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During the week ended Friday, October 17, out of 1899 stocks meeting institutional price and volume criteria, the screens produced the following results :
Setups:
First, recapping the cumulative lists of longer-term setups, there were:
176 resting big gainers up from 164 last week, and
203 sleeping dogs, up from 196.
I also look for recent breakout and breakdown stocks. The buy side outnumbered the sells, 98 to 13.
Then I run weekly screens based on cycle positions.
385 met major or intermediate trend buy setup criteria (up from 175 the previous week). Of these setups, 215 triggered short-term weekly buy signals. But only two triggered on Friday.
98 met major or intermediate trend sell setup criteria, up from 44 the previous week. None triggered short-term weekly sell signals. There were 55 short term sell signals, that were not in ideal longer term setups. This is down from 135 the week before.
Tactics
For actionable trades, I visually review charts that triggered short term signals in the second half of the week from the prescreened candidates. In the end, I liked 3 of those on the buy side. New picks are shown on the table below and their charts follow.
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
- 3 new picks, all buys
- 1 pick stopped out
- 10 prior picks will remain open this week, 7 shorts, and 3 buys
- 5 stops added, the rest will ride without
Performance Recap
Picks closed since September 9 showed an average gain of 7.6% on an average holding period of 29 calendar days. Currently open picks have an average gain of 3% on an average holding period of 22 calendar days. This compares with a gain of 2.2% in the S&P 500 since September 9. Past performance does not indicate future results.
Table of picks and charts in subscriber report.
Non subscribers, click here for access.
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