Saturday, September 30, 2017

The Daily, Part 1 of 3, 9-30-17

* * * *
9/30/2017 Investment House Daily
* * * *

Investment House Daily Subscribers:

MARKET ALERTS:

Targets hit: ACAD; BRKS; CONN
Entry alerts: CRMD; HIMX
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 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
********************************************************************

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

- End of month, end of quarter, and stocks continue the rally through
September.
- SP500 breaks through the trendline as NASDAQ and SOX move to new highs
while RUTX and SP500 continue adding to theirs.
- Stocks rally on even as money flows out of the market.
- Personal spending and income hardly impressive. What is new?
- Inflation is falling as the Fed's plan just doesn't seem to fit the model.
- The battle of the tax plan analysts: of course they reach opposite
conclusions.
- How long can this continue? Stocks still look good, many in good runs,
many set up to make moves.

September is typically the worst month of the year for stocks, falling and
then setting up more selling but a bottom in October. Didn't happen this
year. September was straight up for some indices, e.g. RUTX, while all
indices moved higher. The watched pot never boiled.

Now that September and Q3 are over, all clear right? Well, there certainly
is a lot of relief after the market stepped through September with gains,
but I would posit that is exactly the time to keep checking the leaders to
see if any are breaking. While many FAANG stocks recovered last week, they
are not out of the clear.

At the same time, many stocks continue to look very good. Many are rallying
and there are still great setups to break higher and join or rejoin the
rally. Money continues to chase stocks higher, and was certainly doing so
to end the month and quarter.

Indeed, NASDAQ, SP500, SOX all broke to new highs Friday, SP500 clearing the
2009 channel upper trendline. That is one thing SP500 could not do when it
last tested these levels in July and August, i.e. close above the trendline.
That is a definitely a change in character.

SP500 9.30, 0.37%
NASDAQ 42.51, 0.66%
DJ30 23.89, 0.11%
SP400 0.13%
RUTX 0.14%
SOX 0.87%

VOLUME: NYSE +17%, NASDAQ +5%. Back above average on some breakout moves
though month and quarter end typically see stronger volume sessions.

ADVANCE/DECLINE: NYSE 1.5:1; NASDAQ 1.4:1

The question, again, is whether the change in character is a true change in
the market pattern or will the algorithms use every index hitting a higher
high the clearing another level of resistance as a cue to sell?

Thus far they have not showed at all. September ended, the quarter ended,
and often you get some new money coming to work with the start of a new
month and quarter. After that hits will the algos then strike?

Perhaps, but as noted last weekend, that is fearing shadows that are not
there, or if they are fearing things in the shadows that may not be there.

That said, the weekly and quarterly money flows came out Friday, and for the
week $7.6B flowed out of US equity funds. This as the market rallies
higher. For the quarter $23B left US equity funds. This as the indices
trended higher. Recall, a lot of big name managers said they were selling,
that things were too high and too crazy. Ultimately if enough sell out who
will be there to buy? Oh, I suppose THEY would be there if the market
continues higher and they be forced to knuckle under and buy again. Would
that happen? It sure does not seem as if it would, but this low to no
volatility move higher just won't die. Yet.

All week we let positions work, picked up new positions, and took some nice
gain per our plan as the gain presented itself. Friday we banked gain on
ACAD, BRKS, CONN -- kind of the ABC's of taking gain I suppose. It is
always a good idea to take gain when it presents, particularly when some
good moves are logged.

There are still positions we like and like a lot. We picked up some on
Friday even though we do not typically like buying on Fridays. There are
several plays on the report this weekend that offer a lot of upside
potential in the same groups that have worked so well and continue to set up
and break higher. Obviously if they continue to work we will continue to
work them.


NEWS/ECONOMY

Personal Income: 0.2 vs 0.3 (from 0.4%) July

Spending: 0.1 vs 0.3 July

PCE: 0.2% vs 0.1% prior

Core PCE: 0.1%. 1.29% year/year. Fed's most important inflation gauge down
6 straight months and the lowest year/year since 10/2015.

Let's see here, the Fed has intended to fuel some inflation to avoid
deflation. That seems so fake, does it not? You artificially create price
increases that are not truly the result of scarcity of resources, etc., and
then claim all is well because you avoided deflation.

The Fed chairman admitted she did not understand inflation. It would appear
there are several other things economic she does not understand.

Suffice it to say, incomes remain tepid with spending the lowest since
January 2016. A hearty 'well done!' Of course, the economist apologists
point out how well the Fed has done. The still labor under the delusion
that if nothing was done, if the Fed had not continued for years and years
and years to act, that we would all be dead. Perhaps. The regulations and
taxes the past 10 years killed a lot of business and perhaps there would not
have been enough willingness to invest to make it happen.

The thing is, the Fed and the administration engaged in the same policies
and actions that prolonged the Great Depression and turned the 1970's into
the 'malaise' (a word Carter did not utter in his address that was dubbed
the 'malaise' speech, but the idea was certainly conveyed to the extent that
EVERYONE called it the malaise speech). If you do the same thing and think
the results will be different because you are smarter and will do it right
this time, then you really are not smarter.


The tax proposal does what?

Of course tax reform would help the US out of the current malaise. And yes,
it is a malaise: in breadwinner job creation, in business creation, in
wages. Lots of malaise.

On Friday reports started emerging about the 'cost' of the tax proposal.
First, cost? Is it a 'cost' for Americans to keep more of their earnings?
They should measure the 'expense' to taxpayers, i.e. how much THEY have to
give up of THEIR wages to fund a profligate government, one that is taking
in RECORD tax revenues and STILL is carping about tax cuts and reform
'costing' it money. Until we drop the BS, we are not going to get anywhere.

Okay, back to the 'scoring' of the proposals. One group comes out and says
the lower earners will see their taxes go up, the higher earnings will go
down. You ALWAYS hear that with any tax reduction proposal. At the same
time, another group scored the proposal, as sparse as it is, with the lower
80% seeing a slight decrease in taxes while the top 20% see an increase in
taxes.

Who is right? IT DOESN'T MATTER! The GOAL is getting investment started
once more so we can see small business creation leap higher again with money
pushed into new ideas, innovations, and tech. That creates new products and
services and the QUALITY jobs needed to make and provide those products and
services. It happened in the 1980's and 1990's with crazy ideas such as
personal computers that led to all the support products and services and the
tens upon tens upon tens of millions of jobs that were created.

No one wanted to invest in the 1970's: the reward was much to small for the
risk involved. The Reagan tax cuts and reformation changed the risk/reward
balance to where it was worth taking the risk. Money poured out of tax
shelters and into investments. It launched a 20 year boom.

Right now we have seen YEARS of low investment in the US because the return
is not there. Companies instead pump money into financial markets and stock
buybacks because THAT is where the favorable risk/reward ratio is. The Fed
is backing their play, so go financial.

Again, these 'scores' of the tax plan are first, politically driven and thus
bogus. Second, they have nothing really to score. Third, they do not and
never have, measured the true outcome of tax cuts. There has never been a
time in the history of the US that substantial tax cuts did not produce a
surplus well in excess of what the tax cuts purportedly 'cost.' The ones
that didn't work? The absurd $600.00 'rebates' to people who never paid
taxes in the first place. Wasted Keynesian effort. As President Kennedy
said, the best welfare is a well-paying job. He did not say it was a
giveaway. Who creates the well-paying jobs, the ones that result from the
need for employees for the new technologies, processes and services created?
Not the government; it just takes. It does not create. It is the
businesses that do this. THAT MUST be the focus.

That is why the reduction on the business entity taxes is so huge. It is
absurd the opening bid was 20% for corporations. Even more absurd is the
25% for pass through entities the small businesses use. If the primary
focus is on small businesses, THEIR rate should be 15% or at least as low as
the corporate rate. That is my main beef with the proposal thus far.
Outside of that, it works to do what needs to be done: get more money in the
hands of American entrepreneurs to let them start, grow, and expand their
businesses. The rest follows from that.


THE MARKET

The Leaders

Semiconductors: Impressive week with stocks such as LRCX, AMAT, ON, ACLS,
HIMX, BRKS pushing higher, sharply higher.

Biotechs/Drugs: The large caps perhaps were not as strong, but the small
guys were moving. ARRY, IMGN, IMMU, CLVS all worked very well.

China Stocks: As usual mixed, but good movers and good setups. BIDU broke
higher Friday. YY enjoyed a good week. SOHU started upside Friday. SINA
is in good position to move higher.

Financial: Broke higher midweek with gaps. C, JPM, BAC. GS continued the
surge into Friday.

Retail: Solidly higher again. CONN gapped to target. DLTR trended higher
all week, breaking upside Friday. HD up again.

FAANG: AMZN showed a doji Friday below the 20 day EMA as it rebounded on
the week. Still a weak kind of recovery. AAPL is hanging on below the 10
day EMA after rebounding. FB broke back through the 50 day SMA; not bad.
NFLX bounced off the 50 day MA but worked laterally to Friday. GOOG
continued a nice break higher.

Transports: Trucks continued higher, e.g. ODFL, JBHT and more. DJ-20 broke
higher to a new high, confirming the DJ30's high and a Dow Theory positive.


MARKET STATS

DJ30
Stats: +23.89 points (+0.11%) to close at 22405.09

Nasdaq
Stats: +42.51 points (+0.66%) to close at 6495.96
Volume: 1.97B (+4.79%)

Up Volume: 1.37B (+385.14M)
Down Volume: 551.07M (-261.74M)

A/D and Hi/Lo: Advancers led 1.36 to 1
Previous Session: Advancers led 1.35 to 1

New Highs: 283 (+64)
New Lows: 21 (-5)

S&P
Stats: +9.30 points (+0.37%) to close at 2519.36
NYSE Volume: 900M (+17.32%)

A/D and Hi/Lo: Advancers led 1.54 to 1
Previous Session: Advancers led 1.46 to 1

New Highs: 205 (+50)
New Lows: 12 (-2)


SENTIMENT INDICATORS

VIX: 9.51; -0.04
VXN: 13.85; -1.13
VXO: 7.87; -0.25

Put/Call Ratio (CBOE): 1.05; +0.32


Bulls and Bears: Money may be leaving, but the bulls are still growing, up 7
points in three weeks. Bears fell precipitously.

Bulls: 54.3 versus 50.5

Bears: 17.1 versus 19.0

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: 54.3 versus 50.5
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
versus 46.1 versus 46.7 versus 45.2

Bears: 17.1 versus 19.0
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: 2.339% versus 2.312%. Bonds gapped lower Wednesday on the Yellen
speech, did not recover much ground.

Historical: the last sub-2% rate was in November 2016 (1.867%). 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% versus 2.105% versus 2.072% versus
2.166% versus 2.210% versus 2.136% versus 2.129% versus 2.175% versus 2.169%
versus 2.189% versus 2.217% versus 2.183% versus 2.197% versus 2.185% versus
2.225% versus 2.264% versus 2.24% versus 2.191% versus 2.201 versus 2.246%
versus 2.262% versus 2.257% versus 2.264% versus 2.221% versus 2.266% versus
2.253% versus 2.296% versus 2.291% versus 2.303% versus 2.287% versus 2.330%
versus 2.255% versus 2.241% versus 2.270% versus 2.261% versus 2.318% versus
2.331%


EUR/USD: 1.1812 versus 1.17817. Recovered late week after breaking the 50
day MA's early week.

Historical: 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 versus 1.17596 versus
1.17619 versus 1.17975 versus 1.1774 versus 1.18718 versus 1.18457 versus
1.18072 versus 1.18281 versus 1.18293 versus 1.1683 versus 1.17419 versus
1.1646 versus 1.1637 versus 1.16640 versus 1.16271 versus 1.15280 versus
1.15549 versus 1.14735 versus 1.14672 versus 1.13986 versus 1.14335 versus
1.14682 versus 1.13964


USD/JPY: 112.47 versus 112.442. Holding the move higher through the 200
day SMA.

Historical: 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 versus 109.132 versus 108.747 versus 110.254 versus
110.049 versus 110.289 versus 109.652 versus 108.04 versus 109.160 versus
109.573 versus 109.195 versus 109.648 versus 109.173 versus 109.205 versus
109.333 versus 109.842 versus 110.6621 versus 109.927 versus 109.183 versus
109.177 versus 110.03 versus 109.09 versus 110.09 versus 110.757 versus
110.689 versus 109.963 versus 110.717 versus 110.368 versus 110.28 versus
110.704 versus 111.07 versus 111.166 versus 111.897 versus 111.176


Oil: 51.67, +0.11. Broke higher Monday, tested back to the 10 day EMA the
balance of the week. Still a solid breakout.


Gold: 1284.80, -3.90. Broke below the 50 day MA' on the week, did not
recover the ground.


MONDAY

New highs continued through Friday. A new month and quarter could bring
some more buying into the market. After that, then what? Will new highs
become the targets for the algorithms to sell? After all, David Stockman
this weekend says to get out of the 'casino' markets now lest ye be caught
in the 40% to 70% meltdown he predicts. He is so vocal, so wild-eyed in his
statements and comments, I have a hard time taking him seriously. Oh sure,
I believe this is all a stack of cards but calls for collapse have come and
gone. At some point, poof; but what makes Stockman right THIS time when so
many before, including him, have been wrong? Nothing.

No, you look at the market and what the leaders do. Perhaps the hope
regarding the tax reform proposal gets dashed as the 'experts' issue more
and more reports on the 'cost' of the proposal.

The runs have been impressive. Crazily so. It is getting to the second
half 1999 kind of craziness in the continued upside. That, of course,
cannot last and will stall and fall. But again, when? Nobody knows! It
thus behooves us to play the good plays as they set up, play the leaders as
long as they lead. When they run out of gas and turn over, then worry. No,
don't worry. Then play the downside. Indeed, we have a downside play on
ATHM this weekend, a leading stock that suddenly gapped lower, then failed a
recovery attempt. If it breaks down hard and the market then gets more
leaders like ATHM was, it will have less leaders like ATHM was.

The point is, no one knows when the market cracks and rolls over. We will
play the moves the market gives. For now, upside, but watching over the
shoulder. We will do that until the leaders break and roll over. Then we
play the downside and make money from that versus wringing our hands and
retreating to dark spaces.

Have a great weekend!


SUPPORT AND RESISTANCE

NASDAQ: Closed at 6495.96

Resistance:
New high Friday.

Support:
64.77 is the September intraday high
6461 is the July 2017 prior all-time high
6450 is the early September high
The 50 day EMA at 6363
6341.70 is the all-time high from early June.
The 2016 trendline at 6315
6300 is the mid-June interim high
6205 is the late May all-time high
The 200 day SMA at 6023
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
5661 is the late January upper gap point
5601 is the January lower gap point


S&P 500: Closed at 2519.36

Resistance:
New high Friday.

Support:
2511 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 50 day EMA at 2474
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
The 200 day SMA at 2389
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 22,405.09

Resistance:
22,420 is the September high

Support:
The 10 day EMA at 22,316
22,179 is the August 2017 all-time high
22,086 is the mid-August lower high
The 50 day EMA at 21,9981
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
The 200 day SMA at 21,027
20,547 is the lower gap point from late April 2017
20,412 is the March 2017 low
20,400 is the mid-April 2017 low.
20,126 is the January 2017 intraday high
20,101 is the late January closing high.
19,994 - 19,999 (early January high, upper gap point from late January
19750 is the lows of the December/January range
19,732 is the January 2017 low
18,669 is the August 2016 all-time high
18,595 is the July 2016 peak
18,351 is the prior all-time high from May 2015

End part 1 of 3
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Sunday, September 24, 2017

The Daily, Part 1 of 3, 9-23-17

* * * *
9/23/2017 Investment House Daily
* * * *

Investment House Daily Subscribers:

MARKET ALERTS:

Targets hit: None issued
Entry alerts: None issued
Trailing stops: PACB; XXII
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 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
********************************************************************

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

- Overall flattish session into the weekend but RUTX joins the large caps
with its own new closing high.
- A bit too much geopolitical intrigue and still digesting the Fed's moves
for the market to rally into the weekend.
- SOX is certainly set up to move higher but the other indices appear
extended on this move.
- Why is the yield curve now so flat and suggesting economic trouble ahead?
- Rally is longer in the tooth in terms of the rally cycles, but SOX looks
ready to break higher, SP400 has more room, and DJ30 is testing nicely. If
they show great upside moves then we play the move, but still cautiously.

Stocks were mushy all Friday perhaps outside of the semiconductors. Once
again there is just a bit too much happening in the geopolitical sense to
initiate any major buys ahead of the weekend. Trump, the alleged dotard,
references the serious issues the Rocket Man will face if he continues his
ways. Mr. Pajamas 2 responds that he might just carry out an above ground
H-bomb test in the Pacific. There is also the Germany election Sunday with
Mother Migration Merkel expected to win but not to get the kind of coalition
she has abused, I mean enjoyed, in the past.

At the same time, though stocks may be a bit mushy, they still hold solid
gains as well as their trends, certainly not selling off because of any
weekend worries. And why should they? After all Jeremy Seigel predicts the
market has another 10% gain to year end. Why sell when you have that going
for you?

Well, perhaps, just perhaps, there will be a selloff to end September and
carry into October before that 10% rally kicks in. Would not be surprised
to see that happen as that is the historic market pattern for this time of
year AND there is that algorithm market pattern as well that kicks in after
the indices hit new highs and rally a bit more. Then, after selling back,
the cycle starts over to the upside. Those two patterns dovetail right now,
an appropriate metaphor given it is dove season in many places right now.

Thus, the indices finished the session decently and finished the week quite
decently, showing few signs of melting down or otherwise selling off. Some
stocks struggled into the weekend and we closed those positions that
reflected some of those struggles. We also, however, let the strong
continue to work and will see if next week brings the algorithm down cycle
or a renewed upside move if this rather mild test runs its course.

SP500 1.62, 0.06%
NASDAQ 4.23, 0.07%
DJ30 -9.64, -0.04%
SP400 0.33%
RUTX 0.46%
SOX 0.50%

VOLUME: NYSE flat; NASDAQ -7%. Very noncommittal ahead of the weekend
with trade again just below average on NYSE, below average on NASDAQ.

ADVANCE/DECLINE: NYSE 1.8:1; NASDAQ 1.9:1. Not bad given the modest
action. Obviously related to the better showings in the small and midcaps.

The index action is somewhat split, but none of the indices are in any kind
of trouble at all. More precisely, they are at different stages of their
rallies, some on the upswing still, playing catchup to the large cap indices
at new highs. Those that hit the highs are on the test.

The nagging question is whether the algorithms kick in again given all
indices but SP400 have hit new highs on this move. That, however, is almost
fearing things that may or may not be in the shadows. If you go for a walk
in the woods in the north you may run into a bear. Does that mean you don't
walk in the woods? No, you just take the proper precautions and know what
to do if you see that bear -- or more importantly, if he sees you.

Still, the bear has struck relatively regularly after new highs are hit.
Nothing suggests a change in that pattern, so for now we take advantage of
great patterns if they present themselves for solid moves, don't let any
positions get too errant on us, and try to let the solid trends keep working
through any chop. If stocks such as NFLX, bucking the trend against all the
FAANG, HON, BABA, LRCX start breaking support with sharp, high volume moves
lower, then it is time to clear out. Not there yet.


THE MARKET

CHARTS

SOX: Breakout to a new all-time high Monday, then tested the move into
Friday. Held the 10 day EMA and the prior high from June and managed a
Friday close over that June peak. Not a bad quick test of the breakout,
leaving SOX in good position to continue the breakout. Some good looking
semiconductors are set up well.

RUTX: New all-time closing high, closing just below the July highs..
Impressive second leg of the run from the July/August selloff, recovering
the entire loss. Made the move without another rest. 55 points off the
early September test lows, almost the exact number of points off the August
selloff low. With that kind of move and sitting at the prior high, it makes
sense the small caps test here.

NASDAQ: Hit a new high on the week, then faded into Friday to the 20 day
EMA. Held that level then rebounded modestly to end the week. Bumped
resistance, could not make any real inroads, but if NASDAQ holds the 20 day
EMA and bounces, it has put in a great higher low and is well-positioned to
break higher and move to a real new high. Nothing nefarious, but thus far
unable to put in a solid new high as in prior rallies. Perhaps that is
still in front of it, but at this point we have some good positions, some
good gain built in, and we can afford to let NASDAQ show if it can make that
next break higher.

DJ30: Broke to a new high through Wednesday, faded Thursday and Friday to
test just over the 10 day EMA. Impressive, same move it made in late
July/early August, normal test. That was the case in the last move, then
suddenly the 10 day EMA didn't hold. Thus far, very good looking test.

SP500: Spent the week slow dancing with the upper channel trendline from
way back in 2009, yes the trendline established after the Fed went full
frontal QE. Bumped the TL Monday through Thursday, backing off Thursday and
Friday. Backed off but held the 10 day EMA; not much backing down.
Financial stocks really helped SP500 on the week, but now we have to see how
they perform now they are at the top of their range.

SP400: The midcaps may have put in a good part of their test already.
Working laterally after Monday, waiting on the 10 day EMA to catch up to the
move. Surpassed the 1750 level, now at the next high, the June high at
1771, and trying to consolidate at that level. Another 20 points to the
prior all-time high, trying to consolidate the last move to make that run.

LEADERSHIP

Still plenty of quality stocks leading the way, and indeed, breaking higher
after tests. That shows continuing bids, not indicating a turn back down is
imminent. Still, some that were performing are struggling. Perhaps just
rotation.

Manufacturing: HON the outstanding stock in the group, breaking sharply
higher Thursday and Friday to a higher high. CAT, TEX still strong. ITW
testing a strong 2 week run higher. Strong.

Semiconductors: Volatile week but closed well. LRCX tested its breakout,
held over the 20 day, surged Friday. AMAT tested, managed to hold support.
SLAB looks good. XLNX has made a nice short test. MRVL ditto. They don't
look bad at all. AVGO, QRVO need some work. NVDA gapped lower on the
AMD/TSLA AI chip news but is holding support.

Retail: Tested good moves on the week, some look ready to move higher:
KORS, GPS, HD. DLTR broke higher again.

China stocks: This group rotates amongst itself. YNDX, YY started upside
Friday. BABA, BIDU remain solid. BITA testing its strong break higher.
SINA making a good test.

Financial: BAC, JPM, GS all moved higher on the week with some nice moves
but ended the week bumping the top of the range.

Drugs/biotechs: AMGN, BIIB remain in good 2-week tests of near support.
Smaller issues are struggling just a bit though hanging in at support: BLRX,
IMGN, IMMU holding well. PFE continues to move higher.

Software: Not bad tests setting up the next legs from the look of it: CRM;
VMW. TTWO continues up the 10 day EMA. GLUU sold to the 20 day EMA but
bounced Friday on more good volume.

Oil: APC added some more after that big buyback announcement. DVN still
moving upside. SAM and others are setting up patterns.


MARKET STATS

DJ30
Stats: -9.64 points (-0.04%) to close at 22349.59

Nasdaq
Stats: +4.23 points (+0.07%) to close at 6426.92
Volume: 1.64B (-6.82%)

Up Volume: 881.72M (+303.89M)
Down Volume: 717.87M (-412.13M)

A/D and Hi/Lo: Advancers led 1.91 to 1
Previous Session: Decliners led 1.25 to 1

New Highs: 124 (+5)
New Lows: 24 (-5)

S&P
Stats: +1.62 points (+0.06%) to close at 2502.22
NYSE Volume: 722M (-0.21%)

A/D and Hi/Lo: Advancers led 1.77 to 1
Previous Session: Decliners led 1.32 to 1

New Highs: 149 (+16)
New Lows: 18 (+6)


SENTIMENT INDICATORS

VIX: 9.59; -0.08
VXN: 13.81; +0.10
VXO: 7.89; -0.02

Put/Call Ratio (CBOE): 0.98; +0.14


Bulls and Bears: Bulls make their Pavlovian response. They dropped just as
the rally started, now are jumping up just as the rally may be hitting its
peak.

Bulls: 50.5 versus 47.1

Bears: 19.0 versus 20.2

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: 50.5 versus 47.1
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 versus 46.1
versus 46.7 versus 45.2

Bears: 19.0 versus 20.2
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: 2.253% versus 2.276%. 10 year yields fell as the yield curve
flattened again. The curve post-FOMC fell hard towards flat. Oh no, a
Greenspan conundrum is developing. Or is it here? Yellen this week said
she did not understand inflation. Oh THAT is great.

Historical: the last sub-2% rate was in November 2016 (1.867%). 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% versus 2.105% versus 2.072%
versus 2.166% versus 2.210% versus 2.136% versus 2.129% versus 2.175% versus
2.169% versus 2.189% versus 2.217% versus 2.183% versus 2.197% versus 2.185%
versus 2.225% versus 2.264% versus 2.24% versus 2.191% versus 2.201 versus
2.246% versus 2.262% versus 2.257% versus 2.264% versus 2.221% versus 2.266%
versus 2.253% versus 2.296% versus 2.291% versus 2.303% versus 2.287% versus
2.330% versus 2.255% versus 2.241% versus 2.270% versus 2.261% versus 2.318%
versus 2.331%


EUR/USD: 1.19476 versus 1.19420. Tested the 50 day MA midweek, held.
Continued the 2.5 week lateral consolidation.

Historical: 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 versus 1.17596 versus
1.17619 versus 1.17975 versus 1.1774 versus 1.18718 versus 1.18457 versus
1.18072 versus 1.18281 versus 1.18293 versus 1.1683 versus 1.17419 versus
1.1646 versus 1.1637 versus 1.16640 versus 1.16271 versus 1.15280 versus
1.15549 versus 1.14735 versus 1.14672 versus 1.13986 versus 1.14335 versus
1.14682 versus 1.13964


USD/JPY: 111.995 versus 111.804. Broke through the 200 day MA Wednesday,
tested to end the week.

Historical: 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 versus 109.132 versus 108.747 versus 110.254 versus 110.049 versus
110.289 versus 109.652 versus 108.04 versus 109.160 versus 109.573 versus
109.195 versus 109.648 versus 109.173 versus 109.205 versus 109.333 versus
109.842 versus 110.6621 versus 109.927 versus 109.183 versus 109.177 versus
110.03 versus 109.09 versus 110.09 versus 110.757 versus 110.689 versus
109.963 versus 110.717 versus 110.368 versus 110.28 versus 110.704 versus
111.07 versus 111.166 versus 111.897 versus 111.176


Oil: 50.66, +0.11. Held a test of the 200 day SMA early week, edged up the
rest of the week but not a big new surge.


Gold: 1297.50, +2.70. Nasty drop Thursday post-FOMC and not much of a
bounce at all Friday on the worries about the weekend and North Korean
H-bombs. Held the 50 day MA to end the week in the current 2 week pullback.


MONDAY

We will see what the weekend brings and whether that impacts the Monday
trade. Two weeks back it was the lack of any follow through of tensions
between the US and North Korea that sprung a renewed move upside after a
test of the initial move off the August low.

Many are talking about the rally continuing on. It may do so, and if it
does we let our remaining positions run and pick up some new quality
patterns that break higher.

As noted before, however, nothing indicates the market's pattern has
changed, i.e. that after new highs are hit and some more rallying on top of
the new high, the selling kicks in. Indeed, that more fits the season of
the year: September selling leads to an October bottom and a rally to year
end.

That is the move we are anticipating as the most probable but of course the
market will do what it does. We will simply be ready for the route the
market takes. There are still plenty of good entries right now if they make
the moves. Again, be ready for the route the market takes. We believe this
current rally can continue another week or so, but then hits the downside of
the cycle. That will set up the next leg higher, and combined with the
seasonal driver, it could be a good move to the close of the year.

Have a great weekend!


SUPPORT AND RESISTANCE

NASDAQ: Closed at 6426.92

Resistance:
6450 is the early September high
6461 is the July 2017 prior all-time high
64.77 is the September intraday high

Support:
The 50 day EMA at 6347
6341.70 is the all-time high from early June.
6300 is the mid-June interim high
The 2016 trendline at 6288
6205 is the late May all-time high
The 200 day SMA at 5998
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
5661 is the late January upper gap point
5601 is the January lower gap point


S&P 500: Closed at 2502.22

Resistance:
2508 is the upper channel line from the March 2009 uptrend channel

Support:
2491 is the August all-time high
2480 the late August and early August highs
The 50 day EMA at 2467
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
The 200 day SMA at 2382
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 22,349.59

Resistance:

Support:
The 10 day EMA at 22,251
22,179 is the August 2017 all-time high
22,086 is the mid-August lower high
The 50 day EMA at 21,901
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
The 200 day SMA at 20,962
20,547 is the lower gap point from late April 2017
20,412 is the March 2017 low
20,400 is the mid-April 2017 low.
20,126 is the January 2017 intraday high
20,101 is the late January closing high.
19,994 - 19,999 (early January high, upper gap point from late January
19750 is the lows of the December/January range
19,732 is the January 2017 low
18,669 is the August 2016 all-time high
18,595 is the July 2016 peak
18,351 is the prior all-time high from May 2015

End part 1 of 3
_______________________________________________________
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Saturday, September 16, 2017

The Daily, Part 1 of 3, 9-15-17

* * * *
9/15/2017 Investment House Daily
* * * *

Investment House Daily Subscribers:

MARKET ALERTS:

Targets hit: LLNW; TTWO; VMW
Entry alerts: None issued
Trailing stops: None issued
Stop alerts: BEAT; GRUB; IPXL

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

- Upside rally continues through Friday with another low to high move
despite a best yet NKorean missile launch.
- SOX surges to a new post-2008 closing high, playing catchup to the other
indices.
- New highs logged by most of the indices, and the move post-highs is quite
similar to the prior rallies.
- Economic data remains weak as retail sales miss, revised lower, in need of
tax and healthcare reform.
- SOX move to leadership is important for the post-new highs rally health.

The market move according to its pattern or MO if you prefer is right on
target with its prior rallies in this upside trend. In this pattern, often
after the new high is made the indices continue upside with incremental, not
necessarily strong gains. That is very much what the indices showed to end
the week after a sudden start upside Monday and Tuesday: the rest of the
week was rather slow go upside, particularly for SP500 and NASDAQ. Yes SOX
was strong, but it is playing catchup to the other indices. Doing a good
job of it.

The Friday session was a third straight with a lower open followed by a
recovery to flat or better. Obviously the bids are returning at this level
versus converting to sell orders. That keeps the rally going, and with SOX
stepping up its game, perhaps the post-new high rally can improve on past
performance.

SP500 4.61, 0.18%
NASDAQ 19.39, 0.30%
DJ30 64.86, 0.29%
SP400 0.41%
RUTX 0.47%
SOX 1.71%

VOLUME: NYSE +157%; NASDAQ +54%. Expiration, so cannot write too much into
this showing.

ADVANCE/DECLINE: NYSE 1.7:1, NASDAQ 1.5:1. Outside of SOX and a few
others, not a lot of movement.

DJ30 has taken the lead in the new high department, hitting a high Wednesday
and extending to a new all-time high Thursday and Friday. SP500 was the
first to garner a new high on this last leg this week, clearing to a new
closing high Monday and adding to it through Friday, scoring its own
all-time high as well. NASDAQ put in some new all-time closing highs though
it gave up the early week highs Friday. Even SOX came to life and with two
solid back to back moves to end the week it put in a new post-2008 closing
high. SOX is very important for this market, and if SOX continues to show
such strength, the rally may have more to it than just one of the more
'typical' post-new high moves.

SP400 and RUTX look solid to continue their moves, but SP400 is at important
resistance and both are still quite a way from a new high. Working on it.

Given the timing of the moves, the large cap indices are at new highs and
indeed have traded at them for at least a few days now. In the prior new
high move in July to August and even before that, the indices put in
anywhere from 5 to 10 to 12 sessions after the new high before they started
topping out and set up for the next move lower.

Thus, if you look at the past action as a guide to the market's, and more
specifically the algorithm's, pattern they are working on the last stages of
this particular leg with anywhere from 2 to 10 days left.

Now, of course, this is all rather loose in terms of days. The important
point is the indices are putting in new highs, and if the algorithms hold
their trading patterns then the top will be put in sooner than later. We
have taken gain along the way, and will take more as the move progresses.

At the same time it is possible the market just continues to run higher. It
is showing good action in several groups and the semiconductors came to life
to end the week, though not all -- NVDA made a huge move and it is a
heavyweight in the group. Nonetheless, it is an important group and its
reassertion as a leadership group could lead to a more sustained run this
particular leg. Thus, we did pick up some good stocks and positions as the
market rally continued, and quite frankly there are STILL some good-looking
buys heading into next week; if they continue higher these leaders we are
looking at will help lead the current rally higher. We plan to take gain as
noted, but we also plan to keep participating if great stocks show great
entry points.


NEWS/ECONOMY

The economic data? At best uninspired. Retail sales Friday disappointed
big time as did Industrial Production. At least New York PMI beat
expectations. The week before, jobs were terrible overall though showed
some positives in the jobs mix. All in all, however, the results are, as
noted, uninspiring.

Retail Sales, August: -0.2% versus 0.1% expected versus 0.3% July (from
0.6%)

Ex-autos: 0.2% versus 0.5% expected versus 0.4% prior (from 0.5%)

Control Group: -0.2% versus +0.2% expected

Building materials: -0.5% but that will change after the storms.

Food: 0.3%

Gas stations: 2.5%

Apparel: -1.0%

**Online sales -1.1%, the worst showing since 4/2014.

What does it mean? Just another in a string of continued mediocre economic
data that the US has suffered through for years. It underscores the need
for meaningful tax reform that includes healthcare reform. I can tell you
firsthand stories of the crisis the ACA is bringing to workers wanting
healthcare. The will is there for business to make new investments and move
the economy forward. The problem is the structure that blocks growth by
bleeding off funds for inflated insurance costs.

Just a quick example: we used to be able to purchase for employees a family
healthcare plan for $321/month with 100% coverage after a $5,000 deductible.
They combined that with an HSA account where they contributed tax free
dollars to build up the account to pay for day to day medical expenses plus
the deductible. We matched contributions up to $150/month to help new
employees build up their accounts although they could contribute more. It
worked beautifully.

Today a similar, though not as good coverage plan, costs $1440/month with a
$12,000 deductible. You can contribute to an HSA, but under the ACA the
Health Savings Accounts were gutted and vastly limited as cannot be used for
nonprescription items. The result? People have doctors write prescriptions
for over the counter items, thus jacking up the costs all around.
Incredibly stupid, but not really because the goal was to make a 'fix' that
was unworkable as a stepping stone to total government healthcare.

That is why I am so encouraged by the Graham/Santorum/and others healthcare
bill being introduced in Congress, the one I wrote about before. It puts
the decision-making as to what kind of program the state wants to offer with
the state itself. If they want the ACA, they can have it. If not, they can
try their own ideas.

There is also hope in tax reform with democrats such as Munchin a democrat
from West Virginia saying the negotiations are "very promising." One can
only hope.


THE MARKET

CHARTS

SOX: With NVDA waking up out of a 9-week lateral range Friday and blasting
to a 6+% gain, SOX was finally able to play some much-needed catchup. Not a
new post-2008 high, but at least a post-2008 closing high as SOX moves
through the June peak. INTC threw in with NVDA along with SWKS and even
AVGO showed some life Friday. With the big names and smaller names moving,
SOX gets the first billing this week. Very important group that bodes well
for perhaps this market move extending beyond what has been the 'typical'
moves post new highs in this market.

DJ30: Gapped to yet another new all-time high, making it 2 straight as well
as 3 straight new closing highs. Very much what prior new high moves have
shown, i.e. a break higher and then a more or less steady, albeit
unspectacular, move higher.

SP500: Creeping along to higher highs Tuesday to Friday, putting in a new
one Friday, closing just over the 2500 level. Still has not taken it out
with any authority. This is also quite typical of the post-new high moves
in this market rally: new high, then less than spectacular moves. Higher
yes, but less than spectacular.

NASDAQ: New closing highs on the week but after that move a fade to test
the 10 day EMA. Friday a test and rebound upside. No new high Friday, but
a solid test of the move, holding at near support. Now we see if NASDAQ can
resume the leadership role after a quick test of the new high. It has shown
better post-new high moves, e.g. in July, so it is capable of using this
good setup for a new break higher.

SP400: Not a bad week at all. SP400 lagged the move higher, but it started
making up ground with a pair of gap and runs Monday and Tuesday. A move
over the 50 day SMA, then a test through Thursday. Friday a break higher
with a new rally high. SP400 looks quite good to continue the move higher
as it is handline 1750 well with the next resistance at 17170ish.

RUTX: Small caps posted a solid week, up 4 of 5 sessions and moving through
resistance from March, April, and indeed past the June high as well.
Obviously a bit more than just a relief bounce off the July to August
selling, doing its best to break up any notion of a head and shoulders top
formation over the past 5 months.


LEADERSHIP

Semiconductors: Chips got the first billing Thursday with their work, and
Friday they were at it again. NVDA blasted higher and had the bald-headed
guy on CNBC was all lathered up; surely if flies to the moon -- taking our
existing position nicely deep into the money. AVGO didn't break out but it
did finally contribute upside, helping SOX. INTC cleared the August high.
XLNX, SLAB, SWKS, AMAT and others enjoyed great weeks. The others? BRKS,
ON. Very important group for the market and performing well as more and
more of these stocks start breaking higher.

China stocks: A good week for many though the end of the week was
anti-climactic. SINA a great week. BITA as well. WUBA walking up the 10
day EMA to a new high. BABA surged midweek then tested the rest of the
week. JD looks ready to make a break higher. HTHT in a 20 day EMA test.
Others are setting up for a move, e.g. YNDX, YY,

Financial: A good recovery week. C touched the top of its range, backed
off some, good position. JPM bounced off the 200 day SMA but still very
much range bound. BAC solid upside but still in the range. Lots of moves up
but not saying this is a group I want to get into right now.

Machinery: TEX broke out on the week and shot straight up. CAT continues
working higher up the 10 day EMA. HOLI a bit wild Friday, but holding a
nice trend higher.

Retail: AMZN broke higher Wednesday but could not keep that move going.
Nice test, however. KSS still running higher on its breakout. COST broke
higher, testing its move late week. Same action with ROST, GPS: Good
breaks higher, testing to end the week.

Drugs/biotechs: PFE put in a nice breakout move on the week. Big biotechs
testing the move, e.g. BIIB, CELG. AMGN still moved well. SRPT had a good
week. BLUE broke higher Thursday but could not hold the move. Smaller
stocks are not bad. IDRA starting to move back up. Setting up well, ARRY,
IMGN, IMMU.

Software: VMW put in another good week and we took some big gain on part of
the position. TTWO tested laterally, still solid. MSFT moving decently
enough. CRM testing the 20 day EMA, not a bad test at all, setting up a new
entry.

FAANG: AAPL just over the 50 day MA with a 2 week pullback to the prior
high from May and June. AMZN broke higher Wednesday, tested to the weekend,
still solid; has some possible tax fraud issues. FB holding the 20 day EMA
on a test. NFLX surged through Tuesday, tested into Friday, setting up
another potential entry. GOOG tried to hold the handle and set up the move
but it could not do it, breaking lower Thursday and Friday.


MARKET STATS

DJ30
Stats: +64.86 points (+0.29%) to close at 22268.34

Nasdaq
Stats: +19.39 points (+0.3%) to close at 6448.47
Volume: 2.744B (+53.53%)

Up Volume: 1.834B (+1.113B)
Down Volume: 861.049M (-97.13M)

A/D and Hi/Lo: Advancers led 1.47 to 1
Previous Session: Decliners led 1.21 to 1

New Highs: 148 (+23)
New Lows: 34 (+13)

S&P
Stats: +4.61 points (+0.18%) to close at 2500.32
NYSE Volume: 2.2B (+157.73%)

A/D and Hi/Lo: Advancers led 1.74 to 1
Previous Session: Advancers led 1.11 to 1

New Highs: 114 (+15)
New Lows: 8 (-1)


SENTIMENT INDICATORS

VIX: 10.17; -0.27
VXN: 12.51; -0.89
VXO: 7.8; -0.49

Put/Call Ratio (CBOE): 1.08; +0.29


Bulls and Bears: Of course, sentiment drops just before the market breaks
higher.

Bulls: 47.1 versus 49.5

Bears: 20.2 versus 19.1

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: 47.1 versus 49.5
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 versus 46.1 versus 46.7
versus 45.2

Bears: 20.2 versus 19.1
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: 2.201% versus 2.186%. Bonds started the week gapping lower and sold
back hard to the 50 day EMA. Tried a modest bounce Friday.

Historical: the last sub-2% rate was in November 2016 (1.867%). 2.186%
versus 2.19% versus 2.167% versus 2.134% versus 2.042% versus 2.105% versus
2.072% versus 2.166% versus 2.210% versus 2.136% versus 2.129% versus 2.175%
versus 2.169% versus 2.189% versus 2.217% versus 2.183% versus 2.197% versus
2.185% versus 2.225% versus 2.264% versus 2.24% versus 2.191% versus 2.201
versus 2.246% versus 2.262% versus 2.257% versus 2.264% versus 2.221% versus
2.266% versus 2.253% versus 2.296% versus 2.291% versus 2.303% versus 2.287%
versus 2.330% versus 2.255% versus 2.241% versus 2.270% versus 2.261% versus
2.318% versus 2.331%


EUR/USD: 1.19436 versus 1.1918. Tested back to the 50 day MA, started to
bounce off that level Thursday and Friday, but not that strong a move.

Historical: 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 versus
1.17596 versus 1.17619 versus 1.17975 versus 1.1774 versus 1.18718 versus
1.18457 versus 1.18072 versus 1.18281 versus 1.18293 versus 1.1683 versus
1.17419 versus 1.1646 versus 1.1637 versus 1.16640 versus 1.16271 versus
1.15280 versus 1.15549 versus 1.14735 versus 1.14672 versus 1.13986 versus
1.14335 versus 1.14682 versus 1.13964


USD/JPY: 110.846 versus 110.01. Dollar continued its bounced off the lows
that started the prior Friday. Closed in on the 200 day SMA on the Friday
high, backed off to close. Good bounce, 200 day is logical resistance, but
the top of the range is near 114.50.

Historical: 110.01 versus 110.62 versus 110.216 versus 109.434 versus
107.847 versus 108.444 versus 109.132 versus 108.747 versus 110.254 versus
110.049 versus 110.289 versus 109.652 versus 108.04 versus 109.160 versus
109.573 versus 109.195 versus 109.648 versus 109.173 versus 109.205 versus
109.333 versus 109.842 versus 110.6621 versus 109.927 versus 109.183 versus
109.177 versus 110.03 versus 109.09 versus 110.09 versus 110.757 versus
110.689 versus 109.963 versus 110.717 versus 110.368 versus 110.28 versus
110.704 versus 111.07 versus 111.166 versus 111.897 versus 111.176


Oil: 49.89, 0.00. Broke through the 200 day SMA Thursday, held flat
Friday. Failed here in early August, so obviously an important test for
this rebound in oil.


Gold: 1325.20, -4.10. Spent the week testing back to the 20 day EMA.
Strong rally, new high, and a normal test to near support.


SUPPORT AND RESISTANCE

NASDAQ: Closed at 6448.47

Resistance:
6450 is the early September high
6461 is the July 2017 prior all-time high

Support:
6341.70 is the all-time high from early June.
6300 is the mid-June interim high
The 50 day EMA at 6326
The 2016 trendline at 6267
6205 is the late May all-time high
5996 is the recent May 2017 low
The 200 day SMA at 5969
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
5661 is the late January upper gap point
5601 is the January lower gap point


S&P 500: Closed at 2500.23

Resistance:
2504 is the upper channel line from the March 2009 uptrend channel

Support:
2491 is the August all-time high
2480 the late August and early August highs
The 50 day EMA at 2458
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
The 200 day SMA at 2375
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 22,268.34

Resistance:

Support:
22,179 is the August 2017 all-time high
22,086 is the mid-August lower high
The 10 day EMA at 22,053
The 50 day EMA at 21,798
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
The 200 day SMA at 20,882
20,547 is the lower gap point from late April 2017
20,412 is the March 2017 low
20,400 is the mid-April 2017 low.
20,126 is the January 2017 intraday high
20,101 is the late January closing high.
19,994 - 19,999 (early January high, upper gap point from late January
19750 is the lows of the December/January range
19,732 is the January 2017 low
18,669 is the August 2016 all-time high
18,595 is the July 2016 peak
18,351 is the prior all-time high from May 2015

End part 1 of 3
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Saturday, September 09, 2017

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

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9/9/2017 Investment House Daily
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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
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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 opt to sit out Friday, wait on storms, North Korea, next week.
- North Korea supposedly set for another missile test, EFX drops a bomb of
its own admitting to a massive, all-encompassing data breach.
- Stock indices almost unanimous in showing good setups for the upside.
- Still leadership to push stock indices to new highs.
- Last week's lateral test gives us some more opportunities to play more
stocks on the next break higher.

The stock market sputtered to end the week, not selling off, but continuing
the weeklong post-holiday test of the upside move the prior week. Not a
feel-good end to the week, and with Irma ready to wreak havoc on Florida,
other storms in the wings, North Korea ready to launch another missile and
claiming to possess an EMP with America's name on it, and the dollar in a
complete freefall, no one wanted to step in front of the weekend with a lot
of bids.

Accordingly, the indices slid, but not in a major selloff. Indeed, DJ30,
SP400, and RUTX managed an upside close. SP500 was flat while NASDAQ
dropped 0.59% but held over the 20 day EMA on below average trade. SOX was
the albatross, but it held around the 20 day EMA as well.

SP500 -3.67, -0.15%
NASDAQ -37.68, -0.59%
DJ30 13.01, 0.06%
SP400 0.32%
RUTX 0.05%
SOX -1.25%

VOLUME: NYSE +2%, NASD -11%. NYSE traded moved back above average, NASDAQ
trade slipped below average for the first time on the week.

ADVANCE/DECLINE: NYSE -1.2:1, NASDAQ just positive.

Not a great finish to the week, not a flourish at the end, but perhaps that
is the better result. A lot of unknowns heading into the weekend, and a
rally might be the fodder for selling to start the following week. As it
is, stocks faded modestly all week, testing the prior week's nice break
upside. Indeed, even down to RUTX, they left themselves in good position to
continue the upside as the prior week's rally was consolidated, still
holding onto a good part of that move higher.

Of course, the indices will still have to break higher off this test and
prove they have something more than good looks, but they left themselves in
good position to do so. SOX was the albatross as noted, and some big name
chips struggled, e.g. AVGO, QRVO, AMD, XLNX, but as many others look quite
solid, both big names and smaller names. Did you see MVIS continue its
spike higher?

Outside of the chips, the China stocks held up well enough. Did you see the
truckers? Some solid moves from JBHT, WERN, ODFL. The rest of the
transports were at best wall flowers, but the truckers made up for them.

More on the leaders later. Suffice it to say they were not ripping higher
Friday, but they did not damage their position to continue higher this
coming week after this past week's pause.


NEWS/ECONOMY

Wholesale Inventories

Inventories: 0.6%

Sales: -0.1% versus +0.5% expected and +0.6% prior. Now down 4 of 5
months.

Inventory to sales ratio: 1.30, highest since 11/2016

Inventories were up, but with sales lower that is what happens. Not the
best case scenario. Down 4 of 5 months, sales are not burning up the
inventory. Okay, this looks somewhat recessionary, along with many other
indicators. But, we are told the economy is climbing higher and higher, so
who are we to stand in the way of that logic?


Equifax demonstrates the fragility of critical US systems.

One of the 'big 3' credit gods, Equifax was hacked in late July with the
records of 143M Americans stolen. Social security numbers, birth dates,
drivers license information -- basically a one-stop shopping spree for
credit thieves.

To make matters worse, two days after the breach three executives sold
millions of dollars worth of stock. Of course the company explains they knew
nothing of the breach when they sold, just unloading some shares.
Interestingly, the stock gapped lower on 7/27 inexplicably. It held the 50
day MA and recovered over the next few sessions. I was taught long ago that
this kind of inexplicable gap on no news indicates insider selling,
ostensibly when the insiders get some bad news on preliminary earnings, a
court or agency ruling, or say, a hack of the system. Then the news comes
out and you get the 14% loss as seen Friday.

The sad, tragic irony is that this is one of the companies given the golden
keys to all of our economic health, dispensing ratings as to whether we are
worthy of a so-called reasonable rate for borrowing versus the high-risk
pool or no loans at all. The repository of all our financial data and the
arbiter of our financial integrity gets its ass hacked. Then the weasels
running the place try to save their fortunes by selling the stock before
anyone learns of their ineptitude. If, like the banks, no one goes to jail
over this, this would actually be something worth taking to the streets
over.

If one of the 'Fort Knox' of our data is so badly hacked, it shows how
vulnerable ALL our systems are whether our financial and personal data or
the power grid, nuclear plants, military installations, the food supply, the
water supply, government systems, banking records, etc. It would appear the
ONLY reason we are not all individually hacked by now is that the hackers
feel that many of us are just not worth the effort to individually hack.
But, if the payoff is the entire working population of the US, well then
that is worth the effort. I hope the executives at EFX go to jail and are
forced to pay out all their salaries, bonuses, stock options, etc. in civil
actions as payment to all those whose data they failed to secure. But they
won't. Heck, even the 'conservative' AG Jeff Sessions has decided not to
pursue the IRS cads that were directly involved in the IRS being used as a
weapon against select groups. Justice in the US, if not already, has become
a sad farce.

You have to ask, after this, how can ANY credit rating agency honestly and
accurately assess ANYONE's credit when all working people in America had
their data stolen and can be the victim of identity theft at any point in
time? Colossal asses.

A new development today is a ransom demand for 600 bitcoin ($2.6M) was
received by EFX. The senders claimed to be just two guys trying to take
care of their families. They don't want to harm anyone they say, just need
to monetize the data they stole, data that turned out to have much more
information than they thought they would obtain. Aw, hackers with heart.
Just a couple of family men hustling to do right for their families. Aw
shucks.


THE MARKET

CHARTS

The prior week was a rally week. The past week was a decent test of that
rally. No pre-weekend, thumb in the eye of North Korea and Irma rally;
investors and traders apparently had enough adventure and would just wait
for the weekend and the storm to hit. That leaves the stock indices for the
most part still in good shape to continue the rally on this leg to a new
high, then we see what happens.

NASDAQ: Fell to the 10 day EMA Tuesday and spent the week working laterally
there. That keeps NASDAQ over the early June prior high and just off the
late July all-time high. Good rally, nice fade to test, now NASDAQ shows if
it can make the next break higher.

SOX: Similar action to NASDAQ, falling Tuesday, riding laterally along the
20 day EMA the rest of the week. Friday a tap near the 50 day MA's. SOX
broke higher from its June/August triangle the prior week, tested the
breakout this week. As with NASDAQ, now it shows if it can make the break
higher off the breakout test.

RUTX: A weeklong test of the two week rally off the August low. Sold on
Tuesday with the other indices, spent the balance of the week showing doji
over the 10 day EMA. Nice sharp rally, easy test, in good position to move
higher.

DJ30: DJ30 was on the way higher when Tuesday hit and it gapped lower and
sold to the 50 day MA. It spent the week there, but managed to stretch out
the pattern decently to keep it in the trend and thus in the game for a move
higher.

SP500: Same story, i.e. the selloff Tuesday after the rally the prior week
up through the 50 day MA. Holds the 50 day MA all week, working in a tight
range Wednesday to Friday. Higher low possibility still in the 2017
uptrend.

SP400: Ugliest of the group with a harder Tuesday drop that it never really
contained. Closed below the 200 day SMA Thursday, gapped lower Friday but
did manage a recovery back over the 200 day. Problematic in itself and
really so in comparison to the other indices.


LEADERSHIP

Biotech/Drugs: From the big names to the smaller names this group enjoyed a
good week. CELG, AMGN, BIIB all put in good moves on the week. Smaller
issues did fine, e.g. VCEL, ARRY. Others look good as IMGN has set up again
as has IMMU, CERS.

China Stocks: Solid week. SINA up nicely. YY broke higher once more.
WUBA, SOHU, BIDU look good.

Semiconductors/Electronics: Mixed Friday with some big names in some
trouble, e.g. AVGO. QRVO surged Thursday but could not hold the move, then
Friday dropped to the 20 day. NVDA is still sluggish. ON, MLNX still in
good shape to move. MCHP is solid but MRVL, after a good move, struggled to
end the week. Important group needs to hold and make its move.

FAANG: Decent on the week, not so much on Friday. FB faded back to the 10
day EMA. AAPL broke below the 20 day EMA after a week of testing and volume
moved up above average. AMZN still working laterally below the 50 day MA.
NFLX showed a solid move Wednesday, faded modestly Friday. GOOG sent the
week testing along the 50 day MA.

Software: Not a bad week with a recovery off some sluggish action. TTWO
broke to a higher high though was flattish Friday. GLUU tested but held the
10 day EMA. VMW putting in a nice test at the 10 day EMA after a new high.

Retail: Came to life Wednesday and then coasted to the weekend. GPS, KSS
showed good moves. DLTR enjoyed a solid upside week.

Transports: Great week for truckers continued Friday on top of the Thursday
gains: JBHT, ODFL, WERN. Rails not all that exciting and airlines are not
even taxiing to the runway.


MARKET STATS

DJ30
Stats: +13.01 points (+0.06%) to close at 21797.79

Nasdaq
Stats: -37.68 points (-0.59%) to close at 6360.19
Volume: 1.78B (-10.77%)

Up Volume: 654.41M (-392.625M)
Down Volume: 1.09B (+170.023M)

A/D and Hi/Lo: Advancers led 1.02 to 1
Previous Session: Decliners led 1.05 to 1

New Highs: 145 (-5)
New Lows: 42 (-13)

S&P
Stats: -3.67 points (-0.15%) to close at 2461.43
NYSE Volume: 801.2M (+1.84%)

A/D and Hi/Lo: Decliners led 1.19 to 1
Previous Session: Advancers led 1.05 to 1

New Highs: 123 (0)
New Lows: 53 (+15)


SENTIMENT INDICATORS

VIX: 12.12; +0.57
VXN: 16.07; +0.67
VXO: 10.76; +0.92

Put/Call Ratio (CBOE): 1.09; -0.04


Bulls and Bears: After the sharp decline in bulls the past month, they held
steady. Bears as well. A standoff, at least for now. A bounce then a
pause. The sides are confused, and that is not bad.

Bulls: 49.5 versus 49.5

Bears: 19.1 versus 19.1

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: 49.5 versus 49.5
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 versus 46.1 versus 46.7 versus 45.2

Bears: 19.1 versus 19.1
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: 2.042% versus 2.105%. Debt ceiling lifted, talk of doing away with
the debt ceiling. All of that elevates bonds. Also, with Harvey, Irma and
who knows what other storms to follow, the notion of a Fed rate hike this
year is pretty much out the window. Thus bonds higher, yields lower.

Historical: the last sub-2% rate was in November 2016 (1.867%). 2.105%
versus 2.072% versus 2.166% versus 2.210% versus 2.136% versus 2.129% versus
2.175% versus 2.169% versus 2.189% versus 2.217% versus 2.183% versus 2.197%
versus 2.185% versus 2.225% versus 2.264% versus 2.24% versus 2.191% versus
2.201 versus 2.246% versus 2.262% versus 2.257% versus 2.264% versus 2.221%
versus 2.266% versus 2.253% versus 2.296% versus 2.291% versus 2.303% versus
2.287% versus 2.330% versus 2.255% versus 2.241% versus 2.270% versus 2.261%
versus 2.318% versus 2.331% versus 2.346% versus 2.316% versus 2.361% versus
2.375% versus 2.375% versus 2.368% versus 2.34% versus 2.304% versus 2.268%
versus 2.20% versus 2.140% versus 2.140% versus 2.148%


EUR/USD: 1.20225 versus 1.19258. ECB holds rates, keeps QE at least
through year end, Draghi notes the currency needs watching so it does not
impinge growth. Yet, still, the euro rises.

Historical: 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 versus 1.17596 versus
1.17619 versus 1.17975 versus 1.1774 versus 1.18718 versus 1.18457 versus
1.18072 versus 1.18281 versus 1.18293 versus 1.1683 versus 1.17419 versus
1.1646 versus 1.1637 versus 1.16640 versus 1.16271 versus 1.15280 versus
1.15549 versus 1.14735 versus 1.14672 versus 1.13986 versus 1.14335 versus
1.14682 versus 1.13964


USD/JPY: 108.444 versus 109.132. Dollar sells back to the lows in the
range.

Historical: 109.132 versus 108.747 versus 110.254 versus 110.049 versus
110.289 versus 109.652 versus 108.04 versus 109.160 versus 109.573 versus
109.195 versus 109.648 versus 109.173 versus 109.205 versus 109.333 versus
109.842 versus 110.6621 versus 109.927 versus 109.183 versus 109.177 versus
110.03 versus 109.09 versus 110.09 versus 110.757 versus 110.689 versus
109.963 versus 110.717 versus 110.368 versus 110.28 versus 110.704 versus
111.07 versus 111.166 versus 111.897 versus 111.176


Oil: 49.11, -0.05


Gold: 1354.00, +15.00


MONDAY

Lots of data on the week (PPI, CPI, Retail Sales, Empire Manufacturing) for
a market where most of the indices spent last week testing the prior week's
move. Further, IRMA will have made landfall and be working its way up the
east coast so there will be an idea of the damage. Thus far no North Korea
launch, but it is early.

The indices are set up to continue the move and make some new highs on
NASDAQ, SP500 as it did on the last rally before the test. They have
certainly put in the work and are in position, and there are good leadership
groups ready to go as well.

This is pretty technical as far as we are concerned. Good initial move off
the selling, a pause below prior highs, then a move to new highs and a bit
more, then the selloff comes again. Thus, looking for that continued move
off of this test.

New positions? We did pick up some more last week as the indices prolonged
the test and more stocks set up. If the move had continued upside of course
we would have bought some but not as many. Now that the test extended to a
week, there are stocks that are set up still that can make good sprints for
us upside in a run off this test, to new highs, and a bit beyond. Again,
viewing this as a technical move, taking advantage of the continued lateral
setup.

Have a great and safe weekend!


SUPPORT AND RESISTANCE

NASDAQ: Closed at 6360.19

Resistance:
6450 is the early September high
6461 is the July 2017 prior all-time high

Support:
6341.70 is the all-time high from early June.
6300 is the mid-June interim high
The 50 day EMA at 6300
The 2016 trendline at 6244
6205 is the late May all-time high
5996 is the recent May 2017 low
The 200 day SMA at 5943
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
5661 is the late January upper gap point
5601 is the January lower gap point


S&P 500: Closed at 2461.43

Resistance:
2491 is the August all-time high
2498 is the upper channel line from the March 2009 uptrend channel

Support:
2453.46 is the June prior all-time closing high
The 50 day EMA at 2450
2409 is the July 2017 closing low
2406 is the all-time high from May 2017
2401 is the March 2017 all-time high
The 200 day SMA at 2368
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 21,797.79

Resistance:
22,086 is the mid-August lower high
22,179 is the August 2017 all-time high

Support:
The 50 day EMA at 21,717
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
The 200 day SMA at 20,805
20,547 is the lower gap point from late April 2017
20,412 is the March 2017 low
20,400 is the mid-April 2017 low.
20,126 is the January 2017 intraday high
20,101 is the late January closing high.
19,994 - 19,999 (early January high, upper gap point from late January
19750 is the lows of the December/January range
19,732 is the January 2017 low
18,669 is the August 2016 all-time high
18,595 is the July 2016 peak
18,351 is the prior all-time high from May 2015

End part 1 of 3
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Sunday, September 03, 2017

The Daily, Part 1 of 3, 9-2-17

* * * *
9/2/2017 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.

Access to all current videos will remain assessable each day using the play
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If any market circumstances arise where we see additional plays we want to
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of the day of the week.

MARKET SUMMARY

- Stocks slow on the first day of September, but it was Friday ahead of
Labor Day.
- Jobs report is very mediocre, indeed bad. Hmm, no change in ACA, no change
in tax policy, some regulatory rollbacks. Okay, that is worth just 'some'
economic improvement, and we have seen that already.
- Thus far stocks tracking higher as per the market's MO.
- NASDAQ at a new closing high. Should have more upside before the move is
sold to once again reset the cycle.

September entered on a Friday ahead of a 3-day weekend and a Friday after a
week upside on the large cap indices and 2 weeks straight up for the RUTX
small caps. A bit of indifference on the indices is understandable,
particularly after the run and what was, all said and done, a weak jobs
report.

Even so, RUTX posted another solid session as it has, despite its distance
from the prior high, clearly led the market higher. NASDAQ was flat Friday,
but it too has taken the lead, if not so much in terms of percentage gain
compared to RUTX, but it is closing in on the July all-time high.

Given those nice moves leading into Friday, the session was rather
anticlimactic to end the week.

SP500 4.90 0.20%
NASDAQ 6.67, 0.10%
DJ30 39.46, 0.8%
SP400 0.40%
RUTX 0.59%
SOX 0.45%

VOLUME: NYSE -28%, NASDAQ -21%. After a rally in volume Thursday on the
last day of August, there definitely was not a lot of accumulation Friday as
trade plummeted back below average.

ADVANCE/DECLINE: NYSE 2.3:1, NASDAQ 1.9:1. Not bad given the light gains,
and with RUTX and SP400 leading on the session, you would expect breadth to
remain solid.

A solid week with NASDAQ and even SP500 approaching the prior highs. RUTX
flying up in its rebound off the sharp selloff, showing an equally sharp
recovery. The news has not been great, underscored Friday by a weak August
jobs report. Yet the market rallies, trying the old highs. Okay, just what
is the market theory now, i.e. is bad news good news or is good news good
news? Given the moves, all news is, relatively, good news.


Friday the news was jobs and construction. Hard to spin either one as not
bad.

Construction: -0.6% vs +0.5% expected vs -1.4% June (from -1.3%).
Bad news on top of bad news as year/year growth slipped to 1.8%. The last
two times construction hit this level (2001, 2007), the economy was heading
into recession.


Jobs Report: It wasn't just the jobs numbers miss, it was the way it got
there.

Non-farm payrolls, August: 156K vs 183K vs 189K (from 209K)

Unemployment rate: 4.4% vs 4.3% vs 4.3%

Earnings: 0.1% vs 0.2% expected vs 0.3% July. 2.5% year/year versus 2.6%
year/year July.

Average Workweek: 34.4 vs 34.5 expected vs 34.5 July. Not improving, and
once you do get a month that clicks up a tenth, it goes right back down.

Participation: 62.9% versus 62.9% prior. But out of workforce did grow by
128K. Same old problems.

The good points:

Manufacturing hiring jumped 36K. Nice improvement in an area we heard the
prior administration say would never see jobs return.
Construction 26K, healthcare 20k.
Mining +7K

Losers: government (-9K) and information tech (-8K). At least government
jobs are heading in the right direction.

Also, it is said that the August seasonal adjustments ALWAYS result in an
underreported month that is revised higher.


The bad points:

A miss on the top line was not the only bad news. Revisions of -20K on each
of the prior two months. More of the same with 185K jobs per month the past
3 months.

Stagnant workweek -- no surprise given the ACA is still in place. Won't
change until the incentive to work workers less is removed. Wages continue
their stagnation.

August understated? Even if it was understated, the prior two months were
overstated and revised lower. To remove any issues, look at the UNADJUSTED
data year/year to get rid of the month to month adjustment noise. If you do
so, you see a 16% drop in jobs added. Moreover, August year/year showed the
largest annual percentage drop in new jobs since the financial crisis. This
is of course heading the WRONG direction. If people were looking at the
REAL numbers they would be discounting a lot more than no hikes into
December. They would be looking for the Fed to come out with QE4.


In sum, the jobs mix improved with higher paying jobs in manufacturing,
construction, and mining picking up jobs. On the other hand, the same
structural changes remain: low overall hours worked, DECLINING jobs creation
versus net positives on a year/year basis. We are creating FEWER new jobs
when you look at the real numbers and not the ones adjusted to make them
more palatable to markets and the public.

An interesting side bar to the report are rumors of layoffs coming at FB and
GOOG. The theme is that the fake ads and results from purchasing programs
and campaigns on their platforms have caused a significant decline in
advertiser dollars. You have already heard about one large corporation
dropping its Facebook ad program.


MARKET

CHARTS

RUTX led the gains while NASDAQ put in a new closing high. New highs are a
time to start watching closely as they have been reversed in prior upside
runs. The pattern is not an immediate reversal, but a continued move
higher, then a sharp reversal.

RUTX: Small caps continued their impressive rally, rising 8 of 9 sessions
and accelerating Wednesday to Friday. From heavily oversold they have
staged a 5% recovery move in two weeks. Impressive as noted, but now RUTX
is at some resistance, hitting the February peak and bumping at April and
June. Last week I discussed the potential of a right shoulder forming to a
potential head and shoulders at those levels. Something to watch as RUTX
trades into early September, a month known for its downside pitfalls. The
interesting thing is the economic data has not been great though the
sentiment indications are good. Small caps perform well in anticipation of
a rising economy and you wonder if this is a comment on a turn in economics.
RUTX is very range-bound right now and thus for now this is just an oversold
recovery, but it shows a lot more power than you would anticipate.

NASDAQ: New closing highs for NASDAQ Thursday and Friday though it is still
below the late July intraday peak. NASDAQ is the closest to a new high with
its impressive Tuesday to Thursday rally off its trendline. New highs have
meant trouble for the upside moves, but as noted earlier in the week, the
pattern is not an immediate collapse once a new is hit, but a week to two
weeks of continued upside THEN the sharp reversal. Thus we look for some
more upside this coming week.

SP500: Solid Tuesday to Thursday rebound as well, doji Friday 15 points
below the early August high. That gives SP500 some additional room to move
higher, and given it recovered its 2017 trend on this last move, typically
it would test back near the top of the range. That suggests a bit more
upside on this move.

DJ30: Not as impressive a move as some of the more oversold indices. DJ30
did test its 50 day MA's the past three weeks, but it was nowhere near the
selling of the other indices. Thus as they rebounded from oversold
conditions, DJ30 rested. Still in a very well defined uptrend over the 50
day MA.

SP400: A solid rally from its oversold condition though not as impressive
as RUTX. Moved up through the 200 day SMA Wednesday and continued on
through the 50 day EMA Friday. A good rebound but it is now in the teeth of
the resistance in the range from February into July.

SOX: Broke out from its three month triangle Wednesday and continued upside
into Friday though Friday showed a doji closing off the high. Nice setup and
a move through the late July peak on the breakout. Good initial move and it
can test or continue from the Friday close. Nice, but not explosive move.


LEADERSHIP

FAANG: These stocks threw in on the upside starting Tuesday in that gap
lower and reversal. Friday was somewhat a dud for them (NASDAQ 100 was
negative) but a good surge by GOOG, NFLX, FB, AAPL on the week. These
stocks paused on Friday, and it will be key for the market if they continue
the move upside off that Friday rest.

China stocks: A mixed week for these stocks though overall it was more of a
struggle for recent leaders. BIDU did a good job of reversing a Tuesday
break from its range, surging upside to a breakout on Friday. BABA bounced
off a 20 day EMA test but slowed to a crawl Thursday and Friday. YY bounced
nicely in an ABCD pattern. HTHT bounced from a 20 day EMA test and scored a
new high. SINA was on the ropes but recovered and Friday surged to a new
high.

Semiconductors: Coming back around nicely. NVDA came off its 50 day MA's
last week with a good move though Friday it showed a doji at the prior
highs. LRCX rallied to the top of its triangle and showed a pair of doji,
not quite ready for the breakout. AMAT posted a solid bounce into
Wednesday, then it too was flat to end the week -- a good setup inside its
pattern. MLNX broke through the 200 day SMA then paused Wednesday to
Friday; forming a handle. MCHP rallied to a higher closing high for us.

Software: Still a solid group. VMW rallied to a new high through Thursday.
TTWO was down Friday, but was up on the week. GLUU posted a new high,
hitting our initial targets. RHT put in a higher high.

Financial: Hanging in but appear confused by the data and what it means for
Fed rate hikes. C held the 50 day EMA and bounced off the lows in its
range. BAC held the 200 day SMA early week and rebounded, still mired in
its range. GS is very much range-bound. Need to see breakouts from these
stocks to have any confidence in them.

Machinery: CAT continued its trend higher. Not surging but steadily higher.
CMI posted a nice bounce from the 200 day -- after its ugly August collapse
to that level. TEX is still working laterally along the 50 day MA after
peaking in early August.

Materials: Surged on the assessment of Harvey. LPX jumped the back half of
the week as did USCR, VMC.

Biotechs/Drugs: Struggled some Friday after a very good week. IMGN surged
into Wednesday. AMGN found solid bids as did CELG. SPPI posted a nice
breakout.


MARKET STATS

DJ30
Stats: +93.46 points (+0.18%) to close at 21987.56

Nasdaq
Stats: +6.67 points (+0.1%) to close at 6435.33
Volume: 1.479B (-20.43%)

Up Volume: 868.221M (-491.702M)
Down Volume: 556.364M (+81.778M)

A/D and Hi/Lo: Advancers led 1.92 to 1
Previous Session: Advancers led 2.16 to 1

New Highs: 194 (+28)
New Lows: 24 (-3)

S&P
Stats: +4.9 points (+0.2%) to close at 2476.55
NYSE Volume: 651.5M (-27.61%)

A/D and Hi/Lo: Advancers led 2.31 to 1
Previous Session: Advancers led 2.8 to 1

New Highs: 168 (+35)
New Lows: 17 (-2)


SENTIMENT INDICATORS

VIX: 10.13; -0.46
VXN: 14.1; -0.23
VXO: 8.94; -0.32

Put/Call Ratio (CBOE): 0.83; -0.23

Bulls and Bears: Bulls are off 8 points in four weeks after rallying back to
60 for two weeks. Was the recent selloff the response to those high
readings? If that was it, that is a break from history.

Bulls: 49.5 versus 48.1 versus 50.5

Bears: 19.1 versus 18.3 versus 18.1

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: 49.5 versus 48.1
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 versus 46.1 versus 46.7 versus 45.2

Bears: 19.1 versus 18.3
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: 2.166% versus 2.120%. Bonds rallied into Thursday, then fell Friday
on rather weak jobs data. Something of the inverse of what you would
expect.

Historical: the last sub-2% rate was in November 2016 (1.867%). 2.210%
versus 2.136% versus 2.129% versus 2.175% versus 2.169% versus 2.189% versus
2.217% versus 2.183% versus 2.197% versus 2.185% versus 2.225% versus 2.264%
versus 2.24% versus 2.191% versus 2.201 versus 2.246% versus 2.262% versus
2.257% versus 2.264% versus 2.221% versus 2.266% versus 2.253% versus 2.296%
versus 2.291% versus 2.303% versus 2.287% versus 2.330% versus 2.255% versus
2.241% versus 2.270% versus 2.261% versus 2.318% versus 2.331% versus 2.346%
versus 2.316% versus 2.361% versus 2.375% versus 2.375% versus 2.368% versus
2.34% versus 2.304% versus 2.268% versus 2.20% versus 2.140% versus 2.140%
versus 2.148%


EUR/USD: 1.18621 versus 1.19131. Euro faded into the weekend but holding
the 20 day EMA, the support for its solid uptrend.

Historical: 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 versus 1.17596 versus 1.17619 versus 1.17975 versus 1.1774 versus
1.18718 versus 1.18457 versus 1.18072 versus 1.18281 versus 1.18293 versus
1.1683 versus 1.17419 versus 1.1646 versus 1.1637 versus 1.16640 versus
1.16271 versus 1.15280 versus 1.15549 versus 1.14735 versus 1.14672 versus
1.13986 versus 1.14335 versus 1.14682 versus 1.13964


USD/JPY: 110.254 vs 110.049. Resting after its bounce off the lows in its
trading range.

Historical: 110.049 versus 110.289 versus 109.652 versus 108.04 versus
109.160 versus 109.573 versus 109.195 versus 109.648 versus 109.173 versus
109.205 versus 109.333 versus 109.842 versus 110.6621 versus 109.927 versus
109.183 versus 109.177 versus 110.03 versus 109.09 versus 110.09 versus
110.757 versus 110.689 versus 109.963 versus 110.717 versus 110.368 versus
110.28 versus 110.704 versus 111.07 versus 111.166 versus 111.897 versus
111.176


Oil: 47.29, +0.06. Down for another week after peaking in early August on
its last bounce. Trying to put in a higher low near the 50 day MA, however.


Gold: 1330.40, +8.20. Gold continues its climb following breaking out over
the April and June twin peaks just over a week back.


MONDAY

NASDAQ is bumping at a new high, and the MO of this market is that new highs
are sold. Typically 1 to 2 weeks after the high is hit and after more
upside is added. Thus, at this juncture, after having picked up several
nice positions, the play is not so much buying but letting positions work as
high as they will, then bank some gain.

The news can always impact this and over this weekend North Korea tested a
sixth nuclear bomb, one it claims to be hydrogen and warhead ready. That
puts a nice pall over everyone. There is also the usual sniping in the
government and in these somewhat disunited states right now. Harvey waters
are receding -- in some places -- while fires rage just outside of Los
Angeles. Always plenty on the market's plate.

Headlines are dominated by the North Korean nuke, and we will have to see
how the world markets handle this when they open. Nonetheless, the US open
is a long way off: Tuesday. Things can cool quite a bit in terms of the
nuke test.

Further, this market, while pushed and pulled by the news, still finds its
same pattern. Despite the small cap and midcap collapse, the large cap
indices held intact and are continuing upside, doing what they have done in
other moves in the rally. Thus, we are sticking with the plan of
anticipating a continued move higher by NASDAQ and the other indices,
followed by another reversal of the new high. That is the apparent
algorithm programming and thus far, despite all of the predictions of a
selloff that won't bounce, the indices have bounced. The algos bought on
the last dip and as that aspect remained we would expect the other to
remain.

So, we let our upside run some more this week, then we start looking at
banking gain. Do we pick up new upside positions? Typically on breakouts
you look for more breakouts. We will indeed look for some great stocks in
good position to move with a quick burst, but in this market MO/pattern, it
is getting long into the move to buy a lot of new positions. We have
already picked up a lot of good positions as the move started and on some we
have even banked some gain already. We are disinclined to load up a bunch
of new positions on the upside given the market MO. If that MO shows a
change at some point, we will change with it. We can always keep some
partial positions open if we want to test that potential change if the move
next week is strong. Otherwise, we want to let our current positions run,
take gain after some more upside, and not load up on a lot of new positions
given the move is well underway.

Have a great Labor Day weekend!


SUPPORT AND RESISTANCE

NASDAQ: Closed at 6435.33

Resistance:
6461 is the July 2017 prior all-time high

Support:
6341.70 is the all-time high from early June.
6300 is the mid-June interim high
The 50 day EMA at 6285
The 2016 trendline at 6217
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
The 200 day SMA at 5865
5800 from the February consolidation lows
5661 is the late January upper gap point
5601 is the January lower gap point


S&P 500: Closed at 2476.55

Resistance:
2453.46 is the June prior all-time closing high
2491 is the August all-time high
2498 is the upper channel line from the March 2009 uptrend channel

Support:
The 50 day EMA at 2448
2409 is the July 2017 closing low
2406 is the all-time high from May 2017
2401 is the March 2017 all-time high
The 200 day SMA at 2362
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 21,987.56

Resistance:
22,086 is the mid-August lower high
22,179 is the August 2017 all-time high

Support:
The 50 day EMA at 21,705
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
The 200 day SMA at 20,748
20,547 is the lower gap point from late April 2017
20,412 is the March 2017 low
20,400 is the mid-April 2017 low.
20,126 is the January 2017 intraday high
20,101 is the late January closing high.
19,994 - 19,999 (early January high, upper gap point from late January
19750 is the lows of the December/January range
19,732 is the January 2017 low
18,669 is the August 2016 all-time high
18,595 is the July 2016 peak
18,351 is the prior all-time high from May 2015

End part 1 of 3
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Customer Support: http://www.InvestBilling.com
1153 Bergen Pkwy - Suite I #502 - Evergreen, CO 80439