The raw daily data for last week as a whole tilted strongly to the sell side for a second straight week. The final score for the week was Sells 212, Buys 101. That’s for stocks with at least one buy signal or sell signal during the week. For the previous week there were 63 charts with at least one buy signal and 195 with at least one sell signal. On Friday, February 18 alone, there were 9 buys and 75 sells.
I screened just the lists of previous daily buys and sells for final signals on Thursday and Friday, looking for a progression of signals through the week. I ran screens on these lists to create the final list for visual review for chart picks. The final lists resulted in just one buy signal, a real estate brokerage (go figure). There were 48 charts with a sell signal on Thursday or Friday, after sell signals earlier in the week. I looked at each of these 48 charts for ones to add to the chart pick list for this week.
Of the 48 charts with multiple sell signals, I found 14 that I liked well enough to add to the list as shorts. These are shown on the table below. I will track them as of the opening price today (Tuesday Feb 22). Charts below (subscriber version only)..
The two picks from last week were a split decision. I’ll treat XXXX (subscriber version only). as covered on the open today, and will record the loss on that. On average, the two picks had a gain of 4.4% with a holding period of 8 calendar days.
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.