The Weekly Top 10: Key Support Levels? Look at the 50 day moving averages.


Below you will find an abbreviated version of this week's edition of my financial newsletter, "The Maley Report." I give the full "Table of Contents"...and the "Short Versions" of our first 3 bullet points from this weekend (along with the charts that go with them). To see the full edition of this weekend's "Weekly Top 10" (with the rest of my "Short Version" and ALL of the points from the "Long Version" of our weekend piece)...AND to receive our daily comments about the markets...please click here to subscribe to "The Maley Report" (TheMaleyReport.com).



THE WEEKLY TOP 10


Table of Contents:

1) The markets are ripe for a pullback. Will the coronavirus be the catalyst?

2) Key levels to watch on the S&P 500 and Nasdaq if the market falls further.

2a) The Russell 2000 is closer to ITS key support levels.

3) Key levels for the important tech ETFs (XLK & SMH).

4) The yield on the U.S. 10yr note is also testing an important level.

5) Utilities have gone parabolic.

5a) The bank ETFs (KBE & KRE) are quite close to their next support levels.

6) The rally in the XLU shows how the algos distort things today, so stay nimble.

7) Sentiment reached pretty extreme levels early last week.

8) Gold’s recent action was good…even before Friday.

9) Tucker Carlson is terrified of Michael Bloomberg.

10) I HATE Ely Manning…BUT I do think be belongs in the HOF.

11) Summery of our current stance.


Short Version:

1) It’s impossible to know how this coronavirus will playout or what kind of impact it will have on the markets. However, since the market was overbought, overvalued (or at least highly valued) and over-loved early last week, it was (and still is) vulnerable…..We’d ...

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Morning Comment: Netflix (NFLX) at a Key Technical Juncture


We continue to get a lot of earnings reports…so although the broad stock market did not do much yesterday, some individual stocks did see some big moves. One of those was Netflix (NFLX)…which fell over 3.5% after they ...

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JNJ Testing Key Resistance


The healthcare group continues to do well…and the recent rally has taken one big cap name from this group up to a key technical juncture: Johnson & Johnson (JNJ). Back in the fall, JNJ was able to successfully test its ...

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Morning Comment: How Far Can Liquidity Take Us?


  • New uncertainties have developed in the market place.
  • However, the last round of “uncertainty” didn’t cause any problems, so complacency is high.
  • This rally is liquidity fueled, not fundamentally fueled (just ask Drunkenmiller & Tepper).
  • The Fed knows they’re creating ...
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Comments

Wells Fargo (WFC)....Traders should consider cover shorts.


In our "Morning Comment" on Friday morning, we highlighted WFC...and turned bearish on the stock. Since then it has fallen over 8%.

That's a very big move over just three trading days, so any short-term traders who might ...

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THE WEEKLY TOP 10


Every weekend, we write a piece we call "The Weekly Top 10". However, this is NOT a regurgitation of Barron's or the weekend edition of the WSJ. Instead, we try to cover the issues most people are not focusing ...

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Are the Biotech Stocks Due For Another Leg Higher?


Back in late October, we turned much more bullish on the biotech sector when the IBB biotech ETF broke back above its summer highs. The IBB rallied 16% over the next two months…outperforming the S&P 500 (which has rallied 7 ...

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Does an Overbought S&P 500 Index Matter???


We have stated several times in recent days that the broad stock market is overbought. However, we have not shown WHY we believe this to be true. Our apologies. Here is a chart that supports our case:

The S&P 500 ...

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Mornin Comment: Much more near-term rally in stocks doubtful....Gold....Tesla.


  • Yesterday’s bounce was quite understandable, but a lot of upside follow-through near-term is doubtful.
  • The situation with Iran has been pushed to the sidelines…which is obviously positive, but it’s far from over.
  • Besides, the stock market is overbought…and earning season ...
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Morning Comment: Investors Should Still Keep Some Powder Dry.


  • No casualties means President Trump will not escalate the situation in Iraq/Iran further at this time.
  • However, the bounce could/should be limited…because the decline was very muted.
  • There are still a lot of unanswered questions…with earnings guidance & ...
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Morning Comment: HD's Chart Now Looking Dicey


In our full edition of the "Morning Comment," we touched on the following subjects:


  • Most people liked yesterday’s midday bounce. We did not. It shows there’s too much complacency out there.
  • The market is overbought after its big 2019 & ...
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Morning Comment: Iran & North Korea are Connected.


  • Iran is one of the reasons the U.S. does not want North Korea to become a nuclear power.
  • Since N. Korea is connected to the Iran issue, so is China.
  • These new uncertainties should keep oil elevated for longer ...
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