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
Neutral
Negative
Daily Momentum Negative
Negative Negative
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.
Equity markets sloshed along in negative territory yesterday.
There is hardly an ounce of determination or direction in the market currently,
though as we have seen on a stock by stock basis (JBL being one), there can be
some potential for outperformance. It is possible that consolidation in metals
(aluminum like CENX in particular), oil service (like RES, BHI, REM, and TRGL)
could lead to new rallies in the commodity related areas, but it is a little
premature to make that judgment. Equity markets are apparently obsessed with
what the Fed will do next week or by some other extrinsic fear that keep
investors from making decisions.
Here is what the nets saw today:
RES 380.53/1 83.3% (relatively short trading history, so caution
is advised)
TRGL 12.93/1 75.0%
DV 2.29/1 60.7%
CENX 2.10/1 66.7%
On the bare fringes of acceptability:
ANST 1.59/1 55%
AEOS 1.36/1 67.6%
That's it for now. Now is the time to continue doing research and
waiting for the right opportunities to come along. They will arrive in due
time.
FOR FULL DISCLOSURE: The MrSwing Trading Team established
positions in PRAA and CIG with very tight stops. Both stops were taken out. The
MrSwing Trading Team is in cash currently.
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