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Swing Trade Screen Picks – Cautiously Bearish

For the week ended November 18, there were 48 charts with second or third buy signals as the week ended, and 75 sells. 4 of the buys were bearish ETFs, resulting in a final score of 44 bullish and 79 bearish signals. That’s a reversal from the 174 to 18 win for the buy side the week before. That apparent strength fizzled in mid week.

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This has been rangebound meat grinder market, characterized by whipsaw signals on both sides of the ledger. Rangebound markets tend to slice and dice swing trade systems that are looking for moves of several weeks, as my system is. It’s a market that takes us out behind the woodshed, and administers a financial and psychological beating. It’s a reminder to stay humble and alert. We just have to gut it out, outlast it, and work on catching and being well positioned for the next swing, regardless of direction. Non-subscribers click here for access.

In view of the recent character of the market, I reviewed the charts with an abundance of caution this weekend. I came up empty on the buy side. Non-subscribers click here for access.

Most of the shorts looked premature. They still appear to have some bouncing to do before they roll over. But I liked 5 of them enough to add to the list. That will give it some balance, adding 5 shorts to the 5 longs still on the list. Non-subscribers click here for access.

Last week I was cautious despite the huge number of buy signals. I added two longs to the list. They did poorly, and I’m looking to limit the losses by adding tight stops. The charts have deteriorated and I’m not willing to give them much more wiggle room for potential rebounds. I’m also cutting one other loser as of the opening price this morning, and tightening stops on the rest. Non-subscribers click here for access.

All picks closed out last week along with open and new picks are shown on the table below with charts following. I adjusted stops on open picks as shown.

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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. This is a developmental and experimental exercise, for the purpose of providing experienced chart traders with ideas and concepts to use or not use as they see fit. 

Nothing in this letter is meant as individual investment advice and you should not construe it as such. These picks are illustrative and theoretical. The method behind these picks is experimental, and may change over time.  I may trade my own account, and may buy, sell, sell short or cover short, or have positions in any of the stocks on the list at any time, based on a particular trading style that is unique to me. My entry and close out levels are likely to differ from those published due to the exigencies of my trading style and time constraints. I post these items in good faith for informational and educational purposes, and do not take positions in opposition to those which are published. All chart picks are actively traded stocks, and I assume that no subscriber to these reports, nor the total of all subscribers taking positions, would do so in a size that would influence the market price. 

Performance tracking assumes 100% cash basis, no margin, no options. You should not assume that recent performance as reported can or will be repeated in the future. Trading involves risk of loss. In the case of options, the loss can be 100% of the amount invested. When leverage is used the loss can exceed the account equity under certain conditions.

The opinions expressed here assume that readers are experienced investors or are working with an investment advisor.

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