As the market has melted up the screens continue to generate far more buy signals than sell signals. Over the past 3 days there have been 145 charts with a second buy signal over the prior week and just 39 with second sell signals. These buy signals mostly came in the context of charts that had already been trending upward for weeks. In some cases, the signals indicated trends that appeared to be heading for a parabolic stage. Non-subscribers click here for access.
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I reviewed all of the charts from the screen results. Forget the sell signals. The chart structures simply do not look viable as shorts. Non-subscribers click here for access.
On the long side I am not prepared to chase buy signals on stocks that are going parabolic. The exit signals are likely to come too late to snag profits. However, there were a surprising number of good traditional setups. These stocks are laggards. There are always late-stage movers in any big market move. So I chose to add 9 of these that will hopefully be in that class. I am adding these without stops as usual. Non-subscribers click here for access.
We came into last week with 5 longs and 2 shorts on the list. I had stop prices on all of them. Two shorts and one long hit their stops, and I had elected in the last report to close another long as of December 11. That left just 3 longs on the list. Non-subscribers click here for access.
9 picks have been closed out in December so far. 7 were profitable. Including all 9 closeouts, the average gain was 5.3%, with an average holding period of 20 calendar days. Non-subscribers click here for access.
As of Tuesday’s close, the average theoretical gain on the existing picks, including both those still open and those closed out was 16.8%, with an average holding period of 26 calendar days. That’s up from the prior week’s average gain of 11.8%, with an average holding period of 24 days. Non-subscribers click here for access.
12/5/23 November was a good month with 10 of 12 closed picks registering gains. Closed picks had an average gain of 5% with an average holding period of 20 calendar days. Non-subscribers click here for access.
Table of picks and performance in the subscriber report. Non-subscribers click here for access.
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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 report is meant as individual investment advice and you should not construe it as such. These picks are illustrative and theoretical.
The public facing report is not the complete report. Only subscribers have access to the full report and regular tracking of the theoretical picks and closeouts made in the reports.
