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All of those buy side picks last week produced half a crop of losers, but performance for the month remains positive. Picks closed during the month have been solidly positive so far, and those still open still have a slight edge to the plus side, despite this week’s losses.
Meanwhile, there were few clear setups from the screen output last week. During the week ended Friday, November 14, out of 1899 stocks meeting institutional price and volume criteria, the screens produced the following results :
Setups:
Cumulative lists of longer-term setups:
211 resting big gainers up from 205 last week, and
268 sleeping dogs, up from 249.
I also look for breakout and breakdown stocks from the last 6 months. The buy side outnumbered the sells, 131 to 107.
Then I run weekly screens based on cycle positions.
467 met major or intermediate trend buy setup criteria (versus 391 the previous week.)
193 met major or intermediate trend sell setup criteria, (versus 137 the previous week.)
Tactics
For actionable trades, I visually review charts that triggered short term signals from the prescreened structural candidates. Among these there were just 5 new sell setups and 14 new buys. Of those, I selected two on each side to add to the list. 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
- 4 new picks. 2 buys, 2 shorts
- 9 existing picks hit stops or were previously designated to be covered or sold last week (See table)
- 1 prior picks will be considered covered at Monday’s open. 16 will remain open of which only 1 is a short and 15 are buys
- 3 picks with stops. 12 will ride without stops. I am cognizant that this could lead to significant losses this week, but the setups still also allow for rebounds. I’ve chose to ride with the ambiguity for the week ahead.
Performance Recap – Currently open picks have an average gain of 1.3% on an average holding period of 8 calendar days. Picks closed so far in November have an average gain of 7.2% with an average holding period of 21 calendar days. This compares with a loss of 0.8% in the S&P 500 over the last 21 calendar days through November 14. Table of picks and performance in subscriber report.