Oil prices hit new highs this week but this time major stock averages tumbled. Sentiment turned negative as inflation became a concern and Fed minutes showed little sign of further rate cuts. As a result, this week we have only 5 BUY signals and 10 SELL signals.
Looking back --
Here are a couple of examples of BUY signals from last week's TradeRadar Alert List and the gains they generated in just five days:
- A digital identity assurance company gained 7%
- A pharmaceutical company gained 3%
- A real estate investment trust is now up 25%
- A regional bank that is up 11%
- A U.S. telecom company that has gained 10%
As usual, later this weekend I will be writing another post to describe my analysis of the market statistics the Alert HQ software has generated. Market internals clearly reflect the decline in markets this week. Momentum appears to have stalled. Is this just a healthy consolidation or something worse? Stay tuned for the full analysis.