For the week ended November 11, there were 173 charts with second or third buy signals as the week ended, and 19 with second or third sell signals, and one of those was a bear ETF, so the net score would have been 174 to 18. That is as lopsided as I’ve ever seen. There were too many buys to visually review all, and we already had longs on the list so I started with the sells, and then looked at as many buys as I had time for.
In looking at the charts with sell signals, I saw only one that looked remotely interesting. It was a Brazilian airline preferred stock. No thanks. Non-subscribers click here for access.
Among the sampling of buys that I reviewed virtually all had already moved to just below resistance. Not ideal entry points. I found two that I liked enough to add to the list, as shown on the table below. Non-subscribers click here for access.
All picks closed out last week along with open and new picks are shown on the table below with charts following. I adjusted stops on open picks as shown. Non-subscribers click here for access.
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.