There was only one stock left on the list last Tuesday after the remaining shorts from the week before were closed out from the list on the open. That last one hit its stop later in the week, leaving us empty handed. The 5 picks that were closed averaged a 1.9% gain on a 12 calendar day average holding period.
The raw daily data for last week as a whole tilted strongly to the buy side. For the week ended Friday there were 230 charts with at least one buy signal and 96 with at least one sell signal. On Friday alone, there were 15 buys and 28 sells.
On the four days Monday-Thursday, there were 222 charts with at least one buy signal and 70 with at least one sell signal. This was the universe that I then screened with Friday’s action to find strong candidates to add to the list, whether long or short. Despite the 222 buys leading up to Friday, on that day there were only 7 that had a second buy signal indicating signal progression. I looked at those and didn’t find any appealing. So I sat out the buy side again.
Of the group of 70 with prior sell signals, only two triggered another sell on Friday, and neither was interesting. So no new shorts this week either. Reminds me of the old, “Patience, jackass, patience,” joke that we old fogeys learned in sixth grade. Ha ha.
There are times when a lack of clarity means that it’s just best to sit on your hands and not lose money.
The table of open and closed picks along with charts of open picks are in the report (subscriber version only).
The strategy and tactics opinions expressed in this report illustrate one particular approach to trading. No representation is made that it is the best approach, or even suitable for any particular investor.
These picks are illustrative and theoretical. Nothing in this report is meant as individual investment advice and you should not construe it as such. Trade at your own risk.