The screens produced 54 charts with multiple buy signals as of the last two trading days. There were 118 charts with a second sell signal. Considering that the broad market indicators suggested top formation I was more interested in reviewing the charts on the sell side for short sale candidates. Non-subscribers click here for access.
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While I looked at the buy side, we have enough buys on the list and I started with the thought that I am reluctant to add more. Non-subscribers click here for access.
After visual review, I chose 5 charts to add to the short sale side. These are shown on the table below. Non-subscribers click here for access.
8 existing buys on the list hit stops last week. I also dropped two shorts as of the opening price on August 1. After these changes, there will 15 active picks on the list of which there are 7 longs and 8 shorts including the 5 new ones. Non-subscribers click here for access.
The original 10 have aged enough that I’ve added stops to all of them. The new picks will be added without stops. In recent months I have been allowing the picks to age for at least 4 weeks before adding stops. I have assumed risk mitigation through diversification and small position sizes. Non-subscribers click here for access.
Last week was a good week, and a good start for the month. Most of the longs on the list did well because they were in the oil sector. I had added them 4 weeks ago when there were numerous buy signals in that sector. Whenever there’s a cluster of signals in a sector, it’s usually a good sign that the group is going to have a move. Non-subscribers click here for access.
Currently open picks and those closed out last week, show an average theoretical gain of 5.7% on an average holding period of 29 calendar days. 67% of the picks closed last week or still on the list had gains. Non-subscribers click here for access.
July had been difficult. After starting off with a string of losses on closed picks, the month ended at dead breakeven on the basis of a good last two weeks. Just 59% of the picks were winners, and the result was only a breakeven. I marvel at those options tout services who report 1000% gains month after month. But I wonder why they don’t own the world. Non-subscribers click here for access.
7/10/23 June was solid, with 25 picks closed at an average theoretical gain of 9.7% on an average holding period of 36 calendar days. The numbers assume all cash, no leverage, no margin, no options. Non-subscribers click here for access.
Table in report. 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 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.
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Lee Adler