Well, Congress didn't get the bailout plan passed but the president assures us it will pass eventually. Another "mission accomplished"? We shall see. In any case, the uncertainty surrounding the bailout, compounded by terrible numbers related to home sales, durable goods and jobless claims served to push the markets down again. Losses on the week for the major averages ranged from 2.2% on the Dow to a whopping 6.5% on both the S&P Midcap 400 and Russell 2000.
Damage to our Alert HQ technical indicators continues. Against this backdrop, we see SELL signals outnumbering BUY signals again. Here is the breakdown for this week:
- based on daily data, we have 20 BUY signals and 36 SELL signals
- based on weekly data, we 16 BUY signals and 41 SELL signals
On the SELL list we see a mixture of industrial, tech and retail companies and a bullish U.S. dollar ETF among many others.
Stop by Alert HQ and download your free lists. The lists based on weekly data show those stocks that have exhibited some good follow-through after a recent trend reversal. If you want to be early in identifying the newest trend reversals, the lists based on daily data are for you. No matter which preference you have, there are bound to be a few stocks you will want to add to your watch list.