Last week 404 short term buy signals and 204 sell signals triggered, out of the 1454 stocks that met minimum price and volume criteria. This was an increase on the buy side over the previous two weeks where the signals were roughly evenly divided. The rally finally appears to be broadening. Non-subscribers click here for access.
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After applying long term structure filters there were 44 buys and 9 sells. However, 21 of the buys were ETFs and almost all of those were fixed income related. So while there’s evidence of broadening, much of it is a mirage related to the bond market as opposed to stocks. Therefore, I don’t expect this to be easy pickins on the way up. Non-subscribers click here for access.
After reviewing the screen output, I added 6 buys to the list because they appeared ready to emerge or extend emergent moves. Non-subscribers click here for access.
I added no shorts. Non-subscribers click here for access.
As usual I’m adding new picks without protective stops. I’m closing out the last short as of Monday’s opening price. I am allowing most previous picks to ride without stops. I assume risk management through small position sizes and diversification. Your approach may differ. Non-subscribers click here for access.
List performance was lackluster again last week, mostly because I threw one bad apple into the barrel. The end result was an average gain of 0.2% on an average holding period of 8 calendar days. The week before that, the list had an average gain of 0.8% with an average holding period of 9 calendar days. Non-subscribers click here for access.
I have been searching for a big mover in vain in recent weeks. Since April, buy and hold the averages has been a better strategy than attempting to pick the best swing trades. The bullish action has been concentrated in a handful of huge capitalization stocks. I can’t predict when that will change. 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.
This public report is not the full report. Only subscribers have access to the full report and regular tracking of the theoretical picks and closeouts made in the reports. Non-subscribers click here for access.
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Lee Adler