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Thursday, August 20, 2009

Optimistic Thursday - Swing Signals, Trend Busters and Trend Leaders for August 20, 2009

This is a quick post to announce that Thursday'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:
  • 111 Swing Signals -- 105 BUY signals and 5 SELL Signals. Plus, we have 2 Strong BUY signals.
  • 168 Trend Leaders, all in strong up-trends according to Aroon, MACD and DMI. We have 43 stocks that are new additions to the list and 91 that fell off the previous list.
  • 12 Trend Busters of which 2 are BUY signals and 10 are SELL signals.
The view from Alert HQ --

This is the second week when initial jobless claims were higher than expected and the previous week's numbers were revised upward. Nevertheless, the U.S. market optimistically took its cue from Asia and Europe and finished with a roughly 1% gain. Stocks today were helped by a positive result from the Fed's Philadelphia manufacturing survey which, in tandem with the NY Empire State index, shows that manufacturing is in the healing process.

Providing further support to stocks, the Index of Leading Indicators turned in a decent performance for the fourth week in a row. Investors were able to shrug off more poor results from retailers and stocks managed to struggle their way to a gain led by financials, materials and tech.

In a repeat of our Tuesday results, our Swing Signals again reflect serious bullishness as BUY signals overwhelmingly outnumber SELL signals. The only troubling sign coming from Alert HQ is that we see yet another decrease in the number of stocks on the Trend Leaders list. On Tuesday we had 218 stocks and ETFs on the list. Today we are down to only168. This divergence shows that it is proving difficult to truly get this rally back in gear and that investors are not overly exuberant.

In the meantime, I'm happy to see the major averages continue to grind out gains despite mixed signals from the economy. I'll take a day like today any day.

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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