This Friday’s screens had just 8 buy signals and 48 sell signals. Despite all the sell signals, the charts were messy and uninteresting from a swing trade perspective either way. The market has had no thrust on the upside, and still none on the downside. 1268 stocks met the initial screening criteria. 96% of stocks are either already moving in the direction of the most recent signal, whether up, down or sideways, mostly sideways.
The only thing really interesting in these signals was that ten of them were fixed income ETFs. They’re not movers and not really candidates for trades, but that sure stinks of bear you know what.
To put things in technical parlance, Friday’s charts were a “mishmosh.” Despite all the sell signals, I didn’t see anything that looked like a setup for a big decline right here. Maybe after the next bounce, but not now. I want to be patient until I see a clearer path to the downside. Right now, there’s no path either way.
Already open picks (list and current performance in subscriber version) had an average gain of 1.5% with an average holding period of 12 days. That’s down from the prior week’s 2.5% on an average holding period of 15 calendar days.
The picks that I added a couple of weeks ago have done fine. The ones last week… not so much. I’ve added stops to all of them. With no new picks this week, there are still 13 open picks. All are again longs. Charts below (subscriber version only).