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 Negative
Negative
Positive
Daily Momentum Negative
(OS) Neutral
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. (OS)
means oversold and (OB) means overbought.
Major market indices continued their basic sloppiness Friday. As
we enter into earnings season once again, it will be interesting to see if the
rally will continue given some potential slackness in earnings growth in some
estimates. We are still wandering in the interest rate doldrums, and almost any
kind of news could sway the equity markets in one direction or the other.
Seasonality (or at least typical seasonality) is beginning to run out. Last
year, we saw general support in the market from May to September. This year,
with all the uncertainty in Fed Policy, upcoming elections, and world events,
all we can do is look for patterns and try to sort it all out. It is not going
to be easy to do.
We continue to see reversals in transports (GOL, FDX) and
financials (AF, CFC, STT, ASFI, and GFIG). Auto and truck parts and OEMs (LKQX,
CMI) are also showing up again. Consumer products (JAH), insurance (PHLY, RDN)
and internet, software, and computer applications (WITS, DRIV, CAI) also made
the roster. Retailers were also present (UAG, HIBB).
What remained in the final screens was again a mixture of all of
these names.
Here is what the nets saw today:
UAG 5.77/1 60.9%
FDX 3.59/1 66.7%
CMI 2.26/1 66.7%
GOL 2.23/1 57.1%
STT 1.96/1 51.9%
FMD 1.70/1 56.8%
On the bare fringes of acceptability:
ASFI 1.38/1 55.2%
CFC 1.40/1 61.9%
That’s it for now. Let’s see what the new quarter brings. We are
still in unsettled market waters, and the sails may have to be trimmed or
opened based on the next turn ahead.
FOR FULL DISCLOSURE: The MrSwing Trading Team profitably sold its
position in RES on a tight stop. The MrSwing Trading Team is in cash.
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