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/Positive
Weekly Momentum Neutral Positive Positive
Daily Momentum Negative Neutral/Neg 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.
The equity markets are still basically drifting along without much
conviction. With oil attempting to run up against previous all-time highs and
certain inflation gauges showing signs of strengthening, virtually everything
save the commodity-based and metals based stocks basically rambled along.
Yesterday we continued to see buying in building related stocks (CX, HXM). The
rest of the names were in chemicals (AGU), healthcare (FOXH, IART), petroleum
(CEO), Telecom (TRO) and transportation (GLNG). There were only about 200
patterns that made the initial screens, but very few passed the final screens
with the nets. Statistics on the patterns that passed the screens were not the
best, as many of these patterns are bullish extensions.
Here is what the nets saw today:
TRO 3.14/1 60.0%
AGU 2.41/1 50.0%
CEO 2.10/1 64.5%
HXM 1.58/1 63.6%
On the bare fringes of acceptability:
IART 1.43/1 70.6%
That's it for now. This market is still trying to figure out which
direction it is headed in. Between inflationary expectations, commodity prices,
and the Fed's insistence on keeping rate hikes as a tool, the competition
between equities and other forms of investment becomes greater. We will
continue to do research to find opportunities, but it will be a tough job for
awhile to do that.
FOR FULL DISCLOSURE: The MrSwing Trading Team still holds a
position in RES. A position in STX made a small profit but a very protective
stop took the position out because of volatility on Thursday.
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