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 Positive
Positive
Neutral
Daily Momentum Neutral
(OB) Neutral (OB) Positive (OB)
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. (OB) means overbought.
Markets closed mixed to down on Tuesday, and the momentum models
ventured ever closer to their mechanical tipping points which suggest that the
next multi-day move may be down (though they did not turn over completely).
The result of this extension of the last up-move was a very small
number of patterns with which to screen. We have a couple of repeats in the
retail category, but their statistics are deteriorating rapidly (HZO and BGP).
The rest are a mix of consumer products companies (YCC), healthcare (SERO),
financials (LEH), telecom (TMX) and software (ADBE, OTX).
Here is what the nets saw today:
LEH 5.60/1 66.7%
TMX 2.64/1 65.0%
YCC 1.88/1 54.5%
That's it for now. Perhaps the coming (or at least possible
coming) correction will uncover new patterns and opportunities. We will
certainly see market reaction to PPI numbers in both equity and bond markets.
Perhaps that will provide the catalyst we will need to find those new patterns.
FOR FULL DISCLOSURE: The MrSwing Trading Team sold NDSN on a
profitable stop. The MrSwing Trading team established a position in JBL
and subsequently stopped the position out a breakeven. The MrSwing Trading Team
is now in cash.
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