These projections are the result of screening for technically
significant retracement and momentum patterns that have been further screened
for value and bullish sector performance. In other words, the
projections are for long positions.
$INDU $SPX
$COMPQ
Monthly Momentum Positive Positive
Neutral
Weekly Momentum Negative Negative Negative
Daily Momentum Positive
Positive
Positive
Note: The trading ranges of late have been so narrow as to make
this indicator very sensitive to minor changes on a monthly basis. The bias
however is still fairly reliable, so it should be taken into consideration.
Market activity was confused and boring on Monday. Fears over bond
price declines and oil price spikes seem to have made traders nervous once
again. The primary sectors involved in reversals are once again Petroleum (PCZ,
WG, HP, and CNQ) machinery (TEX, JLG, ASVI) retail (ACMR, GME and UAG), telecom
(TRMB, ARRS, and CNTF). Healthcare stocks also made another appearance
yesterday (DVA, CLZR). The lone computer equipment stock that made the list was
XRTX.
Here is what the nets saw today:
XRTX 24.17/1 87.5% (limited trading history)
TEX 16.70/1 93.3% (limited trading history)
PCZ 3.90/1 71.4%
CNTF 2.06/1 66.7%
HP 1.65/1 71.4%
On the bare fringe of acceptability:
ACMR 1.47/1 66.7%
That's it for now. Opportunities in this environment will be a
relatively empty smorgasbord until sector leadership is re-established. When
that time will be is still a pretty wild guess, but we will keep watching.
FOR FULL DISCLOSURE: The MrSwing Trading Team took profits in HCC
yesterday and still maintains a position in SNY. A position in BNI was
established, but was applied with a very tight stop and was stopped out.
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