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.
Prices continued their rangebound churning last week. 2 picks dipped below their stops. Both were slightly profitable.
List performance slipped to an average of +1%, down from +2.4% the week before, on an average holding period of 14 days. The percentage change assumes cash trades, no margin, no options.
The stopouts left just 4 picks on the list. All are longs, and 3 look ok to hold, with stops adjusted based on trigger lines in the charts. Xxxx looks less favorable, so I have tightened the stop to near Friday’s low.
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 June 4, had 30 buys and 15 sells, BUT 10 of the buys were fixed income ETFs. The numbers turned a little negative during the week. For the past 5 trading days, there were 103 buys versus 140 sells, a spread of -37. That’s down from last Friday’s +47. That’s down from a peak of +218 on May 20.
Three Fridays ago there were 153 buy signals against 6 sell signals. That looked like a new upthrust. But it has not materialized, and upside momentum is spent. However, there’s been no momentum breadth thrust to the downside either. So we wait for an impetus one way or the other.
There were only two setups that I liked this week and both were on the buy side, despite the preponderance of sell signals. I still didn’t like any of the sell side setups enough to put them on the list.
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.
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| Symbol | Buy | Sell | 500 | 200 | 125 | 50 | Stops |
| APH | 1 | 0 | 0 | 0 | 0 | 1 | |
| BHP | 1 | 0 | 0 | 0 | 0 | 1 | |
| BIIB.O | 1 | 0 | 0 | 0 | 1 | 1 | |
| BVN | 1 | 0 | 1 | 1 | 0 | 0 | |
| CHRW.O | 1 | 0 | 0 | 1 | 1 | 0 | |
| DOCU.O | 1 | 0 | 0 | 0 | 0 | 1 | |
| DQ | 1 | 0 | 0 | 0 | 0 | 1 | |
| EA.O | 1 | 0 | 0 | 0 | 0 | 1 | |
| EMB.O | 1 | 0 | 0 | 0 | 1 | 0 | |
| EMLC.K | 1 | 0 | 0 | 0 | 1 | 0 | |
| FAST.O | 1 | 0 | 0 | 0 | 0 | 1 | |
| GILD.O | 1 | 0 | 0 | 0 | 0 | 1 | |
| HYG | 1 | 0 | 0 | 0 | 1 | 0 | |
| HYLB.K | 1 | 0 | 0 | 0 | 1 | 0 | |
| IBB.O | 1 | 0 | 0 | 1 | 0 | 1 | |
| IEF.O | 1 | 0 | 0 | 0 | 0 | 1 | |
| IUSB.O | 1 | 0 | 0 | 0 | 0 | 1 | |
| LMT | 1 | 0 | 0 | 0 | 0 | 1 | |
| MRK | 1 | 0 | 0 | 0 | 1 | 1 | |
| NVS | 1 | 0 | 0 | 1 | 0 | 0 | |
| PFE | 1 | 0 | 0 | 0 | 0 | 1 | |
| PGR | 1 | 0 | 0 | 0 | 0 | 1 | |
| ROST.O | 1 | 0 | 0 | 0 | 1 | 0 | |
| SPLB.K | 1 | 0 | 0 | 0 | 0 | 1 | |
| SPTL.K | 1 | 0 | 0 | 0 | 0 | 1 | |
| TLT.O | 1 | 0 | 0 | 0 | 0 | 1 | |
| TXN.O | 1 | 0 | 0 | 0 | 0 | 1 | |
| USIG.O | 1 | 0 | 0 | 0 | 0 | 1 | |
| VOD.O | 1 | 0 | 0 | 0 | 1 | 0 | |
| WBA.O | 1 | 0 | 0 | 0 | 0 | 1 | |
| CGC.O | 0 | 1 | 0 | 0 | 0 | 1 | |
| EXPI.O | 0 | 1 | 0 | 0 | 0 | 1 | |
| KKR | 0 | 1 | 0 | 0 | 0 | 1 | |
| MGNI.O | 0 | 1 | 0 | 1 | 0 | 0 | |
| MJ | 0 | 1 | 0 | 0 | 1 | 0 | |
| MOGO.O | 0 | 1 | 0 | 0 | 1 | 0 | |
| OCGN.O | 0 | 1 | 0 | 0 | 0 | 1 | |
| OLLI.O | 0 | 1 | 0 | 1 | 0 | 1 | |
| PAGS.K | 0 | 1 | 0 | 0 | 1 | 0 | |
| PD | 0 | 1 | 0 | 1 | 0 | 1 | |
| ROKU.O | 0 | 1 | 0 | 1 | 0 | 0 | |
| SFIX.O | 0 | 1 | 0 | 1 | 0 | 0 | |
| SUNW.O | 0 | 1 | 0 | 1 | 0 | 0 | |
| TBT | 0 | 1 | 0 | 0 | 0 | 1 | |
| TLRY.O | 0 | 1 | 0 | 0 | 1 | 0 | |
| Totals | 30 | 15 | 1 | 10 | 13 | 28 | |
| 5 day Total | 103 | 140 | Spread | -37 |
See the charts in the addenda (subscriber version),
