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Author: Lee Adler

Swing Trade Screens – Buys Overwhelm Sells, It’s Late But One Sector Looks Ready to Roll

The final list of double screened output for last week had 89 charts with second or third buy signals on Thursday and Friday. There were 24 charts with a second or third sell signals to end the week. Friday on a standalone basis had 67 buy signals and just 8 sell signals.

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It was an overwhelming show of force after 2 weeks when sell signals held the edge. The rally broadened last week. Given the duration of the rally already, I expected to see mostly second wind buy signals, which can be very profitable, but carry higher risk. Non-subscribers click here for access.

I undertook the usual visual review of the charts that met the multiple signal criteria. I didn’t see any short side setups to get excited about. The charts with sell signals did not have good bear trend structures, so I demurred on the shorts. Non-subscribers click here for access.

Most of the buys were extended, or approaching or at resistance – not good buy points. But I did find a few that appeared to have running room or breakout potential. I added 5 of them to the list below. 4 were oil and gas or related. Non-subscribers click here for access.

The screen results come from a universe of approximately1200-1500 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.

7/4/22 Picks closed out in June averaged a gain of 10.1% on an average holding period of 17 calendar days. That works out to an average of 4.1% per week. There were 12 closed picks. The win rate was 75%. I would hope to continue that, but it is by no means a given. Non-subscribers click here for access.

June’s performance is not something we should expect to duplicate too often, if at all. The average weekly gain since I tweaked the methodology in mid January is just 1.29%, while trending upward lately. Non-subscribers click here for access.

6/6/22 Picks closed out in May averaged a gain of 3% on an average holding period of 2 weeks. That worked out to an average of 1.5% per week.  There were 28 closed picks. 25 were shorts. Non-subscribers click here for access

5/9/22 April was a challenging month. The final tally of closed picks in April had an average loss of 0.4% with an average holding period of 11 calendar days. My system does not do well when the average low to low cycle duration drops below 4 weeks. Non-subscribers click here for access.

March was better. Picks closed in March had an average gain of 4% with an average holding period of 23 calendar days. Non-subscribers click here for access.

8/1/22 July had been a narrowly rangebound meatgrinder market until last week. Only two picks were closed out during the month for an average loss of 2.6%. But the 7 picks that were still open at the end of the month had an average gain of 3.7% on an average holding period of 11 calendar days. The month should have been better, but I had those shorts last week, and they hurt us. Non-subscribers click here for access.

Last week I had decided to close out 3 shorts at Monday’s opening print. Those are shown on the table below. Another short hit its stop and it too is gone. The 5 picks closed out so far in August have only averaged a hair above breakeven on an average 2 week holding period. This is a poor performance, given the strength of the rally. I kept leaning to the short side, which exacted a cost. Non-subscribers click here for access.

I unfortunately added another short to the list and no longs last week. The result on all open and closed picks to start this week is an average gain of only 6.2% on an average holding period of 12 calendar days. Non-subscribers click here for access.

I have added and adjusted stops on the remaining picks. These are shown on the tracking table in the report, along with the charts of open and new picks. Non-subscribers click here for access.

Technical Trader subscribers click here to download the complete report.

Subscription Plans

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.

Yikes!

Last week I described how unbelievably bullish it all looked. That turned out to be correct, and could get worse from here (for bears).

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Cycles-  Cycle projections have risen.  Both the 6 month and 10-12 month cycle up phases now project to xxxx. The high on the 6 month cycle is due xxxxxxxx xx to xxxxxxx xx. The 10-12 month cycle high is due in xxxxxxxxxx xxxxx xxxxxxx, suggesting a double top. Non subscribers click here to access.

The 13 week cycle projects to only xxxx. Shorter cycle projections suggest an interim high between here and xxxx. Non subscribers click here to access.

Third Rail Channels –  The measured move target of xxxx is now in play. The current meltup channel centerline will go from xxxx to xxxx this week. That needs to be broken to end this phase of the rally. Non subscribers click here to access.

There’s a cluster of longer term resistance lines from xxxx to xxxx. If they don’t stop this thing the next target would be the March high of xxxx. Yikes! Non subscribers click here to access.

Long Term Weekly Chart –  The market faces major trend resistance xxxx xxxx at xxxx. If it clears that, it would have clearance to xxxx. An extension of the rally from here would start triggering longer term xxxx xxxxxxx. A rollover now from here would xxxx xxxx xxxx xxxx. Non subscribers click here to access.

Monthly Chart –  Clearing xxxx would make room for a move to xx-xxxx. Failing to clear xxxx would allow for a drop to trend support around xxxx. Non subscribers click here to access.

Cycle Screening Measures –  The patterns are very similar to March – April 2020, as you can see on the second chart.

If the market drops on Monday, it would set up a 3 step negative divergence that would normally signal that a short term market peak is at hand. But if it keeps going, it would show that cyclical breadth momentum is strengthening, which would suggest significantly more upside.

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These reports are not investment advice. They are for informational purposes, intended for an audience of investment and trading professionals, and other experienced investors and traders. Chart pick performance changes week to week and past performance may not indicate future results, as you know. Trading involves risk, and these reports assume that you understand those risks and manage them according to your tolerance. 

Mildly Bullish Outlook for Gold Holds

Still not enough evidence to overturn my bottom call from two weeks ago. Holding 4 miner longs as swing trades.

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Over the past week the sector generated 3 charts with repeat buy signals and 21 with repeat sell signals. Not a good sign, but these are short term signals. This follows a preponderance of buy signals for the past 4 weeks. Therefore, for now, I consider it a normal corrective phase. And Friday alone had a much better look with 12 buys and only 2 sells. Non-subscribers, click here for access.

Upon visual review, I did not like any of the 3 stocks that were buys, so I stood pat on the 4 picks already on the list. All held gains, with an average gain of 14.9% on an average holding period of 3 weeks.  I adjusted the stops to trailing stops. Non-subscribers, click here for access.

Averages assume 100% cash, no margin, no options. The use of margin or options will magnify both gains and losses. See disclaimer below the charts. Non-subscribers, click here for access.

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Swing Trade Screens – One Bad Trade Hurt But the Rest Bailed Us Out for a Win

Looking at the final list of double screened output for last week there were 26 charts with multiple buy signals versus 31 the week before. Four of the buys were inverse ETFs including one bond fund, so the edge to the bear side was even bigger.

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Surprisingly there were 59 charts with a second or third sell signal on the week, versus 29 the week before. This is the second straight week with an edge to the sell side. And the edge was much bigger in the more recent week. It may be a tell, but it doesn’t guarantee a reversal. Broad market indicators aren’t signaling a top yet. So we’ll see. Non-subscribers click here for access.

For the purpose of this report, the focus is on individual stock swing trade picks anyway.
Looking at Friday on a standalone basis there were 16 buy signals and 51 sell signals.
I undertook the usual visual review of the charts that met the multiple signal criteria. Obviously, I expected to find more sells than buys, like last week. Just one problem. Of the shorts that I chose last week, one was a profit killer. Fortunately, there were enough winners to overcome my one really lousy pick. Non-subscribers click here for access.

7/4/22 Picks closed out in June averaged a gain of 10.1% on an average holding period of 17 calendar days. That works out to an average of 4.1% per week. There were 12 closed picks. The win rate was 75%. I would hope to continue that, but it is by no means a given. Non-subscribers click here for access.

June’s performance is not something we should expect to duplicate too often, if at all. The average weekly gain since I tweaked the methodology in mid January is just 1.29%, while trending upward lately. Non-subscribers click here for access.

6/6/22 Picks closed out in May averaged a gain of 3% on an average holding period of 2 weeks. That worked out to an average of 1.5% per week.  There were 28 closed picks. 25 were shorts. Non-subscribers click here for access

5/9/22 April was a challenging month. The final tally of closed picks in April had an average loss of 0.4% with an average holding period of 11 calendar days. My system does not do well when the average low to low cycle duration drops below 4 weeks. Non-subscribers click here for access.

March was better. Picks closed in March had an average gain of 4% with an average holding period of 23 calendar days. Non-subscribers click here for access.

8/1/22 July had been a narrowly rangebound meatgrinder market until last week. Only two picks were closed out during the month for an average loss of 2.6%. But the 7 picks that were still open at the end of the month had an average gain of 3.7% on an average holding period of 11 calendar days. The month should have been better, but I had those shorts last week, and they hurt us. Non-subscribers click here for access.

Last week 4 picks hit their stops and I will close 3 more as of this morning’s opening print. The result on all open and closed picks to start this week is an average gain of 2.3% on an average holding period of 12 calendar days.  I have added and adjusted stops on the remaining picks. Non-subscribers click here for access.

After reviewing the charts, I didn’t see anything I liked on the buy side. Most of the sells looked too early. And many were bond funds. They looked good, but don’t move enough for our purposes. I only liked one chart on the sell side as a short, XXX. Non-subscribers click here for access.

Technical Trader subscribers click here to download the complete report.

Subscription Plans

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.

Fasten Your Seatbelts – Updated Cycle Projections Are Shocking

I try not to argue with the market. Contrary to the belief of some Wall Street seers, the market is never wrong. It’s always right about the only thing that matters. The price. The price is the price. Nothing that you or I, or anyone else thinks about it will change that. It is what it is. There’s a reason for Rule Number Two: The trend is your friend. It’s because in terms of trading, it’s all that matters.

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Last week I talked about the need to suspend disbelief because Wall Street is theater. We need to believe But I’m having trouble believing these updated projections, just as I’m having trouble believing the Phillies winning every day lately. But I won’t argue with them. I’ll just shake my head and say “Hard to believe, Harry,” hearing Rich Ashburn’s deadpan drawl in my brain.  So until the market decisively tells us otherwise, you gotta believe this. Non subscribers click here to access.

Cycles We are looking at a projection of xxxx on the 6 month cycle, with a high due xxxxxxxx xx- xxxxxxxx xx. The 13 week cycle high is now overdue and the projection for that cycle now matches the 6 month cycle projection.  The 6-7 week cycle now points to a projected high of xxxx with the high overdue. Only 4 week cycle indicators are currently suggesting a down phase. Non subscribers click here to access.

Third Rail Channels –  Uptrend channels haven’t been violated yet. A meltup channel starts the week at xxxx and has an upslope of 24 points per day to end the week at xxxx, That should be broken easily. A daily close below xxxx would be required to trigger a bigger short term trend reversal. Non subscribers click here to access.

Long Term Weekly Chart –  The 10-12 month cycle bottom looks xxxx. The market is now entering an area of what should be massive resistance from xxxx to xxxx. 3-4 year and long term cycle indicators have not yet turned xxxxxxx. Non subscribers click here to access.

Monthly Chart –  Clearing xxxx would make room for a move to xx-xxxx. Failing to clear xxxx would allow for a drop to trend support around xxxx. Non subscribers click here to access.

Cycle Screening Measures –  The cycle screening aggregate stayed strong all week for the second straight week. It has formed a negative divergence with the market averages indicating fewer stocks participating, but so far, there’s xxxx xxxx that xxxx xxxx xxxxx xxxx. We need a xxxx xxxx xxxx for a sell signal. Non subscribers click here to access.

Technical Trader subscribers click here to download the complete report.

Not a subscriber? Get price and time targets, and weekly swing trade chart picks, risk free for 90 days!  

These reports are not investment advice. They are for informational purposes, intended for an audience of investment and trading professionals, and other experienced investors and traders. Chart pick performance changes week to week and past performance may not indicate future results, as you know. Trading involves risk, and these reports assume that you understand those risks and manage them according to your tolerance. 

“As Good as It Gets” Was Good While It Lasted

The headline for the July 18 update on this subject  was “As Good as It Gets.”

7/18/22 The setup for both bond and stock market bulls will be as good as it gets for the next 3 weeks. So don’t be fooled. Get ready to do some more selling, or short selling, if you’re of that disposition.

Well, guess what. Time’s up. Party over. The Treasury has revised its issuance forecast, as we knew it would. It will now be slamming the market with both coupon supply (notes and bonds) and T-bills.

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The T-bills are the biggest difference. The Treasury had been paying down massive amounts of T-bills for months, stuffing cash back into the accounts of money market funds, dealers, banks, and investors. That game is now running in reverse. The Treasury is now sucking money out of the system from those same players. And the Fed isn’t replacing it. The cash that the Treasury uses to repay the Fed disappears from the firmament. Non-subscribers, click here for access.

At least until the Fed restarts QE.  Non-subscribers, click here for access.

That’s nowhere on the horizon. Therefore the message remains, xxxx xxxxxxxx xxxxxxx xxxxxxin stocks and bonds. We rely on the technical analysis in the Technical Trader updates for the timing of stock sales and shorting. Non-subscribers, click here for access.

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Upon Further Review Gold Bottom Call Stands

There’s not enough evidence for the umpires to overturn last week’s call on the field, but neither was there enough to confirm. Therefore the call stands.

Until it doesn’t. Meanwhile, gold is making progress toward completing a 9-12 month cycle low. There’s still risk of a pullback toward a test of the lows over the next xxxx xxxxx  xxxxx or so. On the other hand clearing xxxx should get things rolling toward xxxx.

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Over the past week the mining stock sector generated 23 charts with repeat buy signals and still 18 with repeat sell signals. The mining stocks lagged the sharp turn in the metal. But there has been a preponderance of buy signals for the past 3 weeks, so some reduction in buy signals and increase in sell signals is to be expected. The fact that there’s still a preponderance of buy signals is a positive sign. Non-subscribers, click here for access.

Upon visual review, I selected just one chart to add to the list. xxx. I’m not enamored with the idea of buying stocks that are still in downtrends, even if there are hints of reversal. For now, I’m only comfortable with the level of exposure we already have on this list. Non-subscribers, click here for access.

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Treasury Confirms Supply Tsunami We Expected – Will Obliterate Everything

We’ve had a helluva rally in stocks and bonds. The conditions were right for this rally, and we expected it. However, it was a bit bigger than I thought it would be. There was more liquidity around then even I expected. And the Street did its job of squeezing the shorts and creating a false narrative about pending recession and the end of Fed tightening to drive the rally. It was all BS, but it worked.

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It will no longer work. Liquidity will dry up like a California forest in July. The fires will start, and without liquidity to douse them, they will burn like the fires of Dante’s hell. Non-subscribers, click here for access.

The US Treasury confirmed yesterday that there will be an enormous increase in supply in August, just as I was able to previously project based on the facts and trend data we already had. Non-subscribers, click here for access.

The stock and bond rallies are not long for this earth. It’s time to watch for, and heed, the technical sell signals. Non-subscribers, click here for access.

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Withholding Tax Collections Solid in July, But Here’s Why the Party is Over

Federal tax collections were solid in July. The recession that mainstream economists have been predicting, may be coming. xxxxx xxxxxxxx xxxxxxxxx. But it’s xxxxxxxx xxxxxxx xxxxxxxx . Withholding tax collections are still going xxxxxxx xxxxxx despite xxx xxxxxx xxxx.

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That slowing isn’t out of the ordinary. Collections fluctuate month to month. They’re still solidly positive on balance. Non-subscribers, click here for access.

Government finances also benefitted from a sharp drop in spending. The usual July deficit became a surplus. Non-subscribers, click here for access.

Treasury supply was therefore light. In fact, nonexistent for the first 3 weeks of the month. There were $12 billion in net paydowns from July 1 to July 21. The markets were flooded with cash. Non-subscribers, click here for access.

The bond market had a stupendous rally. I had expected bonds to rally based on the light supply, but this was ridiculous. As usual, Wall Street overdid it. Now the xx xx xxx x x. Non-subscribers, click here for access.

While revenue growth shows no sign of going negative, Congress just passed a spending package that will increase spending. The deficit will begin to grow again. That xxxxx xxxxx to xxxxxxxxxx xxxxxxx supply. At the same time, investors and dealers will have less cash xxxxxxx xxxxx xxxxxxx. That will translate to lower prices and higher yields. Non-subscribers, click here for access.

We already saw the effects of the Treasury running out of excess cash in the last couple of weeks. T-bill paydowns ended as I had projected they would in July. New T-bill issuance is suddenly mushrooming. This will pull cash out of dealer and investor accounts and into the US Treasury, which will instantly spend it to pay its bills and obligations. Non-subscribers, click here for access.

That spending increase might even keep the US economy perking along at xxxxxxxx xxxxxxxxxxxx xxxxxxxx rate, surprising Street economists and portfolio managers. But the cash to support that growth will come from investor accounts and dealer accounts. More money for economic spending, less money for stock and bond purchases. Non-subscribers, click here for access.

The bond rally should xxxxxxxx, xxxxxxxxx xxxxxxxx. The stock rally should xxxxxxx xxxxxxxx xxxxxxxx. If there’s something that would sustain these rallies, xxxxxxxxx xxxxxxxxx xxxxxxxxx. Non-subscribers, click here for access.

Tomorrow I’ll issue a report on Fed QT vs. Treasury supply that examines the recent rally, and a more in depth look at why and where it’s likely to reverse. Non-subscribers, click here for access.

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Swing Trade Screens – We Had Longs, Yay! But…

We had them, but unfortunately, also had a few shorts that ate up much of what would have been phenomenal profits last week.

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Looking at the final list of double screened output for last week there were 31 charts with multiple buy signals versus 54 the week before. 3 of those were inverse funds, which means that there were only 28 bullish signals. Non-subscribers click here for access.

There were 29 charts with a second or third sell signal on the week, versus 14 the week before. Adding the 3 buy signals on the bearish ETFs makes 32 bearish signals. The fact that there were more bearish than bullish short term signals is surprising, if not shocking. Non-subscribers click here for access.

These numbers remain quite small relative to the universe of more than 10,000 screened stocks. The rally did not have a broad based thrust. Non-subscribers click here for access.

Looking at Friday on a standalone basis there were 33 buy signals and 52 sell signals. Obviously, a bearish tilt. How is that possible with such a big move in the averages? Monday will be interesting. Non-subscribers click here for access.

I undertook the usual visual review of the charts that met the multiple signal criteria. I did not expect to find many buys because the market has already moved for two weeks. I did find one that looked interesting, XXX. To buy XXX or not to buy XXX. That is the question. Non-subscribers click here for access.

I wasn’t finding much that I liked on the short side until I got toward the end of the alphabet. I had just seen a headline in the Wall Street Journal about how great luxury brands were doing, so when XXX showed up in the sell side selections, I gladly added it to the list. I also added XXX, and XXX. Non-subscribers click here for access.

The screen results come from a universe of approximately1200-1500 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.

7/4/22 Picks closed out in June averaged a gain of 10.1% on an average holding period of 17 calendar days. That works out to an average of 4.1% per week. There were 12 closed picks. The win rate was 75%. I would hope to continue that, but it is by no means a given. Non-subscribers click here for access.

June’s performance is not something we should expect to duplicate too often, if at all. The average weekly gain since I tweaked the methodology in mid January is just 1.29%, while trending upward lately. Non-subscribers click here for access.

6/6/22 Picks closed out in May averaged a gain of 3% on an average holding period of 2 weeks. That worked out to an average of 1.5% per week.  There were 28 closed picks. 25 were shorts. Non-subscribers click here for access

5/9/22 April was a challenging month. The final tally of closed picks in April had an average loss of 0.4% with an average holding period of 11 calendar days. My system does not do well when the average low to low cycle duration drops below 4 weeks. Non-subscribers click here for access.

March was better. Picks closed in March had an average gain of 4% with an average holding period of 23 calendar days. Non-subscribers click here for access.

July had been a narrowly rangebound meatgrinder market until last week. Only two picks were closed out during the month for an average loss of 2.6%. But the 7 picks that were still open at the end of the month had an average gain of 3.7% on an average holding period of 11 calendar days. The month should have been better, but I had those shorts last week, and they hurt us. Non-subscribers click here for access.

We had no stop-outs last week. This week we start with those 7 open picks, of which 4 are buys and 3 are shorts. I have added or adjusted stops on all existing picks. Non-subscribers click here for access.

I will add 1 buy and 3 shorts to the list.  The picks are shown on the table below (See report). Charts are below that. Non-subscribers click here for access.

Subscription Plans

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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