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Chart Picks for the Week of June 28, 2021

Yet again, whenever I pick a few shorts to add to the list, the market smacks me upside the head. Fool me once, shame on you, fool me twice, shame on me. It’s like our permabear friends, whose names I’ll withhold out of respect for the dead, who have been warning for 12 years that the market is about to crash. They will be right one day. Well, every few months I’ll see a few short picks that I like and add them to the list. We’ll probably keep losing money on them, but one day, I’ll be right. You’ll see! 😆

Good grief, though. I’m beginning to wonder if this will ever end.

The list had an average performance of -0.2% on an average holding period of 6 calendar days, including a couple that got stopped out.  I’m adding two longs this week.

The current screen from charts as of the close on Friday, June 25, had 48 buys and 7 sells. Two of the sells were inverse funds, making the final score Bulls 50, Bears 5. I am adding two of the buys to the list for this week. They are highlighted in green in the chart below.

The bulls won every day last week, of course.  For the past 5 trading days, there were 244 buys versus 48 sells, a spread of +206. That’s the biggest bullish tilt since +218 on May 20.

But the character of this is different than the last two times there was a triple digit buy side advantage. Both of those rode the back of one big thrust day. This time it’s just been a steady roll higher. It feels like an end stage move, rather than an initial thrust.

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