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BSTE is one I'm looking to re-enter too. I was hoping for support closer to 41, but maybe that isn't reasonable.
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
Despite the balance being in favor of buying on Wednesday, the momentum continued down, pulling the SSRatio into the negative, losing 0.30 to -0.10 favoring selling, the estimate of market risk rises to high. The SSRatio remained positive for 23 trading days, I hated to see it end since there has been so much made in the longs over the last several weeks. So maybe it will be just a whip, but I'd be very cautious adding long positions, just in case we are in for a down period. For the record, at least 80% of the time I try to subjectively judge the SSRatio I've been wrong. The Ratio has an excellent record of putting you in the market on the rises and keep you out of the steep drops, if you pay attention to the numbers and not your wishes. The money you stand to gain before the SSRatio turns up is small compared to the money you stand to lose if the Ratio is correct and market risk is high.
A "lite mode" recommendation is to reduce the number of shares you would normally trade, tighten your stops and quit for the day if stops get hit.
Sam
Ended up with a lot stocks to play today, some nice moves in the bunch. ARO, CBK, ESPD, HRB and JBLU alerted turnarounds. CEG, ESRX, FCX and SIE alerted breakouts. Two shorts alerted, HIG and MNC.
Sam
The only other alert this morning was FCX, I kept thinking LNCR would go, but it hasn't yet.
Sam
The early alerts this morning included CEG and ESRX long and HIG short.
We had some of each alert today, CLE, ROST, FBC and GGP alerted long, PALM, RIG and SLB alerted short.
Sam
Alerting this morning: CLE, ROST and FBC as long, PALM, RIG and SLB as shorts.
"Did you sell today, causing the market decline :)?"
We may have called the decline but certainly didn't cause it. We are not that big, my only sale today was BDY, and it was on the rise.
Sam
No alerts so far today, and we were looking for a sell-off anyway. http://www.savvy-trader.com
Sam
Easy day today, BLTI and JNJ are the only alerts. One of each, a turnaround and a breakout.
Have a nice weekend everyone.
Sam
Three out of four stocks on our watchlist alerted today. FCN was the only turnaround stock we had, and the two breakouts were FIC and PRGS.
Sam
Only two alerts today, HAL and LF. We watched several run off and picked up a couple on bounces.
Unless we get a strong day tomorrow, it will be likely that the SSRatio will fall below 1.80, graphically looking like weakening momentum. I'm hoping to see a sell off that will bring some good values back to the screening. Only one potential turnaround stock screened out for tomorrow.
Sam
Today was much different than yesterday, BDY, AGI, COF, FINL and THOR all alerted, but we'll have to see if there will be much out of any of the lot, I still like BDY, (formerly BPRX).
The SSRatio was unchanged after Tuesday, this is the second time we've seen this, still amazing that the numbers could go through the mathematical wash and arrive at the same number as the previous day. So, unchanged at +2.04 favoring buying, the estimate of market risk remains low. I'm concerned that without seeing more strength in the ratio, we are seeing a topping action. Also, take note that the volatility index (VIX) made a low on Monday, another indicator that we have seen a short term market top. We'll just have to see how this plays out over the next few days.
No potential turnaround stocks screened out for tomorrow, I noticed a few stocks that are close to support, like PRX, but otherwise, I'll be concentrating on a couple of the breakouts. I personally raised a lot of cash today, taking profits in CTSH, FWHT and WEBX, all stocks from previous turnaround screens.
Sam
Not one alert yet today, but Bradley switched to the NYSE and I forget they have a symbol change from BPRX to BDY.
Sam
A few of my favorites for tomorrow include; BPRX, FAF, OIIM, THOR and WFR.
Sam
Nice day for the longs, we had BLUD, FWHT, HRB, NXTL, HCC, MEE and MIK all alert. But part of the reason it was so nice was the positions we carried over from last week, like AAII...
Sam
I've posted a few of the turnaround stocks we'll be looking at Monday, as well as the current status of the SSRatio. The turnarounds are in the table format showing average volume, alert, stop and target prices.
http://wwww.savvy-trader.com
Sam
So far this morning AAII and JCOM alerted a turn, and CBK, GYMB and WHI alerted a breakout. I have a position in AAII.
Sam