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Our proprietary cycle screens revealed 273 charts that met ideal major trend buy setup criteria last week. 111charts met ideal major sell criteria. This is from a universe of approximately 1500 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.
287 charts met ideal intermediate term buy side criteria last week. 149 met intermediate term sell side criteria.
Among the major and intermediate buy setups, 6 short term buys triggered versus 21 sells on Friday. On the week, a total of 69 short term buy signals triggered and 99 short term sell signals.
On visual review I liked none of the buys and 6 of the shorts as shown on the table below (Subscriber report).
Two picks hit stop prices during the week and one short will be closed as of the opening price on Monday. I have added stops to a couple of the remaining picks and am letting others ride for now.
Last week the list showed an average gain of 5.4% on an average holding period of 11 calendar days versus 4.1% with an average holding period of 11 calendar days the previous week. This week the list starts with 17 open picks of which 9 are longs and 8 are shorts. Last week there were 18 open picks to start, of which 10 were longs and 8 were shorts.
January performance was mixed. Including only trades closed out during the month there was an average loss of 2.4% and an average holding period of 14 calendar days. Including both closed picks and those picks still open as of January 31, there was an average gain of 3.7% and an average holding period of 10 calendar days.