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Tuesday, June 23, 2009

Bumpy Tuesday - Swing Signals, Trend Busters and Trend Leaders for June 23, 2009

This is a quick post to announce that Tuesday's Swing Signals, Trend Leaders and Trend Busters are now available at Alert HQ. All are based on daily data.

Today we have the following:
  • 56 Swing Signals -- 36 BUY signals and 16 SELL Signals plus 4 Strong BUYs.
  • 86 Trend Leaders, all in strong up-trends according to Aroon, MACD and DMI. We have 19 stocks that are new additions to the list and 90 that fell off the previous list.
  • 180 Trend Busters of which only 12 are BUY signals and 168 are SELL signals.
After Monday's sell-off, Tuesday's bumpy ride leaves stocks flat on the day --

More weakness in the market has prolonged the shrinkage in our list of Trend Leaders. On the weekend we had 157 stocks and ETFs on the list, after today there are only 86. A few weeks ago there were around a thousand. Leadership in this market is getting mighty scarce.

Similarly, our Trend Busters list reflects further weakness as the breakouts to the downside greatly outnumber the breakouts to the upside.

As stocks continue last week's correction, however, it comes as a surprise that our Swing Signals list is leaning toward the positive side with more than twice as many BUY signals as SELL signals and four Strong BUYs to boot. Could this be an indication stocks are finding support at current levels? Many major averages are hovering around 200-day moving averages and are near their lower Bollinger Bands. If economic reports cooperate, we could see this correction begin to turn around. Then again...

Using our signals --

If you're a momentum trader, the Trend Leaders list is a good place to go shopping. If you practice technical analysis, check out the Trend Busters. And if you are a short-term trader or even a day trader, our Swing Signals may provide some good trading ideas.

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