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Our proprietary cycle screens revealed 160 charts that met ideal major trend buy setup criteria last week versus 162 the prior week. There were 145 that met ideal major sell criteria versus 128 the previous week. This is from a universe of 1440 listed stocks that met minimum price and volume criteria.This test has a two-week lookback period. Therefore, it has a built-in lag for identifying major and intermediate turning points.
123 charts met ideal intermediate term buy side criteria last week versus 126 the previous week. 113 met intermediate term sell side criteria versus 105 the prior week.
Among the major and intermediate buy setups, 9 short term buys triggered versus 12 the previous week. 42 sells triggered versus 11 the previous week.
On visual review I liked 3 of the buys and 6 of the shorts as shown on the table below. Other than when a limit price is indicated, all picks will be added to the list based on the average of opening and closing prices on Monday.
Last week the list showed an average gain of 4.1% with an average holding period of 11 calendar days. Three picks hit stop prices during the week and I posted that one would be covered at last week’s open. The results are included on the chart. I have added stops to the a couple of the remaining picks and am letting others ride for now.
