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Thursday, August 6, 2009

All fall down Thursday - Swing Signals, Trend Busters and Trend Leaders for August 6, 2009

This time, Cisco didn't help the market one bit.

After a positive start, the major averages just continued to work their way downward, closing moderately lower. Cisco's beat the night before and relatively positive guidance wasn't positive enough to convince investors that stocks, already overextended, deserved to rally further.

Recent leaders Financials and Materials also gave ground today. Technically speaking, it looks like the highly anticipated pullback is underway. Stocks are falling.

The view from Alert HQ --

Our list of Trend Leaders is hanging in at a level comfortably over 1000. This is a good indication of the bullish sentiment in the market but if a pullback is underway there will be a bit of a lag before we see it in the Trend Leaders list.

The signals with the least lag are the Swing Signals. For the last week or so, we have been seeing more SELL signals than BUY signals. Today we see more of the same. Way more of the same.

Our Trend Busters list is expanding and, in concert with our Swing Signals, we see significantly more SELL signals than BUY signals.

Unfortunately, our signals now reflect waning bullishness.

Friday we get the big Non-Farm Payrolls report. This is always a market-mover. Unless the report significantly surprises on the bullish side, we should be prepared to see stocks drift lower over the near term. I'm thinking at least another 5% on the downside. What do your think? Am I being optimistic or pessimistic?

Thursday's Signals --

Today we have the following:
  • 50 Swing Signals -- consisting of 10 BUY signals and 39 SELL Signals amd one Strong SELL.
  • 1239 Trend Leaders, all in strong up-trends according to Aroon, MACD and DMI. There are 154 new stocks that made today's list and 201 that fell off Tuesday's list.
  • 27 Trend Busters of which 7 are BUY signals and 20 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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