The market certainly made it easy to get back to trading this week, with stocks starting out on a bullish foot after ending last week with a concerning pullback. We still say it's too soon to count out a sizeable pullback though. As James Brumley of the Under the Radar Movers service explained today, rollovers are a process rather than an event. Bullish pushbacks are just part of the process. Today's jump hardly rekindled an uptrend. In fact, the market is still so on the fence today, we're not even going to talk any more about it, nor are we going to show you a chart. There's just nothing there worth worrying about. Instead, let's devote our time today to things that actually matter....
Today's focal point is going to be something a little different. Today I want to respond something I guess many of you may have also seen posted over at MarketWatch.... a chat with Robert Kiyosaki (the guy who wrote Rich Dad, Poor Dad), and his thoughts on the current market situation.
I don't want to get into everything he said. Heck, I agree with some of the premises he laid out. I do take issue with a couple parts of his Q&A with MarketWatch though. He said:
How about that 180-degree turnaround for stocks today? Clearly traders were counting on Janet Yellen to remain more dovish than hawkish in her speech following the Fed's Jackson Hole meeting. Once the market realized she's very likely to go through with a rate hike sooner than later though, those ames traders changed their mind. The respectable intraday gain turned into an alarming loss for the session. Some key lines in the sand were crossed for the first time in a long time.
We'll look at it in a little detail below. The first thing we want to cross off of our checklist today is letting you know we've got an earnings announcement in the lineup for one of our Featured Stocks.
Howdy folks. How was your Thursday? It wasn't a particularly great one for the market. Yeah, the 0.14% dip from the S&P 500 wasn't huge, but in some regards could still be considered a troubling blow. With the small move lower, the index is now below a key line in the sand.
We'll talk about it below, in a moment. The first thing we want to do today is make sure you saw yesterday's news from Vitality Biopharma (VBIO). Long story made short, Vitality Biopharma just beefed up its intellectual property portfolio by fling a couple of new patents.
Have you ever noticed how some publicly-traded companies will talk vaguely about their product or service until the sun goes down, but they'll become strangely quiet when it's time to talk details?
To be fair, sometimes certain aspects of a company's technology or product are proprietary. A lot of times though, you just get the feeling an organization doesn't talk specifics because they're not able to - they don't know the specifics.
Yeah, well,Viva Entertainment (OTTV) has served up a huge breath of fresh air by moving to the extreme other end of that spectrum. This morning it pulled back all the curtains to unveil some very specific numeric details about its business model. Not only was it a highly-inclusive move, the numbers these guys are talking about far exceed what I would have expected.
You know, today was almost a good day for the market. I say almost because, although stocks finished the day with a gain, once again the market just couldn't hold on to what was only moderate progress. The S&P 500's close was below the high.
Thing is, there's nothing technically or fundamentally surprising about the fact that stocks continue to hit a headwind here. They should be hitting a headwind here. The question is, how long are the bulls going to keep trying (unsuccessfully) to plow into a headwind?