This post is to announce that the latest list of free stock alerts is up and available at Alert HQ. Each week we scan over 6800 stocks and ETFs looking for fresh BUY and SELL signals. We apply a combination of proprietary and standard technical analysis techniques to identify those stocks that are beginning to move. Our goal is to identify stocks or ETFs that are undergoing reversals, either to the upside or to the downside.
We had another run of consistently bad economic data this week combined with a number of bellwether stocks in a wide range of industries that reduced forward guidance. Jobless claims continued at recession levels, bonds continued to receive a flight to quality trade driving yields to record lows and retail sales were bad but not as bad as feared. Tribune Company declared bankruptcy and Bernie Madoff admitted $50 billion had evaporated as his investment company turned out to be a Ponzi scheme. These shocks to the system couldn't derail stocks to any great extent and rather that plunging, stocks engaged in a little back and forth action and finished the week with modest gains.
Against the backdrop of a market that won't go down, we see the number of new BUY signals hanging in at a fairly substantial level. Here is the breakdown for this week:
- based on daily data, we have 56 BUY signals and only 4 SELL signals
- based on weekly data, we have 8 BUY signals and 2 SELL signals