Swing trade stock screens produced 57 charts with multiple buy signals as of the last two trading days of the past week. Five of those were inverse ETFs, for a net bullish total of 52. Non-subscribers click here for access.
There were 95 charts with a second sell signal. Of those 95 sells, 22 were fixed income ETFs and 19 were foreign market ETFs. Only 54 were individual stocks, and a few of those were foreign stocks. More were interest sensitive utilities. So investors seem to dislike anything related to fixed income. Non-subscribers click here for access.
Overall there was no significant tilt to the signals on individual US stocks that are not directly tied to the fixed income outlook. Non-subscribers click here for access.
If you are interested in precious metals, a number of gold stocks and ETFs showed up on the sell side. I will update the Precious Metals Trader report on Friday morning. Non-subscribers click here for access.
5/8/23 Rangebound markets produce a preponderance of whipsaw signals, which is why I refer to them as meatgrinders. Eventually the market will break out and trend for a while. Until then, the string of small gains and losses is likely to continue. It’s a slow bleed that wears out both long and short traders. But it’s necessary to keep playing the game in order to catch the next big move when it comes.
That said, I have continued to review and select charts that appeared set up for a decent move in either direction, and I’ve been giving them a bit more rope, eschewing stops until the third or fourth week after the pick was made. That has resulted in the current active list having an average gain of 2% on an average holding period of 18 calendar days. It’s nothing to write home about, but given the market’s tight trading range and constant whipsaws, I’ll take it. Non-subscribers click here for access.
The list will have 12 open picks after closing out two shorts as of the open this morning. Of the 12 remaining open, just two are shorts, and 10 are longs. Non-subscribers click here for access.
Upon reviewing the charts with signals, I added 6 buys to the list, to be tracked starting with today’s opening price. I didn’t like any of the setups on the sell side, so added nothing there. The list will be lopsidedly long, which is risky, but it is what it is. I try to review the charts without bias. If I have a bias, it’s to the short side, and I still didn’t see anything I liked in that direction. Non-subscribers click here for access.
The new picks are shown on the table below (subscriber report). I have adjusted or added stops on several of the existing picks. I’ve left the rest stopless to give them time to “ripen.” Non-subscribers click here for access.