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Swing Trade Screen Picks – Read My Lips, No New Longs (A Few More Shorts)

For the week ended November 25, there were 36 charts with second or third buy signals as the week ended, and 54 sells. 3 of the buys were bearish ETFs, resulting in a final score of 43 bullish and 57 bearish signals. That’s the second consecutive week of a bearish tilt in new signals, and a reversal from the 174 to 18 win for the buy side two weeks before.

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Bear in mind that this is but a fraction of the 1300-1400 issues that normally meet the minimum screening criteria of price of $6+ and average volume over a million per day for the past 4 weeks. Therefore the past two weeks of small numbers of sell signal pluralities did not overcome the bullish thrust of two weeks before. Non-subscribers click here for access.

11/21/22 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 again reviewed the charts with an abundance of caution this weekend. I again came up empty on the buy side. I was equally unimpressed with the sell signals, but there were two that I liked enough to add to the list for this week. All picks closed out last week along with open and new picks are shown on the table below with 3 longs and 7 shorts. I added or adjusted stops on open picks as shown. Non-subscribers click here for access.

For the week, we saw good performance, but it is tenuous. There were 7 winners and 1 loser. The average gain was 5.4% on an average holding period of 12 calendar days. Table below (subscriber version). Non-subscribers click here for access.

November has been a struggle. On picks closed out this month, the list has shown an average loss of 1.9% on an average holding period of 13 calendar days. If there are profits this week, that will even out somewhat. Over the past 12 months, the average gain has been 1.6% on an average holding period of 17 calendar days. Non-subscribers click here for access.

The screen results come from a universe of approximately 1200-1500 stocks daily that meet the criteria of trading above $6.00, and with average volume greater than a million shares per day. I start the weekly process by screening for daily buys and sells from the previous Friday through Thursday. I then rescreen that output, for additional signals in the progression on Thursday and Friday. Non-subscribers click here for access.

The percentage gain is based on 100% cash positions, with no margin and no use of leverage or options. Non-subscribers click here for access.

Technical Trader subscribers click here to download the complete report.

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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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