Thursday Wrap: Nervous Chart Art
For the first day in a while, the StockTwits trending bar didn’t witness any of the highflying and parabolic alternative energy and biotech stocks that have captured the attention of the speculative hot money crowd. It was back to the old boring stocks like Google (ha!), General Electric, GM, Home Depot, Visa, AT&T, and General Motors as investors sought “safety” while the broad market checked up the bulls today with a 1%+ negative slide.
The pause in the market’s climb has driven some to start widening the lens to examine the bigger picture. Not just here at home, but around the world as Emerging Markets are sending messages of their own.
Here are some interesting charts that were shared on StockTwits.com today that give a flavor of where people are hunting for clues for next moves:
First up, Jesse Felder (@JesseFelder) focused our attention on China making new yearly lows…
— Jesse Felder (@jessefelder) Mar. 13 at 09:02 AM
And here’s our boy JC @allstarcharts pointing out the Emerging Markets ETF tumbling to a new low as measured against the S&P – the lowest such relative value in nearly a decade!
— J.C. Parets (@allstarcharts) Mar. 13 at 08:44 AM
So these charts served as backdrop early this morning for traders beginning their days here in the U.S., and had some questioning the staying power of the current bull market:
— Michael Samhan (@M5amhan) Mar. 13 at 08:33 AM
— Ryan Detrick (@RyanDetrick) Mar. 13 at 09:14 AM
Above, Ryan Detrick (@RyanDetrick) unemotionally spells out that the odds simply are not in your favor if you’re hoping for further gains in Russell 2000 stocks. And below, @DownsideHedge points out that sentiment may be adding a headwind for the bulls as the crowd is showing signs of increased skepticism towards recent index advances (contrary indicator, anyone?):
— Blair Jensen (@DownsideHedge) Mar. 13 at 09:14 AM
And then to top off the creeping caution infecting the marketplace, the Gold crowd is starting to make noise again:
— Serge Berger (@steadytrader) Mar. 13 at 10:33 AM
How this all plays out is anyone’s guess, but today we saw a noticeably less risk-seeking attitude amongst Cashtaggers active today. What charts are you seeing that give you pause? Drop us some links in the comment section.
Trade ‘em well!
~ Sean McLaughlin (@chicagosean)
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