broke lower Thursday and fell to the 50 day EMA. Friday back up with a
higher recovery high. Nothing like tax cuts for the small caps.

SP400: Tested again on the week, a second week of consolidation after the
higher high to end November. Looked problematic Thursday as it closed below
the 20 day EMA, but then rebounded nicely to end the week. Nice trend
remains.

SOX: struggled all week below the 50 day EMA but Friday managed a close
above that level. Still below the 50 day SMA but trying to change its
outlook a la some of the NASDAQ big names that crashed their support but
have recovered.


LEADERSHIP

FAANG: A big part of NASDAQ, these stocks improved dicey patterns to good
moves. AAPL remains in a good pattern, and rallied nicely Friday. FB is up
off the 50 day MA test put in after the initial rebound from the early
December selling. AMZN doing the same. GOOG broke to a higher high --
recovery is in. NFLX is trying, but is lagging, back at the 50 day MA
still.

Drugs/Biotechs: Money is moving into the smaller names from what we are
seeing. IMGN is starting upside for us as did ENDP, MRTX. There are many
others we are looking at.

Financial: Tested to end the week, but a good week for GS, MS. Banks are
still solid enough as they put in a modest test, e.g. BAC, JPM. TCBI is
starting to break higher, one we are looking to enter.

Retail: COST gapped on its results. While most pulled back, the patterns
remain solid. TJX, ROST, BBBY, TGT.

Semiconductors: Some good setups and moves starting. INTC jumped, and if
it continues, we move in. CAVM looks very good and MRVL has a good pattern.
LRCX, AMAT recovering but still problematic. Very mixed but improving and
some are running, e.g. CREE.

Machinery/Manufacturing: Struggled to end the week, giving up some gains,
e.g. HON, MMM, TEX.


MARKET STATS

DJ30
Stats: +143.08 points (+0.58%) to close at 24651.74

Nasdaq
Stats: +80.06 points (+1.17%) to close at 6936.58
Volume: 3.5B (+76.77%)

Up Volume: 2.51B (+1.744B)
Down Volume: 929.88M (-250.12M)

A/D and Hi/Lo: Advancers led 2.31 to 1
Previous Session: Decliners led 2.25 to 1

New Highs: 133 (+40)
New Lows: 51 (-19)

S&P
Stats: +23.80 points (+0.90%) to close at 2675.81
NYSE Volume: 2.4B (+194.91%)

A/D and Hi/Lo: Advancers led 2.22 to 1
Previous Session: Decliners led 1.85 to 1

New Highs: 123 (+42)
New Lows: 32 (-17)


SENTIMENT INDICATORS

VIX: 9.42; -1.07
VXN: 11.88; -0.51
VXO: 7.88; -0.81

Put/Call Ratio (CBOE): 0.97; +0.17


Bulls and Bears: Pretty large drop though still easily over 60 for the
bulls. That is still in the overly optimistic range and of course the surge
Friday will bring them around again to the upside. This is a warning
indication, but not a great timing device.

Bulls: 61.9 versus 64.2

Bears: 15.2 versus 15.1

Theory: When everyone is bullish and has put all their capital to work,
where does the ammunition to drive the market come from? There is always
new money to start a new year. After that is used will more money be
coming? That is the question.




Bulls: 61.9 versus 64.2
64.2 versus 62.3 versus 61.5 versus 63.5 versus 64.4 versus 63.5 versus 62.3
versus 60.6 versus 60.4 versus 57.5 versus 54.3 versus 50.5 versus 47.1
versus 49.5 versus 49.5 versus 48.1 versus 50.5 versus 57.5 versus 60.0
versus 60.2 versus 57.8 versus 50.0 versus 52.5 versus 54.9 versus 51.5
versus 50.00 versus 55.8 versus 50.00 versus 51.9 versus 58.1 versus 58.7
versus 58.5 versus 54.7 versus 51.9 versus 56.3 versus 55.8 versus 49.5
versus 56.7 versus 53.4 versus 57.7 versus 63.1 versus 61.2 versus 61.8
versus 62.7 versus 61.8 versus 58.2 versus 60.6 versus 58.6 versus 60.2
versus 59.8 versus 59.8 versus 59.6 versus 58.8 versus 56.3 versus 55.6
versus 51.0 versus 42.9 versus 41.7 versus 47.1 versus 42.9

Bears: 15.2 versus 15.1
15.1 versus 15.1 versus 15.4 versus 15.4 versus 14.4 versus 14.4 versus 15.1
versus 15.2 versus 15.1 versus 17.0 versus 17.1 versus 19.0 versus 20.2
versus 19.1 versus 19.1 versus 18.3 versus 18.1 versus 17.0 versus 16.2
versus 16.5 versus 16.7 versus 18.6 versus 18.8 versus 18.6 versus 18.3
versus 19.2 versus 18.3 versus 17.1 versus 17.3 versus 17.9 versus 17.9
versus 18.3 versus 17.5 versus 18.3 versus 18.1 versus 17.3 versus 13.75
versus 17.3 versus 16.5 versus 17.5 versus 17.6 versus 16.7 versus 17.6
versus 17.5 versus 17.3 versus 18.3 versus 18.4 versus 19.6 versus 19.6
versus 19.2 versus 19.6 versus 22.3 versus 21.6 versus 23.5 versus 25.7
versus 24.3 versus 23.1 versus 23.8 versus 23.1 versus 22.8 versus 23.1
versus 24.3


OTHER MARKETS

Bonds: 2.351% versus 2.351%. Bonds overall rallied Friday even if the 10
year was steady. Curve flattens farther.

Historical: the last sub-2% rate was in November 2016 (1.867%). 2.351%
versus 2.36% versus 2.403% versus 2.389% versus 2.378% versus 2.34% versus
2.353% versus 2.381% versus 2.363% versus 2.363 versus 2.412% versus 2.385%
versus 2.326% versus 2.329% versus 2.321% versus 2.34% versus 2.354% versus
2.367% versus 2.345% versus 2.37% versus 2.336% versus 2.375% versus 2.407%
versus 2.402% versus 2.34% versus 2.326% versus 2.316% versus 2.32% versus
2.332% versus 2.349% versus 2.358% versus 2.378% versus 2.37% versus 2.419%
versus 2.456% versus 2.435% versus 2.421% versus 2.366% versus 2.383% versus
2.318% versus 2.341% versus 2.30% versus 2.302% versus 2.275%


EUR/USD: 1.1752 versus 1.17798. Euro tried to bounce Wednesday, fell back
to the 50 day SMA on the Friday close.

Historical: 1.17798 versus 1.18392 versus 1.17430 versus 1.17652 versus
1.1764 versus 1.17754 versus 1.17990 versus 1.18276 versus 1.18727 versus
1.18983 versus 1.18976 versus 1.18529 versus 1.18489 versus 1.1899 versus
1.19329 versus 1.18148 versus 1.17402 versus 1.1791 versus 1.1787 versus
1.1786 versus 1.1799 versus 1.16443 versus 1.16646 versus 1.16439 versus
1.15871 versus 1.15954 versus 1.1609 versus 1.16092 versus 1.16575 versus
1.15480 versus 1.1644 versus 1.16091 versus 1.16330 versus 1.18163 versus
1.17570 versus 1.1759 versus 1.17798 versus 1.18476 versus 1.17995 versus
1.1771 versus


USD/JPY: 112.619 versus 112.298. Dollar fell on the week, tried to buck up
Friday over the 200 day SMA.

Historical: 112.298 versus 112.639 versus 113.555 versus 113.476 versus
113.48 versus 113.473 versus 112.473 versus 112.554 versus 112.442 versus
112.190 versus 112.55 versus 112.102 versus 111.583 versus 111.244 versus
111.523 versus 111.247 versus 112.349 versus 112.615 versus 112.124 versus
112.91 versus 112.879 versus 113.430 versus 113.615 versus 113.526 versus
113.379 versus 113.99 versus 113.723 versus 113.758 versus 114.064 versus
114.010 versus 114.010 versus 113.845 versus 113.640 versus 113.175 versus
113.675 versus 114.071 versus 113.607 versus 113.913 versus 113.31 versus
113.530 versus 112.561 versus 113.031 versus 112.21 versus 112.20 versus
111.852


Oil: 57.33, +0.29. Still working in the lateral 3 week range over the
rising 50 day MA.


Gold: 1257.90, +0.40. Rebounded on the week to test up near the 200 day
SMA Showed a doji, looks as if it will break back downside.


MONDAY

Fed hiked rates as expected, has a gentle upward slope as expected, lots
more data to come in the week ahead: Housing starts, Existing Home Sales,
GDP third, Philly Fed, Leading indicators, Personal income and spending,
Durable Goods Orders, New Homes, Michigan Sentiment. A veritable data dump.
Overall the economic data is up and down but trending up.

The big event of course will be the tax reform vote set for Tuesday as of
this writing. Friday's rally built upon 'no' votes turning 'yes,' including
Corker (Korker's). Collins and Flake are still nut jobs while McCain and
Cochran, both suffering some medical impairment, are expected to be back
next week. Pence is hanging around DC just in case.

With the move Friday and based upon our belief the tax bill passes one way
or another, most new plays are to the upside. Some more drug plays,
software, even a chip or two. The market may be extended or on the last
move higher in these runs, but the plays down below are setting up. In
other words, some areas have not rallied and are setting up good patterns to
turn off the lows; seen that before, many times.

So, let the good positions continue working and watch for the money pushing
new plays such as the small drugs and others back upside.

Have a great weekend!


SUPPORT AND RESISTANCE

NASDAQ: Closed at 6936.58

Resistance:

Support:
6914 is the late November all-time high
6796 is the early November 2017
The 50 day EMA at 6737
6641 is the October high
The 2016 trendline at 6589
6477 is the September intraday high
6461 is the July 2017 prior all-time high
6450 is the early September high
6341.70 is the all-time high from early June.
The 200 day SMA at 6320
6300 is the mid-June interim high
6205 is the late May all-time high
5996 is the recent May 2017 low
5937 is the all-time high from April
5915 is the tops of the March to April 2017 range
5910 is the lower gap point from mid-April
5800 from the February consolidation lows


S&P 500: Closed at 2675.81

Resistance:

Support:
The 20 day EMA at 2634
2597 is the November 2017 all-time high
The 50 day EMA at 2596
2549 is the upper channel line from the March 2009 uptrend channel
2491 is the August all-time high
2480 the late August and early August highs
The 200 day SMA at 2468
2453.46 is the June prior all-time closing high
2409 is the July 2017 closing low
2406 is the all-time high from May 2017
2401 is the March 2017 all-time high
2352 is the recent May 2017 low
2348 is the April 2017 lower gap point
2329 is the March and April twin lows
2322 is the March 2017 low
2301 is the late January 2017 high
2298 is the late January 2017 high
2282 - 2280 from January 2017
2277.53 is the December 2016 high
The November 2016 all-time high at 2213.25
2194 is the August 2016 prior all-time high
2175 is the June 2016 high


Dow: Closed at 24,651.74

Resistance:

Support:
24,255-ish
The 20 day EMA at 24,136
23,602 is the early November 2017 high
23,608 is the early November high
The 50 day EMA at 23,608
22,420 is the September high
22,179 is the August 2017 all-time high
22,086 is the mid-August lower high
The 200 day SMA at 21,935
21,681is the July prior all-time high
21,638 is the July 2017 closing high
21,529 is the June 2017 high
21,169 is the March 2017 all-time high

End part 1 of 3
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Sunday, December 10, 2017

The Daily, Part 1 of 3, 12-9-17

* * * *
12/9/2017 Investment House Daily
* * * *

Investment House Daily Subscribers:

MARKET ALERTS:

Targets hit: PII
Entry alerts: AAP; AMZN; BIIB
Trailing stops: FB
Stop alerts: TELL

The market alert service is a premium level service where we issue intraday
alerts relating to the general market conditions, when stocks hit action
points (buy, stop, target, etc.), and when we see other information
impacting the market or our stocks. To subscribe to the alert service you
can sign up at the following link:
http://www.investmenthouse.com/alertdaily.html

********************************************************************
The Market Video is DIVIDED into component parts: Market Overview, Economy,
Technical Summary, and the Next Session. Choose the segments you are
interested in without having to search a longer video. Click on the link to
the portion you wish to view.

TO VIEW THE MARKET OVERVIEW CLICK THE FOLLOWING LINK:
Flash: http://investmenthouse1.com/ihmedia/f/mo/mo.mp4

TO VIEW THE TECHNICAL SUMMARY VIDEO CLICK THE FOLLOWING LINK:
Flash: http://investmenthouse1.com/ihmedia/f/ts/ts.mp4

********************************************************************

The REPORT SCHEDULE is as follows:

Market Summary Video, Plays and Play Videos, and Play Table with play
annotations will issue Wednesday, Weekend.

Monday a Market Summary video, new plays, play table annotations.

Tuesday and Thursday reports will contain the market summary, chart links to
view the index charts, and updated play table.

Access to all current videos will remain assessable each day using the play
links in the reports.

If any market circumstances arise where we see additional plays we want to
prepare for the next session, we will of course issue those plays regardless
of the day of the week.


MARKET SUMMARY

- Stocks continue the rebounds, NYSE indices off near support, NASDAQ
continuing its recovery, SOX gives up its gain.
- Jobs report decent, not great, but it is enough for stocks.
- NYSE leadership rebounds, FAANG rallies but closes off highs. All move up
together but NASDAQ, SOX face important tests that will either show buys or
retracements back lower.
-
After playing favorites the past three weeks, toward the end of last week
stocks tried their kumbaya move, i.e. all rising together versus supporting
some and forgetting others. The result was a recovery in NASDAQ and SOX,
but to varying degrees of success.

SP500 14.52, 0.55%
NASDAQ 27.24, 0.40%
DJ30 117.68, 0.49%
SP400 0.39%
RUTX 0.08%
SOX -0.50%
NASDAQ 100 0.45%

VOLUME: NYSE -10%, NASDAQ -6%. Trade backing off on a move higher, not the
best price/volume action. NYSE trade below average, NASDAQ trade below
average for the third straight session (i.e. all three upside days). Again,
not great price/volume action, particularly for NASDAQ on this bounce.

ADVANCE/DECLINE: NYSE 1.5:1, NASDAQ 1.2:1. Nothing stellar, and indeed
somewhat lagging the day's price gains.

The NASDAQ recovery started Wednesday with a gap lower and recovery to
positive. Thursday and Friday continued the rebound with solid enough
gains, though Friday NASDAQ gapped higher then spent the day fading half the
move.

The fuel for the move? Well, the NYSE indices were perfectly set to bounce
after a short pullback to the 10 or 20 day EMA. NASDAQ and SOX were sold
off hard in that sudden rotation turn, and they were a bit overdone near
term and were rebounding through Thursday, showing some upside momentum
returning.

Friday itself saw the EU and UK strike a deal on Brexit to take it to the
'second phase.' Fears were things were not going well (they were not) and
that it might fall apart. Instead, the UK capitulated to blackmail and
struck a 'deal.'

Then there were jobs. It was a good report, not a great report, but it beat
non-farm expectations, manufacturing jobs grew solidly at 31K, wages were
decent, and the workweek improved nicely.

Non-Farms: 228K versus 190K expected versus 247K Oct (from 261K)

Manufacturing: One of the strongest months in a decade.

Workweek: 34.5 versus 34.4 expected versus 34.4 Oct. Could it finally be
that the workweek expands as companies need more work performed? Perhaps --
the PROBLEM is the ACA is still there with its 29 hour/week cap when the
mandates and taxes kick in. Until that changes, change in the workweek
remain likely muted.

Wages: 0.2% versus 0.3% expected versus -0.1% Oct. +2.5% year/year missing
the 2.7% expected.

What's with wages given that better paying manufacturing positions are
becoming more dominant? It could be a seasonal matter. Retail hires
rebounded from a weaker October given it is time to hire for holiday
demands. Those retail jobs are low pay jobs, and with that influx of jobs
that helped drag down the overall wage level.

Again, a good enough report, not great. It was more about the jobs mix and
the hours worked, and a bit of wage improvement. Important details no
doubt.

After the jobs report the futures more than doubled their gains from 49 on
DJ30 to 131 at the morning peak. As Reuben Feffer's (Ben Stiller) boss
(Alec Baldwin) in 'Along Came Polly' would say, good things.

The stock indices all started higher, but all but SP500 and DJ30 closed off
the high. Those two rallied into midday, faded into mid-afternoon, then
sprinted to the close and a higher high.

SP400 midcaps were similar but they could not find the legs for a for a last
hour sprint, instead just hanging on. RUTX peaked midday and faded the rest
of the session.

NASDAQ, NASDAQ 100, and SOX were similar. The first two peaked at the open
and faded the rest of the session. SOX' action was the same, but its
descent was more severe, giving up all of the gains and closing lower.

So, gains yes, but it was not an all-out, damn the torpedoes rush higher.
Most of the NYSE stocks that were up held their moves higher. Many NASDAQ
stocks, including FAANG, closed well off the high and indeed hit their high
on the open or very early and then backed off.

That can mean the recovery moves on NASDAQ and SOX are capping out. It can
also mean that after the reversal session Tuesday and the recovery into
Friday, those stocks need to take a breather after 4 days upside. After
that they can continue on upside, and if so, any little pullback can be used
to pick up positions. Indeed, Friday we took FB off with a trailing stop
because of its action, intending to move back in after it tests with some
better option positions.

Overall the session was solidly decent. High praise indeed, right? But,
after a 4-day recovery by NASDAQ showed some weariness and SOX hitting the
50 day SMA on the open and then flipping negative, solidly decent is not
bad.

NASDAQ and SOX are hardly out of the woods and free to sail higher. SOX
looks extremely problematic right now. NASDAQ, as noted, can take a short
break and continue higher, but it could also be that the rebound from the
sharp selloff has run out of gas. How the leaders respond this week tells
that tale. Again, if we get a nice, short test and a new move in NASDAQ
leaders, we are all over them with more positions.

As it was we picked up some AAP, BIIB and AMZN Friday, took some gain in
PII, and closed TELL and FB. Again, a test by FB to the 50 day MA-ish (176)
that holds and starts up is a new buy. Indeed, a GOOG test of the 20 day
EMA (1022ish), and AMZN looks really good testing the 10 day EMA, one of the
reasons we picked up new positions Friday.

Getting into the last bit of the year, NYSE indices made a test and started
to bounce, looking very good in their trends higher. SOX looks at best
iffy, while NASDAQ, if it just takes a pause or a modest pullback, could
continue with a second move off the selling and challenge for a new high.
After all, it was a nice, orderly test that still held its uptrend even with
the NASDAQ mega caps and FAANG selling sharply, then bounced back upside.

Therefore we continue to look at upside plays even if they are trades on
stocks such as HON that is in a great uptrend but in a routine test. Or
perhaps CVX that broke out then put in a great 10 day EMA last week. DIOD
is possible with a big ABCD at the 78% Fibonacci retracement.

At the same time, SOX and SMH look bearish with failing tests of the 50 day
MA from below. They can set up ABCD patterns and ultimately rally back, but
that means another downside leg in the pattern to establish a D point.
Playing that leg lower is a perfectly legitimate play and can make excellent
money, as long as you know what you are playing.


LEADERSHIP

FAANG: Up for another session then reversing in some cases to losses.
Important pause/test for them this coming week, i.e. can they keep the move
going after a breather, or was that all that was left in the tank? FB
gapped higher, started to sag so we closed the position and will see if it
tests the 50 day or some other support and resets to continue the upside
move. AAPL still looks good to move higher off its downward wedge. AMZN up
on the week, up more Friday but it too closed off its high. GOOG Gapped to
a doji Friday, its fourth upside session. It could pause a bit and test
1025ish and if that holds, that would be a good entry once again.

Financial: Bouncing after tests into midweek. BAC up off the 10 day EMA
Thursday and Friday, JPM showing the same action. GS showing the same
action and indeed we entered last week.

Transports: Same action as the financials, i.e. a test into Wednesday
followed by upside into the weekend. CSX, KSU in rails show this action.
Truckers such as JBHT, ODFL rallied from Wednesday to weekend after their
tests. Airlines showed big moves Thursday, but Friday gave up some good
gains e.g. DAL, AAL, LUV. SAVE managed to hold its gains through Friday.

Chips: Some look great, e.g. MRVL. INTC is at the 50 day MA and looks in
very good position. Others are in position for more downside from the look:
NVDA shows a bear flag. AMAT, LRCX, XLNX show this as well, but after
another drop they could put in an ABCD pattern that would suggest more
upside.

Retail: After a pullback from Tuesday, many started back up Friday, e.g.
COST, AAP, JWN, AZO. Others look ready, just did not move yet, e.g. DDS,
TGT, WMT.

Metals: STLD, RS -- US steel stocks -- ran hard into the weekend. FCX is
very interesting, particularly if it can hold a test.


MARKET STATS

DJ30
Stats: +117.68 points (+0.49%) to close at 24329.16

Nasdaq
Stats: +27.24 points (+0.40%) to close at 6840.08
Volume: 1.82B (-5.7%)

Up Volume: 1.16B (-200M)
Down Volume: 616.9M (+73.55M)

A/D and Hi/Lo: Advancers led 1.22 to 1
Previous Session: Advancers led 1.75 to 1

New Highs: 97 (+21)
New Lows: 49 (-17)

S&P
Stats: +14.52 points (+0.55%) to close at 2651.50
NYSE Volume: 738.5M (-10.20%)

A/D and Hi/Lo: Advancers led 1.51 to 1
Previous Session: Advancers led 1.68 to 1

New Highs: 111 (+31)
New Lows: 29 (-19)


SENTIMENT INDICATORS

VIX: 9.58; -0.58
VXN: 14.42; -1.44
VXO: 8.54; -1.02

Put/Call Ratio (CBOE): 0.94; +0.10


Bulls and Bears: Bulls roared back from the dip a dip 3 weeks back, but
never fell below 60. That is a high level of bulls, suggesting that a lot
of money is already in the market. For now, however, the market still is
moving higher but it is noteworthy SOX is under pressure and the big name
techs, while they did bounce the past week, still have to show they can
recover the prior highs without slipping into a basing/consolidation
process. Why? Because you want the yearend rally to continue and to play
it.

Bulls: 64.2 versus 62.3

Bears: 15.1 versus 15.1

Theory: When everyone is bullish and has put all their capital to work,
where does the ammunition to drive the market come from? There is always
new money to start a new year. After that is used will more money be
coming? That is the question.




Bulls: 64.2 versus 62.3
62.3 versus 61.5 versus 63.5 versus 64.4 versus 63.5 versus 62.3 versus 60.6
versus 60.4 versus 57.5 versus 54.3 versus 50.5 versus 47.1 versus 49.5
versus 49.5 versus 48.1 versus 50.5 versus 57.5 versus 60.0 versus 60.2
versus 57.8 versus 50.0 versus 52.5 versus 54.9 versus 51.5 versus 50.00
versus 55.8 versus 50.00 versus 51.9 versus 58.1 versus 58.7 versus 58.5
versus 54.7 versus 51.9 versus 56.3 versus 55.8 versus 49.5 versus 56.7
versus 53.4 versus 57.7 versus 63.1 versus 61.2 versus 61.8 versus 62.7
versus 61.8 versus 58.2 versus 60.6 versus 58.6 versus 60.2 versus 59.8
versus 59.8 versus 59.6 versus 58.8 versus 56.3 versus 55.6 versus 51.0
versus 42.9 versus 41.7 versus 47.1 versus 42.9

Bears: 15.1 versus 15.1
15.1 versus 15.4 versus 15.4 versus 14.4 versus 14.4 versus 15.1 versus 15.2
versus 15.1 versus 17.0 versus 17.1 versus 19.0 versus 20.2 versus 19.1
versus 19.1 versus 18.3 versus 18.1 versus 17.0 versus 16.2 versus 16.5
versus 16.7 versus 18.6 versus 18.8 versus 18.6 versus 18.3 versus 19.2
versus 18.3 versus 17.1 versus 17.3 versus 17.9 versus 17.9 versus 18.3
versus 17.5 versus 18.3 versus 18.1 versus 17.3 versus 13.75 versus 17.3
versus 16.5 versus 17.5 versus 17.6 versus 16.7 versus 17.6 versus 17.5
versus 17.3 versus 18.3 versus 18.4 versus 19.6 versus 19.6 versus 19.2
versus 19.6 versus 22.3 versus 21.6 versus 23.5 versus 25.7 versus 24.3
versus 23.1 versus 23.8 versus 23.1 versus 22.8 versus 23.1 versus 24.3


OTHER MARKETS

Bonds: 2.378% versus 2.362%. Bonds sold off hard Thursday, held the 20 day
EMA Friday. Sharp bounce, sharp drop. Now we see if bonds rally again and
drop rates.

Historical: the last sub-2% rate was in November 2016 (1.867%). 2.378%
versus 2.34% versus 2.353% versus 2.381% versus 2.363% versus 2.363 versus
2.412% versus 2.385% versus 2.326% versus 2.329% versus 2.321% versus 2.34%
versus 2.354% versus 2.367% versus 2.345% versus 2.37% versus 2.336% versus
2.375% versus 2.407% versus 2.402% versus 2.34% versus 2.326% versus 2.316%
versus 2.32% versus 2.332% versus 2.349% versus 2.358% versus 2.378% versus
2.37% versus 2.419% versus 2.456% versus 2.435% versus 2.421% versus 2.366%
versus 2.383% versus 2.318% versus 2.341% versus 2.30% versus 2.302% versus
2.275%


EUR/USD: 1.1764 versus 1.17754. Fell to the 50 day EMA and showing a doji
with tail that might bounce.

Historical: 1.17754 versus 1.17990 versus 1.18276 versus 1.18727 versus
1.18983 versus 1.18976 versus 1.18529 versus 1.18489 versus 1.1899 versus
1.19329 versus 1.18148 versus 1.17402 versus 1.1791 versus 1.1787 versus
1.1786 versus 1.1799 versus 1.16443 versus 1.16646 versus 1.16439 versus
1.15871 versus 1.15954 versus 1.1609 versus 1.16092 versus 1.16575 versus
1.15480 versus 1.1644 versus 1.16091 versus 1.16330 versus 1.18163 versus
1.17570 versus 1.1759 versus 1.17798 versus 1.18476 versus 1.17995 versus
1.1771 versus


USD/JPY: 113.48 versus 113.094. Good bounce on the week, moving through
the 50 day SMA.

Historical: 113.473 versus 112.473 versus 112.554 versus 112.442 versus
112.190 versus 112.55 versus 112.102 versus 111.583 versus 111.244 versus
111.523 versus 111.247 versus 112.349 versus 112.615 versus 112.124 versus
112.91 versus 112.879 versus 113.430 versus 113.615 versus 113.526 versus
113.379 versus 113.99 versus 113.723 versus 113.758 versus 114.064 versus
114.010 versus 114.010 versus 113.845 versus 113.640 versus 113.175 versus
113.675 versus 114.071 versus 113.607 versus 113.913 versus 113.31 versus
113.530 versus 112.561 versus 113.031 versus 112.21 versus 112.20 versus
111.852


Oil: 57.36, +0.67. Broke lower Wednesday, recovered the 20 day EMA nicely
to end the week, still trending higher.


Gold: 1248.40, -4.70. Broke through the 200 day SMA early week the really
broke lower Thursday. Friday a bit lower, showing a doji.



SUPPORT AND RESISTANCE

NASDAQ: Closed at 6840.08

Resistance:
6914 is the late November all-time high

Support:
6796 is the early November 2017
The 50 day EMA at 6705
6641 is the October high
The 2016 trendline at 6565
6477 is the September intraday high
6461 is the July 2017 prior all-time high
6450 is the early September high
6341.70 is the all-time high from early June.
6300 is the mid-June interim high
The 200 day SMA at 6295
6205 is the late May all-time high
5996 is the recent May 2017 low
5937 is the all-time high from April
5915 is the tops of the March to April 2017 range
5910 is the lower gap point from mid-April
5800 from the February consolidation lows


S&P 500: Closed at 2651.50

Resistance:

Support:
The 20 day EMA at 2616
2597 is the November 2017 all-time high
The 50 day EMA at 2581
2549 is the upper channel line from the March 2009 uptrend channel
2491 is the August all-time high
2480 the late August and early August highs
The 200 day SMA at 2461
2453.46 is the June prior all-time closing high
2409 is the July 2017 closing low
2406 is the all-time high from May 2017
2401 is the March 2017 all-time high
2352 is the recent May 2017 low
2348 is the April 2017 lower gap point
2329 is the March and April twin lows
2322 is the March 2017 low
2301 is the late January 2017 high
2298 is the late January 2017 high
2282 - 2280 from January 2017
2277.53 is the December 2016 high
The November 2016 all-time high at 2213.25
2194 is the August 2016 prior all-time high
2175 is the June 2016 high


Dow: Closed at 24,329.16

Resistance:
24534 is the all-time high

Support:
23,602 is the early November 2017 high
The 20 day EMA at 23,875
23,608 is the early November high
The 50 day EMA at 23,404
22,420 is the September high
22,179 is the August 2017 all-time high
22,086 is the mid-August lower high
The 200 day SMA at 21,846
21,681is the July prior all-time high
21,638 is the July 2017 closing high
21,529 is the June 2017 high
21,169 is the March 2017 all-time high

End part 1 of 3
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Saturday, December 02, 2017

The Daily, Part 1 of 3, 12-2-17

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12/2/2017 Investment House Daily
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Market Summary Video, Plays and Play Videos, and Play Table with play
annotations will issue Wednesday, Weekend.

Monday a Market Summary video, new plays, play table annotations.

Tuesday and Thursday reports will contain the market summary, chart links to
view the index charts, and updated play table.

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of the day of the week.


MARKET SUMMARY

- An avoidable firestorm: ABC misreporting aids a huge selloff.
- Stocks recover as the dip is bought, but close negative.
- Senate tax sausage making hard for the market to watch, ABC broke the
back -- for Friday.
- Afterhours ABC changes the crux of its story, Senate passes tax reform
bill
- Rotation produces some new potential leaders.
- FAANG, other NASDAQ large caps at an important juncture. A September-like
recovery or not?
- Perhaps a 'normal' market week ahead with 'just' the jobs report?
-
Anything But Correct. Altogether Biased Coverage. American Broadcasting
Charlatans. ABC and its reporter Brian Ross should be held liable for
covering any losses any investor or trader suffered Friday. During the
session Mr. Ross reported that 'candidate Trump' ordered Michael Flynn to
contact Russia. On the heels of Flynn being charged and pleading guilty in
a deal that was dependent upon 'others being prosecuted,' that news appeared
to jeopardize Trump and his administration.

Stocks dove lower with DJ30 -350 points on the low, NASDAQ off a whopping
136 points (2%), RUTX -3%. That sent DJ30 to the 10 day EMA, NASDAQ below
the 20 day EMA, and RUTX all the way to the 50 day EMA.

Then the market seemed to sense something was not right. Bids returned,
massive recoveries ensued, and while all of the indices still closed
negative on the day, the losses were pikers compared to the bloodletting
that peaked at 11:30ET.

SP500 -5.36, -0.20%
NASDAQ -26.38, -0.38%
DJ30 -40.76, -0.17%
SP400 -0.24%
RUTX -0.46%
SOX -1.09%
NASDAQ 100 -0.43%

VOLUME: NYSE -33%, NASDAQ -6.5%. Lower trade yes, but still impressive
trade on a rebound. Volume jumped on the ABC report but was strong as well
as stocks bottomed and reversed the 40 minutes after hitting bottom. Again,
there was buying once the kneejerk, algo-driven headline reaction was
thought through.

ADVANCE/DECLINE: NYSE 1.1:1, NASDAQ -1.5:1. Again NASDAQ lags the NYSE
indices.

Late Friday, hours after the financial markets closed for the weekend, ABC
put Brian Ross live on the air. To give further damning detail to his prior
report? NO! To RETRACT the single most important aspect of the report, the
one piece of information that differed from what we all knew for more than a
year: it was not candidate Trump or anyone in his administration, but the
newly elected administration that sought contact with Russia. Specifically,
Ross changed his earlier report to say "candidate Trump asked him [Flynn]
during the campaign to FIND WAYS to repair relations with Russia and other
hot spots, and then after the election, the President-elect asked him, told
him to CONTACT Russia on issues, including working together to fight ISIS."

Oh, just a small oversight there. Therefore, when the balance of the
reporting Friday is reckoned and measured, nothing new was added to what was
known 12 months ago, i.e. that the newly elected administration, as is the
case for all new administrations, started reaching out and making contacts
with key members of other governments so they could hit the ground running
on inauguration day. How shocking. How against the interest of Americans.
Just as Presidents Obama, Bush, Clinton, Bush, etc. acted against the
interest of Americans when they, as Presidents-elect, reached out to foreign
governments to get the relations started in advance of taking office. We
were all grateful they did and felt it was part of getting ready for the
most important job in the world.

Goodness, we have learned in the intervening months that Russia,
post-election, was buying Facebook ads to try and sew seeds of discord in
the US to make the Trump administration LESS effective. It saw in Trump a
Ronald Reagan figure that would not put up with BS, and Russia is,
shockingly I know, trying to get ahead of the curve, actually using what it
learned from the history of the USSR dealing with a personality such as
Trump's. It would appear that Russia has been successful in that endeavor
given how readily US citizens are to attack one another.

Back to the markets. They dove on a combination of stories regarding the
administration that appeared worse than they were. On top of that, they
were already rattled by what appeared to be a sure thing tax reform bill in
the Senate get scuttled when more utterly BS Senate rules got in the way of
common sense. In reality, it was a ploy by the Corkscrew/Korkers sub-party
of newly found anti-deficit religious zealots -- reformed -- to keep tax
reform from passing.

That was a powerful 1-2-3 punch to the market psyche, and the already
rattled indices fell all over themselves. But, as noted, the sense was the
reporting was not correct. Also, a few senators, including Johnson (got
some pass-through amendments he wanted), Collins (got whatever she wanted;
still cannot figure out what that was), gave thumbs up to the tax bill.
Stocks then recovered and pared the losses as noted.

On the heels of the Abysmal Background Checking network's
retraction-but-not-called-retraction of its story, the Senate passed its
bill late, late night. Not sure what the heck is in it -- heard they were
handwriting parts of it on scraps of paper -- but it is passed and now the
House and Senate go to the next level of war, reconciliation. It is
apparently beneficial enough for CNBC to print a story titled "This tax plan
will spark an investment boom that will benefit everyone." Of course it was
penned by Larry Kudlow . . .

So, after Mr. Toad's wild ride induced as a result of some very
self-centered and goal-seeking reports and actions, the market got what it
anticipated: the senate passing a tax reform package. It may not have
anticipated the ABC retraction, but it also didn't anticipate the ABC
fabricated or at the very least poorly, poorly fact-checked story. Usually
when you rush to judgment you end up being the more harshly judged.

Now we see how the markets react to everything being pretty status quo
before all of the running in place that occurred in the very short span of
Friday. You also watch to see if the big NASDAQ stocks pull a September,
and after a sharp down session as on Wednesday, they get purchased yet again
along with other stocks. They based during the summer, broke out of new
bases and rallied, tested, and started back up when all of this started
hitting. Again, will they resume the breakout moves after this pretty big
Wednesday speed bump?

Don't forget about the semiconductors either. Tough week with a sharp drop,
but as noted in last weekend's report, they were extended with a long run up
the 10 day EMA and no inkling of a 50 day EMA test since last touched in
late August. Well, they have not put in that touch, falling to it on
Wednesday, holding it Thursday, undercutting it Friday, then recovering with
a big doji with tail right on top of the 50 day. Quite the shakeout move.


THE MARKET

CHARTS

SOX: Let's start with SOX. A leader upside turned leader downside. 22%
above its 200 day SMA on the high heading into last week. That was
corrected as of Friday all the way back to 11% at the low. Halved the
extension. Now, if the uptrend is to hold what should happen is a new
bounce and new rotation up the 10 and 20 day EMA. Stocks and indices will
breakout, rally up the 10/20 day EMA 4 to 5 rotations or bounces, then
correct back to the 50 day MA where they reset the move and do it again.
SOX broke out of a 4 month base in mid-September and rallied up the 10 day
EMA afterward, putting in the full 5 bounces. It ran out of gas and fell,
but it has hit the 50 day, showing a big doji with tail. Again, if the move
is going to continue with some strength, it should hold and start a new move
here.

NASDAQ: A lot of headlines on the week because the mega caps and FAANG were
down. The chart, however, shows a 20 day EMA test with an intraday
undercut, just as it did in late October and mid-November on the first and
second tests of that level after the mid-September breakout from its late
July to mid-September base. As with SOX, it has another bounce or two ahead
of it if the status quo remains, and as of the Anything goes Broadcast
Crapola story retraction and curmudgeon-defying senate passage of a tax
reform bill (and there is truly some tax reform in that bill), the status
quo remains.

DJ30: Yes the Dow was off 350 points Friday, but it was up 330+ points
Thursday. Moreover, it recovered 310 of the lost points intraday. Huge
surge higher on the week, even more extended (11%) over the 200 day SMA. It
CAN get to 15% extension before it starts to struggle, but that is rarer.
As you can see, it was primed for a pullback Friday with the ease in which
it gave up the Thursday gains. Again, however, it did recover.

RUTX: What a new breakout move Tuesday that coasted a bit higher into
Thursday. Then the Friday jolt sent the small caps all the way back to the
50 day EMA intraday. With the last-minute tax bill blockade attempts that
paired 'I have always been a deficit hawk since Trump was elected' Corkster
with his buddy Schumer when they aided the prior administration more than
doubling the debt, it is no wonder the tax sensitive small caps seized up
and plummeted. They too recovered vast amounts of lost ground to close, and
leave themselves in still good position to continue onward toward the 127%
Fibonacci extension at 1558 (closed at 1537) after bouncing off the 38%
Fibonacci retracement mid-November.

SP400: Massive Friday drop as well, tapping the 20 day EMA from a new
all-time high Thursday. Then the same massive recovery to hold its
breakout. Breakout, shakeout, all in 24 hours. Impressive breakout indeed,
and a test of the move is not at all abnormal.

SP500: New high Thursday, tested almost to the 20 day EMA Friday, recovered
to almost flat by the close. Broke out on a new leg higher 8 sessions back,
very strong Tuesday to Thursday move, and as with SP400, a test would not be
out of the question.



LEADERSHIP

Friday some of the recent leaders in retail, manufacturing, transportation
tested their moves. They recovered off the lows, but were due for a bit of
a test after at least 3 good sessions upside. May get some entries out of
them this week.

Retail: Some testing after good moves though COST, M added gains. JWN,
ROST, TGT put in modest tests while WMT continues its 2 week lateral flag.
HD strong all week. They paused some but for most they held their gains
nicely.

Transports: Most paused. Rails saw KSU, NSC test, but CSX continued its
break higher. Some interesting tests in trucking, e.g. JBHT after a good
break higher. WERN barely tested, same with ODFL. Airlines tested, barely
as well: LUV, SAVE. The DJ20 new high along with the DJ30 new high still
has Dow Theory working even as many with fear of flying forget about that
confirmation indication simply because they have a fear of flying.

Drugs/Biotechs/Healthcare: Trying to come around again. PFE broke higher
early week, MYL at the end of the week. Generics bounced on AMZN showing
interest. Healthcare plans also moved with UNH surging early week. LH is
testing the huge Wednesday move and may give us the entry after a bit more
testing. VSTM looks good even though it gave up its gap higher Friday.
PTLA gave us the entry. IMGN and some other smaller names are interesting.

Manufacturing/Machinery: MMM gave us the target Thursday, took Friday off.
HON surged on the week, also took Friday off. CAT showed a solid new break
higher Thursday, did not give it back.

Oil: Some good moves continued and started. SM popped Friday and we moved
in. SN continued its Thursday move, indeed accelerating the surge for us.
CVX, XOM and other big names paused some Friday after their strong Wednesday
moves. PTEN, SWN may be setting up for new moves or breaks higher,
respectively.

Financial; Strong Tuesday and Wednesday moves, then took Thursday and Friday
as personal days. Great recovery moves and we will see if we can get any
new entries off this. TCBI testing nicely as is STT. BAC looks great still
and C could now give the entry.

Semiconductors: With SOX SMH showing a possible shakeout at the 50 day MA,
some stocks should be setting up after a rough week. LRCX and AMAT are
still well below the 50 day EMA and at the 78% and 61% Fibonacci
retracement, respectively. More work to be done to form a pattern there.
AVGO held up well, reaching lower but recovering to the 20 day EMA to close
yet again. QRVO reached down toward the 200 day SMA but did manage a
recovery; work to do now to get set back up. INTC looks good. CAVM as
well. Many, however, have a lot of work to do to rebuild patterns.

FAANG: Have to look at these of course. Still in the hanging on stage
after the Wednesday drop, similar to September. FB holding the 50 day MA
with a pair of doji. AMZN holding the 10 day EMA in a test. AAPL trying to
hang on at the 20 day EMA. NFLX broke the 50 day Wednesday and sank more
from there. GOOG all the way to tap the 50 day EMA on the Friday low,
modest rebound. Okay, at least it is in great position to bounce.

Software: Took on water Wednesday and Thursday, but some recovered. MSFT
was never in jeopardy. SYNT still working well. VMW announced earnings and
jumped off the 50 day MA. BLKB took a trip to the 50 day MA on the Friday
low; will see if it can make something of the fast test. FFIV paused Friday
but gave us the target Thursday. CRM fell Wednesday, but it might pull off
a hold and new setup.


MARKET STATS

DJ30
Stats: -40.76 points (-0.17%) to close at 24231.59

Nasdaq
Stats: -26.39 points (-0.38%) to close at 6847.59
Volume: 2.29B (-6.53%)

Up Volume: 965.05M (-514.95M)
Down Volume: 1.29B (+360.44M)

A/D and Hi/Lo: Decliners led 1.54 to 1
Previous Session: Advancers led 1.13 to 1

New Highs: 103 (-179)
New Lows: 43 (+9)

S&P
Stats: -5.36 points (-0.20%) to close at 2642.22
NYSE Volume: 1B (-33.33%)

A/D and Hi/Lo: Advancers led 1.06 to 1
Previous Session: Advancers led 1.38 to 1

New Highs: 151 (-147)
New Lows: 31 (-6)


SENTIMENT INDICATORS

VIX: 11.43; +0.15
VXN: 16.57; +0.64
VXO: 10.86; +0.50

Put/Call Ratio (CBOE): 0.78; -0.07


Bulls and Bears: Bulls dipped two weeks back then recovered this past week
though still off the recent peaks. It will be interesting to see how the
DJ30 versus NASDAQ/SOX will play out this past week. Bears dipped but still
hold a more elevated level, though still way off the highs. Still very high
bullish reading.

Bulls: 62.3 versus 61.5

Bears: 15.1 versus 15.4

Theory: When everyone is bullish and has put all their capital to work,
where does the ammunition to drive the market come from? There is always
new money to start a new year. After that is used will more money be
coming? That is the question.




Bulls: 62.3 versus 61.5
61.5 versus 63.5 versus 64.4 versus 63.5 versus 62.3 versus 60.6 versus 60.4
versus 57.5 versus 54.3 versus 50.5 versus 47.1 versus 49.5 versus 49.5
versus 48.1 versus 50.5 versus 57.5 versus 60.0 versus 60.2 versus 57.8
versus 50.0 versus 52.5 versus 54.9 versus 51.5 versus 50.00 versus 55.8
versus 50.00 versus 51.9 versus 58.1 versus 58.7 versus 58.5 versus 54.7
versus 51.9 versus 56.3 versus 55.8 versus 49.5 versus 56.7 versus 53.4
versus 57.7 versus 63.1 versus 61.2 versus 61.8 versus 62.7 versus 61.8
versus 58.2 versus 60.6 versus 58.6 versus 60.2 versus 59.8 versus 59.8
versus 59.6 versus 58.8 versus 56.3 versus 55.6 versus 51.0 versus 42.9
versus 41.7 versus 47.1 versus 42.9

Bears: 15.1 versus 15.4
15.4 versus 15.4 versus 14.4 versus 14.4 versus 15.1 versus 15.2 versus 15.1
versus 17.0 versus 17.1 versus 19.0 versus 20.2 versus 19.1 versus 19.1
versus 18.3 versus 18.1 versus 17.0 versus 16.2 versus 16.5 versus 16.7
versus 18.6 versus 18.8 versus 18.6 versus 18.3 versus 19.2 versus 18.3
versus 17.1 versus 17.3 versus 17.9 versus 17.9 versus 18.3 versus 17.5
versus 18.3 versus 18.1 versus 17.3 versus 13.75 versus 17.3 versus 16.5
versus 17.5 versus 17.6 versus 16.7 versus 17.6 versus 17.5 versus 17.3
versus 18.3 versus 18.4 versus 19.6 versus 19.6 versus 19.2 versus 19.6
versus 22.3 versus 21.6 versus 23.5 versus 25.7 versus 24.3 versus 23.1
versus 23.8 versus 23.1 versus 22.8 versus 23.1 versus 24.3


OTHER MARKETS

Bonds: 2.363% versus 2.412%. Given the Friday uncertainty, bonds surged as
a safe haven play. Still below the late November highs, but a big bounce
off the 50 day EMA.

Historical: the last sub-2% rate was in November 2016 (1.867%). 2.363
versus 2.412% versus 2.385% versus 2.326% versus 2.329% versus 2.321% versus
2.34% versus 2.354% versus 2.367% versus 2.345% versus 2.37% versus 2.336%
versus 2.375% versus 2.407% versus 2.402% versus 2.34% versus 2.326% versus
2.316% versus 2.32% versus 2.332% versus 2.349% versus 2.358% versus 2.378%
versus 2.37% versus 2.419% versus 2.456% versus 2.435% versus 2.421% versus
2.366% versus 2.383% versus 2.318% versus 2.341% versus 2.30% versus 2.302%
versus 2.275% versus 2.321% versus 2.345% versus 2.345% versus 2.361% versus
2.348% versus 2.327% versus 2.326% versus 2.341% versus 2.339% versus 2.312%
versus 2.307% versus 2.236% versus 2.222% versus 2.253% versus 2.276% versus
2.273% versus 2.246% versus 2.234% versus 2.201% versus 2.186% versus 2.19%
versus 2.167% versus 2.134% versus 2.042%


EUR/USD: 1.18983 versus 1.18976. Working laterally over the 10 day EMA,
testing the mid-November break higher off the 50 day EMA.

Historical: 1.18976 versus 1.18529 versus 1.18489 versus 1.1899 versus
1.19329 versus 1.18148 versus 1.17402 versus 1.1791 versus 1.1787 versus
1.1786 versus 1.1799 versus 1.16443 versus 1.16646 versus 1.16439 versus
1.15871 versus 1.15954 versus 1.1609 versus 1.16092 versus 1.16575 versus
1.15480 versus 1.1644 versus 1.16091 versus 1.16330 versus 1.18163 versus
1.17570 versus 1.1759 versus 1.17798 versus 1.18476 versus 1.17995 versus
1.1771 versus 1.17932 versus 1.1823 versus 1.1834 versus 1.18662 versus
1.1813 versus 1.17460 versus 1.17352 versus 1.17100 versus 1.1754 versus
1.17676 versus 1.17315 versus 1.1812 versus 1.17817 versus 1.1746 versus
1.17852 versus 1.18540 versus 1.19476 versus 1.19420 versus 1.19420 versus
1.19954 versus 1.19436 versus 1.1918 versus 1.1874 versus 1.19706 versus
1.19551 versus 1.20379 versus 1.2025 versus 1.19258 versus 1.19143 versus
1.18621 versus 1.19131 versus 1.18938 versus 1.19731 versus 1.19678 versus
1.19212 versus 1.18 versus 1.17516 versus 1.1813 versus 1.17595 versus
1.17107 versus 1.17812 versus 1.17445 versus 1.17751 versus 1.18216 versus
1.17652


USD/JPY: 112.190 versus 112.55. Gave back some ground in the turmoil, but
bounced off an intraday 200 day SMA test, holding much of the week's bounce
off that support.

Historical: 112.55 versus 112.102 versus 111.583 versus 111.244 versus
111.523 versus 111.247 versus 112.349 versus 112.615 versus 112.124 versus
112.91 versus 112.879 versus 113.430 versus 113.615 versus 113.526 versus
113.379 versus 113.99 versus 113.723 versus 113.758 versus 114.064 versus
114.010 versus 114.010 versus 113.845 versus 113.640 versus 113.175 versus
113.675 versus 114.071 versus 113.607 versus 113.913 versus 113.31 versus
113.530 versus 112.561 versus 113.031 versus 112.21 versus 112.20 versus
111.852 versus 112.25 versus 112.413 versus 112.41 versus 112.700 versus
112.653 versus 112.818 versus 112.79 versus 112.667 versus 112.716 versus
112.442 versus 112.86 versus 112.289 versus 111.649 versus 1.12125 versus
111.995 versus 112.454 versus 111.559 versus 111.435 versus 110.846 versus
110.01 versus 110.62 versus 110.216 versus 109.434 versus 107.847 versus
108.444


Oil: 58.36, +0.96. Solid bounce Friday after a Monday to Thursday pullback
to the 10 day EMA. OPEC and Russia extended the production cuts through
then end of 2018.


Gold: 1282.30, +5.60. Still having a hard time getting off the 200 day
SMA.


MONDAY

Hey, a jobs report is due out this coming week. Back to normal perhaps in
terms of the market and the news flow? What a hectic Friday, but we here
were happy, at least for now, we stayed the course Friday. NASDAQ and FAANG
still have to show if this was a 'September thing' type of move Wednesday,
but they recovered well enough Friday. Regret? Perhaps should have bought
in with a few positions on that Friday morning selloff.

That said, the market is being called too high by most quarters, and the
bulls/bears supports those calls. Thing is, the market can become more and
more extended before it breaks. Last week certainly shows volatility, at
least in some leadership areas, but others surged. Moreover, this market
has shown that certain groups get sold quickly and then recovery quickly.
That is one of the key areas we are watching to start the week, e.g. FAANG
and others in software, chips. Chips suffered a lot of damage, however; may
take them time to come back around and set up.

There is money moving into new areas and some are testing; will see what
they produce in terms of entries. Some leaders were hit as noted, but some
are already very interesting for new positions. Always worth a look.

At the same time there are downside plays, and given the sentiment and some
of the volatility you have to look at some of those plays. This past week
we had some, but the opening moves were extremely quick; always best to play
the test that fails. So, we look at some of those just in case.

Big picture: stocks are extended, but it is a time of year runs are often
made. Some of the big names broke out of bases, rallied and tested -- then
Wednesday to Friday tested them more. IF there is a mindset to rally to
yearend those tests may make them intriguing to those wanting to play a
yearend move. We will see. The indices are all in uptrends, there were 50
day EMA tests by SOX and even RUTX intraday. If the trends are to continue,
you would anticipate bounces off the 50 day with the resumption of the moves
up the 10/20 day EMA to follow. Again, it all depends upon if the bids
remain and want to carry stocks higher to yearend.

Have a great weekend!


SUPPORT AND RESISTANCE

NASDAQ: Closed at 6847.59

Resistance:
6914 is the late November all-time high

Support:
6796 is the early November 2017
The 20 day EMA at 6802
The 50 day EMA at 6685
6641 is the October high
6477 is the September intraday high
The 2016 trendline at 6463
6461 is the July 2017 prior all-time high
6450 is the early September high
6341.70 is the all-time high from early June.
6300 is the mid-June interim high
The 200 day SMA at 6271
6205 is the late May all-time high
5996 is the recent May 2017 low
5937 is the all-time high from April
5915 is the tops of the March to April 2017 range
5910 is the lower gap point from mid-April
5800 from the February consolidation lows


S&P 500: Closed at 2642.22

Resistance:

Support:
The 20 day EMA at 2601
2597 is the November 2017 all-time high
The 50 day EMA at 2569
2544 is the upper channel line from the March 2009 uptrend channel
2491 is the August all-time high
2480 the late August and early August highs
2453.46 is the June prior all-time closing high
The 200 day SMA at 2454
2409 is the July 2017 closing low
2406 is the all-time high from May 2017
2401 is the March 2017 all-time high
2352 is the recent May 2017 low
2348 is the April 2017 lower gap point
2329 is the March and April twin lows
2322 is the March 2017 low
2301 is the late January 2017 high
2298 is the late January 2017 high
2282 - 2280 from January 2017
2277.53 is the December 2016 high
The November 2016 all-time high at 2213.25
2194 is the August 2016 prior all-time high
2175 is the June 2016 high


Dow: Closed at 24,231.59

Resistance:

Support:
23,602 is the early November 2017 high
The 20 day EMA at 23,642
The 50 day EMA at 23,221
22,420 is the September high
22,179 is the August 2017 all-time high
22,086 is the mid-August lower high
The 200 day SMA at 21,759
21,681is the July prior all-time high
21,638 is the July 2017 closing high
21,529 is the June 2017 high
21,169 is the March 2017 all-time high

End part 1 of 3
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Sunday, November 19, 2017

The Daily, Part 1 of 3, 11-18-17

* * * *
11/18/2017 Investment House Daily
* * * *

NOTE: This weekend there is no video. Jon Johnson is traveling and under
the weather at the same time and has basically lost his voice. Videos will
return to start the week when Mr. Johnson and his voice show back up.

Investment House Daily Subscribers:

MARKET ALERTS:

Targets hit: None issued
Entry alerts: CRR; FFIV
Trailing stops: None issued
Stop alerts: None issued

The market alert service is a premium level service where we issue intraday
alerts relating to the general market conditions, when stocks hit action
points (buy, stop, target, etc.), and when we see other information
impacting the market or our stocks. To subscribe to the alert service you
can sign up at the following link:
http://www.investmenthouse.com/alertdaily.html

********************************************************************

The REPORT SCHEDULE is as follows:

Market Summary Video, Plays and Play Videos, and Play Table with play
annotations will issue Wednesday, Weekend.

Monday a Market Summary video, new plays, play table annotations.

Tuesday and Thursday reports will contain the market summary, chart links to
view the index charts, and updated play table.

Access to all current videos will remain assessable each day using the play
links in the reports.

If any market circumstances arise where we see additional plays we want to
prepare for the next session, we will of course issue those plays regardless
of the day of the week.

MARKET SUMMARY

- Thursday break higher was set up, but Friday stocks stalled, some reversed
strong early surges.
- Mueller subpoenas blamed for the selling, but regardless the cause, stocks
sold.
- Some FAANG other large cap techs suddenly show weakness after solid moves.
- Friday expiration may be behind the less than stellar upside action, but
these stocks have to show that was the case.

Friday was a rather strange session, somewhat disappointing, not just in
that the indices sported losses in some cases but some of the moves by the
big names was not a continuation of the Thursday recovery rally. Indeed,
some of them, e.g. GOOG, AMAT, reversed that move and more.

After a solid move Thursday and futures rallying after the Thursday close,
the morning saw a story that special prosecutor Mueller had issued subpoenas
to high ranking trump campaign members, some supposedly in the White House.
That is credited for turning futures lower, and when you look at the story's
timing and futures, there is correlation. Stocks were, however, recovering
into the open. They even looked as if they could turn the news into a rally
thanks to some good earnings in retail and elsewhere, but that was not to
be.

It was not a meltdown as the stocks did not roll over, but it was without
doubt disappointing they found it so hard to advance. Yes, after such a
strong move I said the market could take a day off. For many, that is what
Friday was. For some, however, it was not just a pause, but giving back
what Thursday gave.

Now it was November expiration. Perhaps that had something to do with the
early strength turned weakness in some of the big names. We will see if
that is the culprit; the last thing you want to see for the upside is that
the leaders, and leaders that broke out relatively recently in the bigger
picture, roll over their moves.

It was not a bad day for all sectors. Retail stocks again showed some solid
moves as earnings continue to surprise. After the beatings they suffered,
you would think a bit of news would help a recovery, and it is. GPS, ROST,
KORS, RH, HD are helping push the retail sector.

Could it be some rotation from some areas to others? Always possible. We
don't see, however, a lot of wholesale changes to new groups, just as we
don't see a lot of wholesale selloffs of leaders. Some nasty intraday pulls
from high to low that show there WAS some dumping of these stocks at higher
highs (LRCX, AMAT) but not enough break them. THAT remains to be seen this
coming week. That the moves occurred on expiration does suggest they were
less rotational and more positioning heading into the year end.

SP500 -6.79, -0.26%
NASDAQ -10.50, -0.15%
DJ30 -100.12, -0.43%
SP400 +4.35, +0.24%
RUTX +5.94, +0.40%
SOX -6.18, -0.48%
NASDAQ 100 -24.63, -0.39%. NASDAQ large caps were the targets.

VOLUME: NYSE +12%; NASDAQ -5%. Volume Friday was tied to expiration so you
cannot read that much into it. I will say that NYSE trade rose as the small
and midcaps scored gains. Not bad. NASDAQ trade faded as some names sold,
also not bad.

ADVANCE/DECLINE: NYSE 1.9:1, NASDAQ 1.5:1. Not horrid at all for the day,
indicating that smaller issues were moving a bit better. But, of course, a
few big names can send NASDAQ lower even if breadth is positive. Look at
NASDAQ 100 versus NASDAQ overall: -0.39% versus -0.15%.


THE MARKET

CHARTS

http://investmenthouse1.com/ihmedia/f/charts/sp500.jpg
http://investmenthouse1.com/ihmedia/f/charts/NASDAQ.jpg
http://investmenthouse1.com/ihmedia/f/charts/DJ30.jpg
http://investmenthouse1.com/ihmedia/f/charts/RUTX.jpg
http://investmenthouse1.com/ihmedia/f/charts/SP400.jpg
http://investmenthouse1.com/ihmedia/f/charts/SOX.jpg

NASDAQ: After a gap and rally to a new closing high Thursday, NASDAQ backed
down some and volume faded. Okay, price/volume action was more or less in
line. NASDAQ 100, where much of the NASDAQ selling occurred, was not bad
either, easily holding over the 10 day EMA. Big rip, modest selling. At a
new high, however, the volume was quiet Thursday, and you want to see the
modest Friday expiration indecision return to buying next week.

RUTX: Unlike NASDAQ, RUTX continued the Thursday break higher. While it is
not at a new high, it is looking much better after going ahead with a test
closer to the 38% Fibonacci retracement and the July peak. Buyers entered
off that intraday test Wednesday, and buyers have been active since.

SP400: No new closing high here either, but getting close. SP400 also
continued the Thursday rally and is within spitting distance of a new high.

SOX: Gapped higher Friday, continuing the Thursday gap and rally off that
doji just over the 20 day EMA. Earnings from AMAT helped at first as that
stock gapped upside, but as AMAT reversed to a loss at the 10 day EMA and
INTC faded to the 20 day EMA, SOX lost its mojo. It closed lower but also
easily held over the 10 day EMA. Not a rollover but how those big names
react this week now that expiration is over is important for the index, and
given SOX' market importance, important for the market as well.

SP500: SP500 also gapped and rallied Thursday off a doji, the Wednesday
doji below the 20 day EMA. SP500 moved back up through the 10 day EMA but
not to a new high. Friday a test that held near both the 10 and 20 day EMA.
Not a rollover, but as with NASDAQ, not a lot of volume on the move that
tests the recent high that didn't show a ton of volume either.

DJ30: Similar action, falling to the 20 day EMA after the Thursday gap
above the 20 day and rally. DJ30 volume less than constructive of late and
even though the Thursday move looked promising to avoid a 50 day MA test,
DJ30 remains flirting with that larger dip after such a good rally higher.


LEADERSHIP

Semiconductors: Thursday I noted that INTC and NVDA did not rally, keeping
SOX from leadership that day. Others did move well, e.g. LRCX, AMAT.
Friday INTC was down harder, NVDA went nowhere, and AMAT and LRCX, after
good breaks higher, reversed those moves. VSH was higher again, AVGO held
its gain from Thursday, CREE was up and MU was good enough, but it was not
good enough for SOX overall. The group still has some good stocks but some
key names have to show the Friday action was just an expiration thing. AMAT
and LRCX hit new highs then coughed them up with sharp reversals. Watching
those closely this week.

Financial: The Wednesday moves were head fakes as the group was weak again.
Not tanking just a false move as interest rates fell again.

FAANG: Similar to AMAT and LRCX, after good moves Wednesday, some FAANG
reverse the gain. GOOG was the clearest culprit as it returned near the 20
day EMA after the Thursday gap off a doji at the 20 day. FB was down
marginally, holding the 10 day EMA; fine. AMZN gave up the Thursday bounce
but still over the 10 day and volume remained low. AAPL faded off the
Thursday gap to a doji at the 10 day; not the best move Thursday as noted at
the time. NFLX faded from the 20 day MA, still caught between that level
and the 50 day MA's. Looked promising; we will see.

Software: Still solid as a group. CRM added 0.51%, VMW 0.45%. FFIV broke
higher and we moved in. TTWO testing modestly as is GLUU. MSFT
disappointed, dropping back to the 20 day EMA.

Big Names: MMM still solid, showing good upside volume Friday. JNJ
continued lower toward the 50 day MA. CAT holding the 20 day EMA still.

Retail: Excellent week. WMT gave some back Friday, but that was after a
solid upside move. GPS, ROST gapped on earnings. SKX up again. HD looks
ready to move again. CONN could make a move. Even TGT, after its
disastrous earnings call, jumped 5.5% Friday, coming way off that Wednesday
low.


MARKET STATS

DJ30
Stats: -10.50 points (-0.15%) to close at 6782.79
Volume: 1.9B (-5%)

Up Volume: 1.17B (-470M)
Down Volume: 800.27M (+453M)

A/D and Hi/Lo: Advancers led 1.5 to 1
Previous Session: Advancers led 3.29 to 1

New Highs: 132 (-11)
New Lows: 32 (-7)

S&P
Stats: -6.79 points (-0.26%) to close at 2578.85
NYSE Volume: 861.4M (+11.55%)

A/D and Hi/Lo: Advancers led 1.84 to 1
Previous Session: Advancers led 2.96 to 1

New Highs: 113 (-8)
New Lows: 28 (-18)


SENTIMENT INDICATORS

VIX: 11.43; -0.33
VXN: 13.79; -0.52
VXO: 9.75; +0.27

Put/Call Ratio (CBOE): 0.80; -0.15


Bulls and Bears: Bulls dipped a bit but still over 60.0 for now six weeks.
That is certainly putting in the time for a top. Bears rose, indicating it
was not just a dip in bulls but bears are a bit more concerned.

Bulls: 63.5 versus 64.4

Bears: 15.4 versus 14.4

Theory: When everyone is bullish and has put all their capital to work,
where does the ammunition to drive the market come from? There is always
new money to start a new year. After that is used will more money be
coming? That is the question.




Bulls: 63.5 versus 64.4
64.4 versus 63.5 versus 62.3 versus 60.6 versus 60.4 versus 57.5 versus 54.3
versus 50.5 versus 47.1 versus 49.5 versus 49.5 versus 48.1 versus 50.5
versus 57.5 versus 60.0 versus 60.2 versus 57.8 versus 50.0 versus 52.5
versus 54.9 versus 51.5 versus 50.00 versus 55.8 versus 50.00 versus 51.9
versus 58.1 versus 58.7 versus 58.5 versus 54.7 versus 51.9 versus 56.3
versus 55.8 versus 49.5 versus 56.7 versus 53.4 versus 57.7 versus 63.1
versus 61.2 versus 61.8 versus 62.7 versus 61.8 versus 58.2 versus 60.6
versus 58.6 versus 60.2 versus 59.8 versus 59.8 versus 59.6 versus 58.8
versus 56.3 versus 55.6 versus 51.0 versus 42.9 versus 41.7 versus 47.1
versus 42.9

Bears: 15.4 versus 14.4
14.4 versus 14.4 versus 15.1 versus 15.2 versus 15.1 versus 17.0 versus 17.1
versus 19.0 versus 20.2 versus 19.1 versus 19.1 versus 18.3 versus 18.1
versus 17.0 versus 16.2 versus 16.5 versus 16.7 versus 18.6 versus 18.8
versus 18.6 versus 18.3 versus 19.2 versus 18.3 versus 17.1 versus 17.3
versus 17.9 versus 17.9 versus 18.3 versus 17.5 versus 18.3 versus 18.1
versus 17.3 versus 13.75 versus 17.3 versus 16.5 versus 17.5 versus 17.6
versus 16.7 versus 17.6 versus 17.5 versus 17.3 versus 18.3 versus 18.4
versus 19.6 versus 19.6 versus 19.2 versus 19.6 versus 22.3 versus 21.6
versus 23.5 versus 25.7 versus 24.3 versus 23.1 versus 23.8 versus 23.1
versus 22.8 versus 23.1 versus 24.3


OTHER MARKETS

Bonds: 2.345% versus 2.37%. A wild two weeks for bonds that saw bond prices
end a 3 week upside move, gap sharply lower through the 50 day MA, then
Wednesday gap back over the 50 day MA's. Closed the week holding that move.
Why are yields lower if all is well and the Fed is hiking? The next two
weeks will be important to see if bonds settle down and if they sell.

Historical: the last sub-2% rate was in November 2016 (1.867%). 2.37%
versus 2.336% versus 2.375% versus 2.407% versus 2.402% versus 2.34% versus
2.326% versus 2.316% versus 2.32% versus 2.332% versus 2.349% versus 2.358%
versus 2.378% versus 2.37% versus 2.419% versus 2.456% versus 2.435% versus
2.421% versus 2.366% versus 2.383% versus 2.318% versus 2.341% versus 2.30%
versus 2.302% versus 2.275% versus 2.321% versus 2.345% versus 2.345% versus
2.361% versus 2.348% versus 2.327% versus 2.326% versus 2.341% versus 2.339%
versus 2.312% versus 2.307% versus 2.236% versus 2.222% versus 2.253% versus
2.276% versus 2.273% versus 2.246% versus 2.234% versus 2.201% versus 2.186%
versus 2.19% versus 2.167% versus 2.134% versus 2.042%


EUR/USD: 1.1791 versus 1.1787. Euro surged Tuesday through the 50 day MA,
held it with a lateral test through Friday.

Historical: 1.1787 versus 1.1786 versus 1.1799 versus 1.16443 versus 1.16646
versus 1.16439 versus 1.15871 versus 1.15954 versus 1.1609 versus 1.16092
versus 1.16575 versus 1.15480 versus 1.1644 versus 1.16091 versus 1.16330
versus 1.18163 versus 1.17570 versus 1.1759 versus 1.17798 versus 1.18476
versus 1.17995 versus 1.1771 versus 1.17932 versus 1.1823 versus 1.1834
versus 1.18662 versus 1.1813 versus 1.17460 versus 1.17352 versus 1.17100
versus 1.1754 versus 1.17676 versus 1.17315 versus 1.1812 versus 1.17817
versus 1.1746 versus 1.17852 versus 1.18540 versus 1.19476 versus 1.19420
versus 1.19420 versus 1.19954 versus 1.19436 versus 1.1918 versus 1.1874
versus 1.19706 versus 1.19551 versus 1.20379 versus 1.2025 versus 1.19258
versus 1.19143 versus 1.18621 versus 1.19131 versus 1.18938 versus 1.19731
versus 1.19678 versus 1.19212 versus 1.18 versus 1.17516 versus 1.1813
versus 1.17595 versus 1.17107 versus 1.17812 versus 1.17445 versus 1.17751
versus 1.18216 versus 1.17652


USD/JPY: 112.124 versus 112.91. After peaking in early November at a
higher high, the dollar has rolled over against the yen, falling through the
50 day MA Thursday and extending that move lower Friday. Heading back to
the October low roughly coincident with the 200 day SMA.

Historical: 112.91 versus 112.879 versus 113.430 versus 113.615 versus
113.526 versus 113.379 versus 113.99 versus 113.723 versus 113.758 versus
114.064 versus 114.010 versus 114.010 versus 113.845 versus 113.640 versus
113.175 versus 113.675 versus 114.071 versus 113.607 versus 113.913 versus
113.31 versus 113.530 versus 112.561 versus 113.031 versus 112.21 versus
112.20 versus 111.852 versus 112.25 versus 112.413 versus 112.41 versus
112.700 versus 112.653 versus 112.818 versus 112.79 versus 112.667 versus
112.716 versus 112.442 versus 112.86 versus 112.289 versus 111.649 versus
1.12125 versus 111.995 versus 112.454 versus 111.559 versus 111.435 versus
110.846 versus 110.01 versus 110.62 versus 110.216 versus 109.434 versus
107.847 versus 108.444


Oil: 56.71 +1.36. After a 2 week test of the breakout of the range and move
to a higher high, oil was up sharply Friday, bouncing off the 20 day EMA
test.


Gold: 1296.50, +18.30. Lots of movement in markets Friday on expiration,
and gold surged out of its 5 week consolidation, moving up through the 50
day MA's. The double bottom looks to be yielding a move up finally.


MONDAY

Earnings are for the most part in the bank. The indices performed well
through the season, keeping the October/November move working. Expiration
saw some hiccups just as a consolidation in NASDAQ, SOX and some of the big
names in each broke higher but then suffered some selling on expiration.

As noted earlier, how those stocks handle that action this coming week tells
an important story: was money starting to move out, or was it just a quick
expiration move? Is there rotation starting to other areas at the expense
of some leaders, or will money continue to move to the market versus just
move around the market? Or, for that matter, leave the market?

The patterns looked good going into Thursday and they broke higher. After
Friday there are some worrisome charts from LRCX, AMAT. GOOG more or less.
Not a ton of stocks, but important ones to the market. Overall the patterns
remain fine, but whenever you have the market logging 5 weeks or more of
high confidence, bonds rallying when they should be fading, gold jumping,
you have to start paying very close attention to the leading stocks. A LOT
of these just came out of consolidations of prior moves, looking ready to
break higher.

Will they continue the moves upside this week? If FAANG and other big names
that broke out of bases that formed during the summer, give up the new moves
after a short consolidation, that is not good for the market UNLESS breadth
spreads out a LOT more than it has shown of late. The big names are capable
of driving the market higher on their own. If they lose their bids and
other parts of the market do not improve significantly, the rally has lost
its legs.

We still see some upside possibilities, and some we passed on Friday due to
strong moves that were a bit too strong for a Friday or that rallied then
faded off the highs could still look good Monday. If so, we go where the
money goes.

And that is key as well for the big name FAANG and other stocks that set up
those great bases, broke out, tested, then started back up. If they lose
money that is big news. Then you have to see if other areas receive the
money and rally or if the move is dead, that Dennis Gartman was right.

To us the big names still look good, can still make the moves, but as always
they have to show it. You don't like seeing GOOG put in a break higher then
toss it back. That is not good action coming off a breakout test and trying
for a higher high. If GOOG, the other FAANG stocks, and the big chips
continue to show poor action, then the upside move is at risk unless more
areas pick up the slack.

Have a great weekend!



SUPPORT AND RESISTANCE

NASDAQ: Closed at 6782.79

Resistance:
6796 is the November 2017 all-time high

Support:
The 20 day EMA at 6715
6641 is the October high
The 50 day EMA at 6609
6477 is the September intraday high
The 2016 trendline at 6463
6461 is the July 2017 prior all-time high
6450 is the early September high
6341.70 is the all-time high from early June.
6300 is the mid-June interim high
The 200 day SMA at 6220
6205 is the late May all-time high
5996 is the recent May 2017 low
5937 is the all-time high from April
5915 is the tops of the March to April 2017 range
5910 is the lower gap point from mid-April
5800 from the February consolidation lows


S&P 500: Closed at 2578.85

Resistance:
2597 is the November 2017 all-time high

Support:
The 20 day EMA at 2575
The 50 day EMA at 2548
2535 is the upper channel line from the March 2009 uptrend channel
2491 is the August all-time high
2480 the late August and early August highs
2453.46 is the June prior all-time closing high
The 200 day SMA at 2441
2409 is the July 2017 closing low
2406 is the all-time high from May 2017
2401 is the March 2017 all-time high
2352 is the recent May 2017 low
2348 is the April 2017 lower gap point
2329 is the March and April twin lows
2322 is the March 2017 low
2301 is the late January 2017 high
2298 is the late January 2017 high
2282 - 2280 from January 2017
2277.53 is the December 2016 high
The November 2016 all-time high at 2213.25
2194 is the August 2016 prior all-time high
2175 is the June 2016 high


Dow: Closed at 23,358.24

Resistance:
23,602 is the November 2017 all-time high

Support:
The 20 day EMA at 23,343
The 50 day EMA at 23,968
22,420 is the September high
22,179 is the August 2017 all-time high
22,086 is the mid-August lower high
21,681is the July prior all-time high
21,638 is the July 2017 closing high
The 200 day SMA at 21,603
21,529 is the June 2017 high
21,169 is the March 2017 all-time high

End part 1 of 3
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Sunday, November 12, 2017

The Daily, Part 1 of 3, 11-11-17

* * * *
11/11/2017 Investment House Daily
* * * *

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MARKET ALERTS:

Targets hit: None issued
Entry alerts: PII; RHT; SKX
Trailing stops: None issued
Stop alerts: SFUN

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alerts relating to the general market conditions, when stocks hit action
points (buy, stop, target, etc.), and when we see other information
impacting the market or our stocks. To subscribe to the alert service you
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The REPORT SCHEDULE is as follows:

Market Summary Video, Plays and Play Videos, and Play Table with play
annotations will issue Wednesday, Weekend.

Monday a Market Summary video, new plays, play table annotations.

Tuesday and Thursday reports will contain the market summary, chart links to
view the index charts, and updated play table.

Access to all current videos will remain assessable each day using the play
links in the reports.

If any market circumstances arise where we see additional plays we want to
prepare for the next session, we will of course issue those plays regardless
of the day of the week.

MARKET SUMMARY

- More calls that the top is here as the market tests rather normally.
- Small caps continue their struggle as GOP tax ineptitude dims hopes or any
substantive relief, especially for small caps.
- Leadership still looks fully capable of pushing more upside as retail
improves, oil improves, software rallies, and chips and FAANG test recent
moves.

The stock indices started the week higher but then could not find any
further upside impetus, trailing off into the weekend. That left the
indices down for the week but at near support at the 10 or 20 day EMA. RUTX
was the lone index out, dropping to the 50 day MA midweek but holding it
through Friday.

SP500 -2.23, -0.09%
NASDAQ +0.89, 0.01%
DJ30 -39.73, -0.17%
SP400 -0.02%
RUTX +0.02%
SOX +0.65%

VOLUME: NYSE -2%; NASDAQ -12%. Volume remained above average but faded to
near average on both exchanges. Strong all week, not so bad on the early
week upside, more of some churn as the indices struggled.

ADVANCE/DECLINE: NYSE -1.3:1, NASDAQ +1.1:1. Still chronically weak
breadth.


Hardly the end of the world as many made it out to be. Indeed. This was
called a 'dress rehearsal' for the 'big one' yet to come or an outright
start of a large selloff. Anyone can be right on any market call at a given
time, but looking across the market it is hard to see where the breakdowns
are occurring that would label this the start of a major selloff.

VIX is oft discussed, but VIX did not rise as the stock market rose, the
classic major top signal VIX can flash. Yes when VIX is low it CAN suggest
a selloff, but VIX can be low for a long time before stocks sell; that makes
this a very hit or miss indicator. The worrisome one is that VIX uptrend as
stocks uptrend; major tops -- the kind being discussed by many as what is
coming -- typically have VIX rise with stocks as part of the blow off phase.

Further, leadership is holding up. More than that, over the past couple of
weeks some old leaders were recycled to new leaders as FAANG stocks broke
out from trading ranges. At the same time most of the recent leaders
continued looking solid enough and they are even picking up some help from
oil stocks. Leadership appears more than solid enough to keep the market
working.

The market IS showing some issues in at least two respects: 1) small caps
struggling most likely over the pathetic GOP handling of the tax reform
effort, and 2) a chronic lack of breadth. Both of those conditions are of
course somewhat tied together.

Small caps led the move higher on the tax reform pass-through proposal. The
subsequent handling has been utterly feckless and there are also those in
the GOP who will, as explained last week, never support anything that would
give President Trump a major win. The small caps tested normally at first,
but as the missteps mounted, the test became more volatile and this past
week RUTX flopped to the 50 day MA, still well above the 38% Fibonacci
retracement of the August to October move.

Some say the market cannot rally without the small caps. Nonsense. The
market has rallied many times without the small caps. It can and has
rallied on just the FAANG and a few other mega caps. Sure it would be great
to have all stocks working higher, but it is not a prerequisite.

As for the breadth, it stinks. That is the result of the small caps fading
even as the mega caps work reasonably well though they were off a bit last
week. Ultimately if the majority of the market does not follow that
eventually leads to failure. With the big names just posting breakouts from
consolidations, however, they look fully capable of leading to the upside at
least through yearend.



THE MARKET

CHARTS

NASDAQ: Moved higher through Wednesday as the mega caps continued their
moves, then faded through Friday, testing the 20 day EMA intraday Thursday
and recovering, and holding the 10 day EMA in a narrow range Friday. Still
a very solid uptrend, making a test of the 20 day EMA as it did in late
October. This makes the second test of the 20 day after rising off a 50 day
MA test in September. MACD broke out to a higher high with price, upside
volume on the break higher from late October is great, big names are leading
upside. This does not look to be an index that is in the throes of a
rollover.

SOX: Similar to NASDAQ, SOX gapped higher Monday and rallied to a higher
post-2000 high Wednesday. Thursday was rougher, gapping lower, selling
through the 10 day EMA, but recovering to hold that near support Friday. A
bit more extended than NASDAQ as SOX has not tasted the 50 day MA since late
August, trending up the 10 day EMA in a steady rise.

RUTX: Much is being made about the small caps, and that is understandable
after its scintillating move from mid-August to October on the pass-through
rates -- rates that now are showing ZERO change in the Senate plan. The
easy test turned volatile and that continued last week as a move higher
through Monday collapsed Tuesday and RUTX fell to the 50 day MA to end the
week. Still 24 points above the 38% Fibonacci retracement and the July high.

SP400: The midcaps shook off the tax issues. Lower on the week, but a very
modest test to the 20 day EMA, holding that level Thursday and Friday with
doji. Not powerful, but holding its move higher at near support.

SP500: SP500 and SP500 are very similar right now. SP500 put in a new high
Wednesday then tested it Thursday and Friday, closing just below the 10 day
EMA for the week. Still a very nice trend upside.

DJ30: Finally tested after the 9 week move. Thursday DJ30 tapped the 20
day EMA on the low, the first touch of this level since early September when
DJ30 rose off the 50 day EMA. Pretty normal test.


LEADERSHIP

FAANG: Solid early week, tested late week. AAPL rallied through Wednesday
to new highs, modest test to Friday well over the 10 day EMA. AMZN rallied
through Wednesday, modest test into Friday, well over the 10 day EMA. FB
bounced Monday and Tuesday, faded into Friday, still a nice consolidation of
the break higher. GOOG up through Wednesday, faded to the 10 day EMA to
test on Friday. NFLX fell to the 50 day MA with a doji Friday and we will
see if it can reset and start a new move higher; did this the last two times
it tested the 50 day.

Oil: Some really decent moves and some good setups. DVN working well after
breaking through the 200 day SMA. DO solidly moving. CRR, MRO, NOG, TELL
and many others look solid.

Semiconductors: A week were many of the leaders tested, e.g. INTC, TXN,
AVGO, SWKS, XLNX, SLAB -- lots of tests of near support making this coming
week an important one for these stocks to show they can move back up and
continue leadership.

Software: VMW started back upside. RHT breaking higher from a nice
consolidation. CRM rallying to a higher high once more. TTWO broke out
with a gap and is testing. CALD testing a breakout.

Financial: Tested back on the week as interest rates fell. JPM is on the
50 day MA. BAC and C testing the 50 day as well.

Retail: Some solid moves from PII, SKX Friday. KSS was under a lot of
pressure after earnings but surged back quite nicely. WMT still strong. HD
holding the weeklong 50 day EMA test.


MARKET STATS

DJ30
Stats: -39.73 points (-0.17%) to close at 23422.21

Nasdaq
Stats: +0.89 points (+0.01%) to close at 6750.94
Volume: 1.98B (-11.61%)

Up Volume: 1.1B (+270.73M)
Down Volume: 830.17M (-539.83M)

A/D and Hi/Lo: Advancers led 1.08 to 1
Previous Session: Decliners led 1.62 to 1

New Highs: 76 (+7)
New Lows: 66 (-26)

S&P
Stats: -2.32 points (-0.09%) to close at 2582.30
NYSE Volume: 848.7M (-1.96%)

A/D and Hi/Lo: Decliners led 1.32 to 1
Previous Session: Decliners led 1.64 to 1

New Highs: 77 (+4)
New Lows: 61 (-9)


SENTIMENT INDICATORS

VIX: 11.29; +0.79
VXN: 15.03; -0.01
VXO: 9.80; +0.54

Put/Call Ratio (CBOE): 1.18; +0.08


Bulls and Bears: Bulls put in the fifth consecutive week above 60.0, rising
to a cycle high at 64.4. Definitely enough bullishness to work against a
continued upside move.

Bulls: 64.4 versus 63.5

Bears: 14.4 versus 14.4

Theory: When everyone is bullish and has put all their capital to work,
where does the ammunition to drive the market come from? There is always
new money to start a new year. After that is used will more money be
coming? That is the question.




Bulls: 64.4 versus 63.5
63.5 versus 62.3 versus 60.6 versus 60.4 versus 57.5 versus 54.3 versus 50.5
versus 47.1 versus 49.5 versus 49.5 versus 48.1 versus 50.5 versus 57.5
versus 60.0 versus 60.2 versus 57.8 versus 50.0 versus 52.5 versus 54.9
versus 51.5 versus 50.00 versus 55.8 versus 50.00 versus 51.9 versus 58.1
versus 58.7 versus 58.5 versus 54.7 versus 51.9 versus 56.3 versus 55.8
versus 49.5 versus 56.7 versus 53.4 versus 57.7 versus 63.1 versus 61.2
versus 61.8 versus 62.7 versus 61.8 versus 58.2 versus 60.6 versus 58.6
versus 60.2 versus 59.8 versus 59.8 versus 59.6 versus 58.8 versus 56.3
versus 55.6 versus 51.0 versus 42.9 versus 41.7 versus 47.1 versus 42.9

Bears: 14.4 versus 14.4
14.4 versus 15.1 versus 15.2 versus 15.1 versus 17.0 versus 17.1 versus 19.0
versus 20.2 versus 19.1 versus 19.1 versus 18.3 versus 18.1 versus 17.0
versus 16.2 versus 16.5 versus 16.7 versus 18.6 versus 18.8 versus 18.6
versus 18.3 versus 19.2 versus 18.3 versus 17.1 versus 17.3 versus 17.9
versus 17.9 versus 18.3 versus 17.5 versus 18.3 versus 18.1 versus 17.3
versus 13.75 versus 17.3 versus 16.5 versus 17.5 versus 17.6 versus 16.7
versus 17.6 versus 17.5 versus 17.3 versus 18.3 versus 18.4 versus 19.6
versus 19.6 versus 19.2 versus 19.6 versus 22.3 versus 21.6 versus 23.5
versus 25.7 versus 24.3 versus 23.1 versus 23.8 versus 23.1 versus 22.8
versus 23.1 versus 24.3


OTHER MARKETS

Bonds: 2.402% versus 2.34%. Wow, from a rally over the 50 day SMA that
looked solid, followed by a short test, bonds plunged Friday, gapping lower
and dropping back to the 200 day SMA.

Historical: the last sub-2% rate was in November 2016 (1.867%). 2.34%
versus 2.326% versus 2.316% versus 2.32% versus 2.332% versus 2.349% versus
2.358% versus 2.378% versus 2.37% versus 2.419% versus 2.456% versus 2.435%
versus 2.421% versus 2.366% versus 2.383% versus 2.318% versus 2.341% versus
2.30% versus 2.302% versus 2.275% versus 2.321% versus 2.345% versus 2.345%
versus 2.361% versus 2.348% versus 2.327% versus 2.326% versus 2.341% versus
2.339% versus 2.312% versus 2.307% versus 2.236% versus 2.222% versus 2.253%
versus 2.276% versus 2.273% versus 2.246% versus 2.234% versus 2.201% versus
2.186% versus 2.19% versus 2.167% versus 2.134% versus 2.042%


EUR/USD: 1.16646 versus 1.16439. Euro rebounded late week though still
well off the September high.

Historical: 1.16439 versus 1.15871 versus 1.15954 versus 1.1609 versus
1.16092 versus 1.16575 versus 1.15480 versus 1.1644 versus 1.16091 versus
1.16330 versus 1.18163 versus 1.17570 versus 1.1759 versus 1.17798 versus
1.18476 versus 1.17995 versus 1.1771 versus 1.17932 versus 1.1823 versus
1.1834 versus 1.18662 versus 1.1813 versus 1.17460 versus 1.17352 versus
1.17100 versus 1.1754 versus 1.17676 versus 1.17315 versus 1.1812 versus
1.17817 versus 1.1746 versus 1.17852 versus 1.18540 versus 1.19476 versus
1.19420 versus 1.19420 versus 1.19954 versus 1.19436 versus 1.1918 versus
1.1874 versus 1.19706 versus 1.19551 versus 1.20379 versus 1.2025 versus
1.19258 versus 1.19143 versus 1.18621 versus 1.19131 versus 1.18938 versus
1.19731 versus 1.19678 versus 1.19212 versus 1.18 versus 1.17516 versus
1.1813 versus 1.17595 versus 1.17107 versus 1.17812 versus 1.17445 versus
1.17751 versus 1.18216 versus 1.17652


USD/JPY: 113.526 versus 113.379. Dollar faded on the week, holding at the
20 day EMA to close the festivities.

Historical: 113.379 versus 113.99 versus 113.723 versus 113.758 versus
114.064 versus 114.010 versus 114.010 versus 113.845 versus 113.640 versus
113.175 versus 113.675 versus 114.071 versus 113.607 versus 113.913 versus
113.31 versus 113.530 versus 112.561 versus 113.031 versus 112.21 versus
112.20 versus 111.852 versus 112.25 versus 112.413 versus 112.41 versus
112.700 versus 112.653 versus 112.818 versus 112.79 versus 112.667 versus
112.716 versus 112.442 versus 112.86 versus 112.289 versus 111.649 versus
1.12125 versus 111.995 versus 112.454 versus 111.559 versus 111.435 versus
110.846 versus 110.01 versus 110.62 versus 110.216 versus 109.434 versus
107.847 versus 108.444


Oil: 56.74, -0.43. Oil Surged into Monday with a new breakout rally high,
then tested laterally the rest of the week, waiting for the 10 day EMA to
catch up to the move.


Gold: 1274.20, -13.30. Gold edged higher off the 200 day SMA into
Thursday, hit the 50 day EMA, then flopped Friday.


MONDAY

Tons of data on the week. PPI, CPI, New York and Philly PMI, Retail sales
for October, Inventories, Capacity and Utilization. Lots of data for the
market to chew on in addition to what is becoming the tail end of earnings
season.

Last week saw the small caps really struggle with the GOP tax reform
ineptitude and impotence. The big names that just broke out of bases tested
their moves but are holding up very well. Chips tested as well, coming back
to near support. Software is still solid, oil is making some good moves and
more are set up to make good moves.

There is plenty of potential for the upside to resume. As noted earlier,
there are calls that the selling has just started or is about to start. It
may, but from the action last week and the leaders that are still out in the
market, I am not seeing imminent failure. There can ALWAYS be events that
appear to upset even the best setups. Plenty of geopolitics, growing
threats in the Middle East, continuing threats from Korea. The continued
playing politics in our cesspool of a federal government, playing with our
lives and our finances as they play power politics.

The market, however, has shown strength through it all. For now, at least,
there is still the notion that the upside potential outweighs the downside
given the status of the Fed and the chairman transition, the regulation
rollback, a more business friendly climate (for all but certain groups it
would appear), and still the outside hope of a meeting of the minds and
votes on tax reform.

Therefore with the setups we see, we are still looking mostly upside. Oil,
semiconductors, big industrials, retail, FAANG still sport solid setups we
want to ride higher if they show the moves higher.

Have a great weekend!


SUPPORT AND RESISTANCE

NASDAQ: Closed at 6750.94

Resistance:
6796 is the November 2017 all-time high

Support:
The 20 day EMA at 6688
6641 is the October high
The 50 day EMA at 6576
6477 is the September intraday high
The 2016 trendline at 6463
6461 is the July 2017 prior all-time high
6450 is the early September high
6341.70 is the all-time high from early June.
6300 is the mid-June interim high
6205 is the late May all-time high
The 200 day SMA at 6193
5996 is the recent May 2017 low
5937 is the all-time high from April
5915 is the tops of the March to April 2017 range
5910 is the lower gap point from mid-April
5800 from the February consolidation lows


S&P 500: Closed at 2582.30

Resistance:
2597 is the November 2017 all-time high

Support:
The 20 day EMA at 2573
The 50 day EMA at 2541
2535 is the upper channel line from the March 2009 uptrend channel
2491 is the August all-time high
2480 the late August and early August highs
2453.46 is the June prior all-time closing high
The 200 day SMA at 2434
2409 is the July 2017 closing low
2406 is the all-time high from May 2017
2401 is the March 2017 all-time high
2352 is the recent May 2017 low
2348 is the April 2017 lower gap point
2329 is the March and April twin lows
2322 is the March 2017 low
2301 is the late January 2017 high
2298 is the late January 2017 high
2282 - 2280 from January 2017
2277.53 is the December 2016 high
The November 2016 all-time high at 2213.25
2194 is the August 2016 prior all-time high
2175 is the June 2016 high


Dow: Closed at 23,422.21

Resistance:
23,602 is the November 2017 all-time high

Support:
The 20 day EMA at 23,316
The 50 day EMA at 23,876
22,420 is the September high
22,179 is the August 2017 all-time high
22,086 is the mid-August lower high
21,681is the July prior all-time high
21,638 is the July 2017 closing high
21,529 is the June 2017 high
The 200 day SMA at 21,517
21,169 is the March 2017 all-time high

End part 1 of 3
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