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Thursday, July 16, 2009

Follow-through Thursday: Trend Busters, Swing Signals and Trend Leaders for July 16, 2009

It looked like today might result in profit taking but instead we got a fine follow through on the previous days' rally. With jobless claims under 600K for the second week in a row, continuing claims finally showing a decrease and JP Morgan Chase reporting excellent earnings, the bulls wouldn't be denied today.

The view from Alert HQ --

The buildup in BUY signals on our Swing Signals list gave us a suspicion that a rally was on the way. Sure enough, that's what we've had this week. The number of Swing Trading Signals today has receded but the majority are BUY signals. If they are truly a leading indicator, the outlook now should be that the rally is slowing down.

On the other hand, our list of Trend Leaders continues to bulk up. It has been steadily growing and reflecting the return of bullishness to the market as more and more stocks and ETFs begin to display strong uptrends.

A further confirmation of the positive tone is found in our Trend Busters list where BUY signals dominate SELL signals three-to-one.

Thursday's Signals --

Today we have the following:
  • 46 Swing Signals -- consisting of 43 BUY signals, a mere 3 SELL Signals.
  • 184 Trend Leaders, all in strong up-trends according to Aroon, MACD and DMI. There are 107 new stocks that made today's list and only 21 that fell off Tuesday's list.
  • 45 Trend Busters of which 35 are BUY signals and 10 are SELL signals
Using the signals --

As a humble practitioner of technical analysis, I admit that every signal can't be correct. Alert HQ can, however, provide a filtered selection of likely candidates from which investors can choose. Remember, 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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