General Market Index (GMI) table

I am still expecting weakness after earnings reporting period is over.

On my trip to Amsterdam, I monitored the market when I coud. There were no major changes in my indicators. Some of my put options resulted in my positions (TSLA, IRBT) being sold (option assigned)   over the weekend, however.   Puts are great insurance for times when I cannot monitor my positions.   During the 8 hour plane trip back I studied Mark Minervini’s new book, posted to the lower right of this page. It is the best new book on buying super performing growth stocks than I have seen in a long time.   Of most importance, the author has made a fortune trading. I found his insights extremely useful and harmonious with my own trading strategy.   He also likes buying stocks that are trading at all-time highs. His analysis of the technical patterns of   growth stocks that are breaking out is superb…..

While I was away, ONVO really started to move.   I told you months ago about this bio-printing (3D) stock.   Now that this 3D printing company is listed on the NYSE MKT, it can be bought by institutions.   I told you that this “Judy’s Pick” was very high risk and like a lottery ticket.     Thus far, however, the stock has more than doubled. After last week’s action, I would expect some type of consolidation, in preparation for a possible assault on its all-time high of $10.90.   ONVO is still very much a lottery ticket, as it has yet to make a profit. However, if it can break above its green line top of 10.90, I would become very interested.   Recent IPO’s that break a green line top   often become   big winners……..

In running my new high scan, I found CBST.   It looks to me like it had a cup and handle break out to an all-time high on   Friday on above average volume.   It might be worth a close look, if it can hold above the break-out   pivot price, around $54.70. See the daily chart below (click on to enlarge). CBST may be trading higher based on its pipeline of new drugs.   Note that it is a recent green line break out stock, indicating that it is trading near its all-time high.

Speaking of green line break-outs, has anyone noticed that XOM is about to break its all-time high?   (CVX is also strong.) Does anyone care that oil is surging higher? Check out this monthly chart of XOM. What will higher oil prices do to the economy, and the market?

The GMI remains on a Buy signal with all indicators positive. The QQQ and SPY just completed their second week above their critical 10 week moving averages. The Worden T2108 Indicator, at 64%, remains in neutral territory. It’s nice to be back!

I have added two new books to those posted on the lower right of this page.   I only post books that I find have really added something to my trading success.   The one on exits, by Alan Ellman, is a third in his series on writing covered calls.   If you want to learn how to make money using this conservative options strategy, check out Alan’s books and his very educational website, listed to the right.   The other book, by   Mark Minervini, is an excellent piece on how to pick super performing growth stocks.   When William O’Neil’s protege and great trader, David Ryan, endorses a book, I listen.   Mark has walked the talk and I always tell my students to study the works written by those who made a fortune trading. Mark relies on the same stage analysis I have been writing about.   He also quotes amply from my guru, the great trader,   Jesse Livermore. Mark’s book is worth reading again and again. If you click on these books on my site to order, my webmaster son (and I) would be grateful for the small contribution to his livelihood…

I was talking to Judy about some IPO stocks that came up in a scan I ran.   One of them, RGLS, she had noticed a while ago but failed to buy. ” I can’t buy everything I like,” she said.   Anyway, RGLS, is 71% owned by insiders and Goldman Sachs Group is an institutional holder. We probably should research this company, which has already doubled since coming public last October.   Beware, however, it has no earnings, yet, just a lot of drugs under development. Why are people buying it?   Must be a mistake. But Judy also likes the concept–microRNA technology.   Check out this weekly chart and research the company.

I can’t end on a stock that makes no money.   REX came up in my new high and good recent earnings scan. Its earnings last quarter were up triple digits! Check out this weekly chart. REX just broke through its green line top to an all-time high.

The GMI signal has changed to Buy and I began to buy TQQQ on Friday.   One more up day will turn the QQQ short term trend up.