2/16/21 Every week I run technical stock screens covering all NYSE and NASD stocks trading above $6 and averaging more than 1 million shares a day. This typically results in between 15 and 50 charts to review visually. I’m looking for low risk, high reward price structures, which I’m not smart enough to program into the screening process. But it’s ok. I like to look at charts.
The volatility subsided, but the range remained. 4 picks dipped below their stops. Were they too tight? Or is this the beginning of the end for the longs. Time will tell.
Meanwhile, list performance improved slightly to an average of +2.4%, up from +0.2% the week before, on an average holding period of 15 days, up from 10 days the week before. The percentage change assumes cash trades, no margin, no options.
The stopouts left just 4 picks on the list. All are longs, and all look ok to hold, with stops adjusted based on trigger lines in the charts. I added two more picks from Friday’s screen.
Here’s the list performance by symbol last week, along with updated closeouts, and adjusted stop levels (subscriber version). Technical Trader subscribers click here to download the complete report.
The current screen from charts as of the close on May 28, had 13 buys and 22 sells, reversing a steady stream of more buys than sells. It’s a small number, and too soon to know if it’s the beginning of reversal or just a blip.
Two Fridays ago there were 159 total signals with 153 buy signals against 6 sell signals. That was similar to the numbers coming off the lows on March 28. The spread then was 155 to 8. That looked like a new upthrust. But it has not materialized and time has all but run out.
For the week as a whole, there were 105 buys versus 58 sells, a spread of +47. That’s down from last Friday’s +88. That’s down from a peak of +287 on May 20.
There were only two setups that I liked this week and both were on the buy side, despite the preponderance of sell signals. I didn’t like any of the sell side setups.
Here’s the raw data from Friday’s market, showing the two picks I liked in bold green (subscriber version), with my protective stop levels. They’d be a no go if they open below that on Tuesday. See the charts in the addenda (subscriber version).
| Symbol | Buy | Sell | 500 | 200 | 125 | 50 | Stop |
| AEE | 1 | 0 | 0 | 0 | 0 | 1 | |
| BBL | 1 | 0 | 0 | 0 | 0 | 1 | |
| CVX | 1 | 0 | 0 | 0 | 0 | 1 | |
| CXW | 1 | 0 | 0 | 1 | 0 | 0 | |
| FANG.O | 1 | 0 | 0 | 0 | 0 | 1 | |
| HEXO.K | 1 | 0 | 0 | 0 | 1 | 0 | |
| PCY | 1 | 0 | 1 | 0 | 0 | 0 | |
| BKLN.K | 1 | 0 | 0 | 0 | 0 | 1 | |
| TBF | 1 | 0 | 0 | 0 | 0 | 1 | |
| TBT | 1 | 0 | 0 | 0 | 0 | 1 | |
| CRM | 1 | 0 | 0 | 1 | 0 | 0 | |
| VXRT.O | 1 | 0 | 0 | 0 | 0 | 1 | |
| YEXT.K | 1 | 0 | 0 | 0 | 0 | 1 | |
| AVTR.K | 0 | 1 | 0 | 0 | 0 | 1 | |
| AVGO.O | 0 | 1 | 0 | 0 | 1 | 1 | |
| CS | 0 | 1 | 1 | 0 | 0 | 0 | |
| CTMX.O | 0 | 1 | 0 | 0 | 1 | 1 | |
| SOXL.K | 0 | 1 | 0 | 0 | 1 | 0 | |
| INFN.O | 0 | 1 | 0 | 0 | 0 | 1 | |
| QQQ.O | 0 | 1 | 0 | 0 | 0 | 1 | |
| LQD | 0 | 1 | 1 | 0 | 0 | 0 | |
| SOXX.O | 0 | 1 | 0 | 0 | 0 | 1 | |
| IWP | 0 | 1 | 0 | 0 | 1 | 1 | |
| SHV.O | 0 | 1 | 0 | 0 | 1 | 1 | |
| LVS | 0 | 1 | 0 | 0 | 1 | 0 | |
| NVS | 0 | 1 | 0 | 0 | 1 | 0 | |
| PYPL.O | 0 | 1 | 0 | 0 | 0 | 1 | |
| DOC | 0 | 1 | 0 | 0 | 0 | 1 | |
| PLNT.K | 0 | 1 | 0 | 0 | 1 | 0 | |
| QRVO.O | 0 | 1 | 0 | 0 | 1 | 0 | |
| SE | 0 | 1 | 0 | 0 | 0 | 1 | |
| STNE.O | 0 | 1 | 0 | 0 | 0 | 1 | |
| SNPS.O | 0 | 1 | 0 | 0 | 1 | 0 | |
| SMH.O | 0 | 1 | 0 | 0 | 0 | 1 | |
| XRX | 0 | 1 | 0 | 0 | 1 | 0 | |
| Totals | 13 | 22 | 3 | 2 | 12 | 22 | |
| 5 day Total | 105 | 58 | Spread | 47 |
See the charts in the addenda (subscriber version).
