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Swing Trade Chart Pick Screens Flip Flop

No surprise, last week’s daily screens tilted to the sell side. The final score for the week was 148 Buys to 187 Sells. That’s still a lot of buys, but that was Monday to Wednesday. That got reversed and then some on Thursday and Friday.

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On Friday alone, there were just 19 buys and 144 sells That bodes ill for this week.

The screen results come from a universe of approximately1200-1500 stocks daily that meet the criteria of trading above $6.00, and with average volume greater than a million shares per day. The final numbers show the number of stocks with at least one buy signal or sell signal during the week.

I start the weekly process by screening for daily buys and sells from the previous Friday through Thursday for the holiday shortened week. I then rescreened that output, for additional signals in the progression on Wednesday and Thursday. The final lists this week resulted in 67 chart pick candidates on the buy side and just 8 on the sell side. Slim pickings for shorts this week.

I reviewed the charts from the final output visually. From that review, I chose no buys and 7 shorts to add to the list, shown on the table below.

Last week we started with 8 picks on the list. 6 were buys, 2 were short sales. Two picks hit their trailing stops and were closed as of the stop price. I will close another as of the opening New York price this morning. Including those and the picks still open at the end of the week gave us average gains of 2.2% with an average holding period of 12 days.

Picks closed out in March had an average gain of 4% with an average holding period of 20 calendar days. Picks closed out in April so far have had an average gain of 0.8% with an average holding period of 11 days. Yep, it has been choppy.

The percentage gain is based on 100% cash positions, with no margin and no use of leverage or options.

This week we will start with 12 picks on the list including the 7 new ones. 4 are buys. 8 are shorts. I’ve added new stops to the picks from last week, and adjusted stops on the remainder. This week’s new picks will be added without stops as usual. I like to give them breathing room at the beginning, and manage risk by having multiple picks.

The new picks, along with picks that remain open, and those closed out last week, are shown on the table in the report (non-subscribers click here for access). Charts of new and open picks are below that.

Technical Trader subscribers click here to download the complete report.

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