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Swing Trade Chart Picks Go Haywire

The raw daily data for last week ended in a virtual tie. The final score for the week was 216 to 215 Buys over Sells. That compared with last week’s Sells 212, Buys 101. These numbers count stocks with at least one buy signal or sell signal during the week.

As a result of the big rally, on Friday, February 25 alone, there were 203 buys and 17 sells. That came out of the blue and was enough to even the score for the week.

Technical Trader subscribers click here to download the complete report.

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 three buy signals and 9 sell signals. I looked at each of these 9 charts for ones to add to the chart pick list for this week. Zilch. The charts were a mess – completely inconclusive upon visual review.

9 final signals is an extremely low number. It leaves me thinking that the previous week’s sell signals may still have some life, despite the strong rally on Friday, and other signs of a possible bottom in the broad market indicators.

Last week got off to a great start, then KABOOM, the market zoomed upward, and many of the shorts on the list got squeezed. The end result was a mixed performance, essentially a breakeven, with an average holding period of 7 calendar days.

3 of the picks will be treated as covered as of today’s opening price. The rest have new or adjusted stops. I will use trailing stops to close out picks as they are hit.

The picks that remain open, and the ones to be closed at today’s open are shown on the table below (subscriber version only). Charts below that.


Technical Trader subscribers click here to download the complete report.

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. 

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