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Long term and intermediate term buy setups increased to nearly one quarter of the 1775 stocks that met minimum price and volume criteria last week. But there were also many sell side setups. Setups are not guarantees. They may move in the direction of the setup or they may not. But starting from this point normally leads to success if the short-term triggers are hit. The raw numbers are not particularly useful as broad market indicators.
The initial screens are then followed by screens of the respective setup groups for triggering short-term signals. I start with weekly screens. With the positive results from those I then visually review the charts, or if the number of charts is large, I run daily screens from the last few days to choose those that I will visually review. On that basis, the results this week are as follows:
During the week ended Friday, August 14, out of 1775 stocks meeting institutional price and volume criteria:
Setups:
452 met major or intermediate trend buy setup criteria, of which 291 triggered short-term weekly signals.
262 met major or intermediate trend sell setup criteria, of which just 4 triggered short-term weekly signals.
Tactics
For actionable trades, I focus on any of those charts from the intermediate and long-term setups that have triggered short-term signals over the past week. When the numbers of stocks is too large, I run the daily stock screens on those and then visually review the results of that additional layer of screens to see which still set up well. I also review the existing issues on the list for whether to close, hold, or add or adjust stops. Here are the results of my final review for this week.
Trade Selections and Adjustments
- 2 new buy picks, 1 new short sale
- 1 pick was closed out at a gain of 37.6% on a 3 week holding period
- 3 prior picks will remain open this week, each with minor losses but still well positioned
- No stops added or adjusted
Performance Recap
Picks closed over the past week and currently open as of the August 15 close, showed an average gain of 7.9%, all of which came from one stock, which was stopped out, then leapt again. The 3 other picks remaining on the list appear still appear to have good potential for successful outcomes, despite small losses currently.
Table of picks and charts in subscriber report.
Non subscribers here for access.