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There was lots of stocks doing well today, some of those gains would have been missed on the gap up, but alerting off our list (all but one stock alerted); MNTR, ANDW, BBA, GPRO and OVTI. I mentioned that some from Friday were worth keeping track of, ASKJ did exceptionally well out of that group.
Sam
The SSRatio continued its rise toward the green, +0.24 to -0.94 favoring Selling, the estimate of market risk remains High. We remain in "lite mode." It will be interesting to see how long Thursday's unemployment release will effect the market, especially since there were so many market players gone on that day. The low volume did have an affect on the number of stocks that screened out for today. With the relatively long list of breakouts to watch last Thursday you'd think we would have gotten more than just one alert, but that was it, PKTR was the only alert out of the three potential turnaround stocks and twenty potential breakouts. There are still several of those worth watching tomorrow.
Sam
LPNT was the only turnaround position alerting today. AGI, AVID, CG, HTCH, LM, MENT, MSCC, PSUN, SNDK, STX and TECH all alerted breakouts.
Sam
Three shorts we watched today alerted, but the closed up on the day, they aren't worth the risk to hold since the market seems to be on the mend, at least for the present. JNJ was the only turnaround position alerting today. TBL and YHOO were the only breakouts alerting.
The SSRatio looks to be on the way back up, showing improving market internals, rising +0.11 to -1.51 favoring Selling, the estimate of market risk remains High. We remain in "lite mode." Looking better than it has in a few weeks. Lots of potential breakouts to watch tomorrow.
Sam
AMLN and VRTX. alerted shorts today, CFC and DGIN did the best of the longs.
Sam
The turnarounds alerting today include; AGP, BIO and JNJ. JNJ was the only that traded down. ARO was the only breakout alert.
The estimate of market risk remains High. The drop in the Ratio is slowing so maybe, just maybe we are turning the corner.
Sam
The nice number of alerts yielded some good moves, COO, DRL, ELAB, ITT, NBY, FBC and IGT. This was a second day run on IGT.
The estimate of market risk remains High.
Two stocks I might favor tomorrow are BIO and CRL. Both have screened out for the last two days.
Sam
Today we had several turnaround stocks alert; BG, BRO, FDO, HRH, KBH and FHCC. Both breakouts alerted; IGT and WFII.
The estimate of market risk remains High.
Sam
The SSRatio shows no sign of slowing its drop, falling another 0.49 to -1.27 favoring Selling, the estimate of market risk remains High. We remain in "lite mode." Some stocks are beginning to hit support zones, but be careful. The shorts may still be the best place to look for trades.
Sam
Nothing but short alerts today, we're pretty much hunkered in foxholes.
Sam
Since the SSRatio when negative last week I'll start with the shorts that alerted on Friday, all but one on the list; ATMI, CRY, CY, IRF, UTEK and VRTY all alerted on their way down. On the long side, AZO and LNCR was it.
The SSRatio is only looking worse the estimate of market risk remains High.
Sam
The SSRatio dropped deeper into the negative, falling 0.53 to -0.49 favoring Selling, the estimate of market risk remains High. Looking at a -0.49, this correction may be longer than I first expected. The last two dips below the zero line we never went lower than -0.14 (6 days red) and -0.10 (3 days red). So we may be in for a little vacation in "lite mode" territory this time around. If last Wednesday turns out to be short term high in the NASDAQ, we'll have been gifted with a SSRatio sell signal on the same day. Something I hope to live long enough to see repeated.
A reverse screen produced 7 potential shorts for tomorrow (Thursday's are still worth a watch too); ATMI (short alert at 25.24), CRY (alert 10.39), CY (alert 12.21), IRF (alert 26.75) TECD (alert 26.10), UTEK (alert 18.09) and VRTY (alert 17.84).
Sam
Today we were negative on the market, since the SSRatio turned negative. We still had a few good alerts; turnaround alerts included only two oils, ECA and PPP. PKI and USTR were the only breakouts that alerted. Of three shorts we had only CLS alert on its way down.
Sam
The SSRatio dropped enough Wednesday to signal "lite mode" falling 0.39 to +0.04 favoring Selling, the estimate of market risk rises to High. The market internals have decayed almost every day since the June 6 ratio peak of 2.23. This gave us another 16 positive days, which followed a 23 day run, the two runs interrupted by a 3 day pause. Theoretically, with this signal, one would sell at the open tomorrow, but the 16 trading day run, from the open May 28 to the close today, the NASDAQ rose 7.5% and the NYSE rose 6.7%. Both would be wonderful return when compared to a year of other investments, and the gains we've seen in stocks we alerted have easily beat those gains.
My feeling is that we are seeing a correction in a bullish market phase, if so, the SSRatio won't be negative for very many days. But in the meantime, I'll be cautious and will tighten the stops of the positions I'm holding, and add new positions with 1/2 or less of more normal position size.
Sam
We ended the day with 3 alerts; FDS, RGLD and SHFL. SHFL ended the day below the alert price. FDS was easy to buy as it alerted and did very well.
Sam
RGLD, a gold stock, is the only alert so far today.
Sam
By the end of the day we had MNTR and UHS alert turnaround plays, and ALO, CECO, CVH, MACR, RMD and UCBH alert breakouts. Only one stock didn't alert today, MVSN.
Sam
This morning's alerts include only on turnaround stock, UHS and five breakouts ALO, CECO, CVH, MACR and UCBH. ALO and CECO look the best right now, UHS is red and it is one I was looking at buying for myself.
Sam
The SSRatio dropped a bit more, but just to show how elastic the Ratio is, yesterday's rally managed to only slow the drop losing 0.03 to +0.64 favoring Buying, the estimate of market risk remains Low. The rally was just what we needed to stay in the positive this week, stay tuned.
Sam
Alerts this morning includes; HRB as a turnaround, EFDS, HAR, LEN, SCSS and TOL as breakouts. Heck of a market so far today.
Sam
The SSRatio continues to reflect the loss of upward momentum, dropping 0.43 to +0.67 favoring Buying, the estimate of market risk remains Low. We are going to need a couple of strong days to keep the Ratio from going negative this week. Neither of the potential turnarounds that screened out for today look that good to me, and two out of the six potential breakouts are home builders.
Sam
HDI turned out to be the only alert we had today. I didn't buy anything for myself and pretty much nursed the positions I carried over. I did pick AAII back up at support just above 16.
Sam
HDI finally alerted today, looking good.
The SSRatio resumed its decline, dropping 0.04 to +1.10 favoring Buying, the estimate of market risk remains Low. Even though the internals have been positive over the last few days, the upward momentum of the strong stocks is declining.
Sam
ACV was the only turnaround stock that alerted today, there was only two we watched. The other, HDI, has screened out twice without alerting and screened out again for tomorrow. CVH, LAVA and MANH alerted a breakout. UPL also alerted a the open and drifted down after that. It not likely would have been a play today.
The SSRatio resumed its drop Thursday, showing that the upward momentum definitely slowed, however, the Ratio remains positive.
Sam
We had several alert in today's strong market; COT, GXP, LPNT MGAM and PGR all alerted a turnaround. SJT was the only breakout that screened out and it alerted as well.
We also played the breakout of UTSI and USNA.
Sam
Not a lot alerted for us today; PGR alerted a turnaround and DRL alerted a breakout. Otherwise, we sat and watched thinking the market would turn down....how it goes.
Sam
End to quiet day of trading here, now for the fun part screening for tomorrow. Like digging for little treasures, it is amazing how after all these years this can still be so much fun.
Sam
No alerts off the list today, there were only three potential breakouts that screened out. I've raised a lot of cash today, selling positions in AAII, BDY and AMHC. Otherwise, I'm watching the NTLI breakout, not really planning to buy, and support for NXTL at 14.20 or so, the recovery of LH, pop of LEND and surprising support in SNDK.
However, I'm going to be pretty tight with my cash today.
Sam
On Friday we saw a lot of long reverse after what appears to be a blow-off top. HMA was the lone turnaround alert, while it closed green it was well off from its high. RE and TTEK, alerted breakouts, RE gapped up so any gain would have been limited. ADBE, GENZ, MVK and POWI all alerted and all closed in the red. I still like TTEK for Monday.
The SSRatio dropped after Friday's afternoon sell-off, falling 0.23 to +2.00 favoring Buying, the estimate of market risk remains Low. Though this was rather a sharp retreat, it isn't enough to call a graphical top, however, a drop below 1.81 would look like a short term top. Nevertheless, we are over due for some kind of correction, whether a day or two or week or more we'll just have to see. I don't expect to see us return to "lite mode" just yet since we appear to have entered a bullish phase.
I'd be a little cautious here, but much of the stock markets gain during a year is often over just a few days and we need to make hay while the sun shines. Remember last year we had 88 consecutive trading days of "lite mode" from March 27 through July 31, that was a long time for those that don't short to be twiddling thumbs. During that period the NASDAQ lost 27% and the NYSE lost 17%.
Sam
The SSRatio managed to exceed the last peak made May 5, (+2.19), by rising 0.42 to +2.23 favoring Buying, the estimate of market risk remains Low. Regardless of whether we make a short term top in the very near future, we have enough momentum to keep this bullish phase going for several more days.
Sam
We ended up having every turnaround stock alert today; ACL, AMHC, ATK and CBH. Most of the breakouts also alerted by the end of the day; CECO, EXPE, IDCC and MVSN.
Sam
Some good alerts, even in a down market today. Turnarounds include; AMHC, ATK and CBH (3 out of 4 on that list). Breakouts that have alerted include; BBY, CECO and IDCC.
Sam
The internals were pretty strong today, I'd expect another boost to the Ratio, unless tomorrow is very weak, nevertheless, it climbed above 2 only seven times since January 2002. Some of the potential breakouts are getting uncomfortably extended, please pay attention to the stop.
Sam
BDY was the only turnaround stock on our list today, obviously alerted. There was a lot of breakouts that alerted, BBBY, COO, FDS, FILE, GPS, HDWR, HPQ, KRON, MERQ, QLGC and USTR.
Sam
Early alerts in the first hour included BDY the only turnaround stock and one we have a position...the Breakout alerts included BBBY, FDS, FILE, HPQ, KRON, MERQ and USTR.
Sam
Looking at what alerted today, FCN, IMH and PFE all alerted a turnaround. RCL was the only breakout that alerted, several others are worth watching tomorrow, like SYNA. A few other breakout charts that screened out, and that I like the look of the chart, includes STK, TTEK and USTR. STK is one we've had on the list a few times in the last few weeks.
Sam
The one turnaround stock was all that was needed today.
Sam
For Monday we only had one potential turnaround stock screen out (VSTA) and a total of fifteen potential breakouts. A few homebuilders and a few oil stocks in the mix.
The SSRatio had a strong day on Friday, the estimate of market risk remains low.
Sam
Good end to a good week. RNR one of only two turnaround stocks alerted and closed up $1.55. Breakouts had several alert; DV, FLIR, SIE and STK. The entire list can still be viewed at http://www.savvy-trader.com NTLI which had a good day on an easy buy yesterday, continued up another $1.83 today.
Have a good weekend everyone.
Sam
I thought I'd post Friday's watchlist, as I did today's. The watchlist and the alerts we set are posted at http://www.savvy-trader.com
Sam
DG and FDS are the only alerts so far this morning, a few others are close. The entire list is visible at http://www.savvy-trader.com
Sam
I've posted the entire commentary and watchlist on our home page at http://www.savvy-trader.com You can see how it is laid out for tomorrow.
Sam
Breakouts alerting today: CPWM, MACR, RMD and STX. Just watching a total of nine stocks on our list.
Sam
Tuesday was certainly strong enough to send the SSRatio back into the positive, gaining 0.48 to +0.49 favoring Buying, the estimate of market risk returned to low, after three days in the negative range. There wasn't one potential turnaround stock that screened out for today, this might indicate that we are short term over extended already. I'll be looking at adding positions where I see opportunity.
Sam
Wow - ELAB alerted a turn, and CBRL, CPWM, CRK, EYE, FRED, PGR, SCRI, UGI and USAI alerted breakouts.
Sam
Though I missed it, our watchlist had a lot of alerting on Friday, KRON alerted a turnaround, while CXW, DHI, EYE, JBLU, RYL, TCO and UGI alerted from the breakout list. SHFL also alerted a breakout on the open on Friday, I don't know if it was buyable, and it lost everything it gained on the open.
Sam
Since I'm traveling I posted the turnaround watchlist that we watched today for review, and the SSRatio for Friday on our home page at http://www.savvy-trader.com
Have a safe weekend.
Sam
For a day after the SSRatio went negative there are a lot of long positions alerting this morning. Turnarounds alerting includes; BG, FDO, FDS, FWHT, LEA, LIZ, PFE, RCII, SCRI, SIAL. And only one breakout alerted, and..it would have been hard since it gapped, BCR.
For myself, I sold into the strength this morning, out of AAII and PRX.
Sam
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