Today we have the following:
- 40 Swing Signals -- 15 BUY signals and 25 SELL Signals.
- 1103 Trend Leaders, all in strong up-trends according to Aroon, MACD and DMI. We have 308 stocks that are new additions to the list and 53 that fell off the previous list.
- 36 Trend Busters of which 34 are BUY signals and 2 are SELL signals.
OK, now I'm really worried.
On Tuesday the list of Trend Leaders had grown to a level that was pretty close to a historical high. Today it has hit what is pretty much the maximum level we have seen at short-term or intermediate market peaks.
Our Swing Signals are now skewing negative. SELL signals are outnumbering BUY signals. This has often been a leading indicator of short-term weakness.
Still keeping the faith is our Trend Busters list. We continue to see a preponderance of BUY signals.
Today's market action was only slightly bearish. Really, stocks didn't fall all that much since most of the economic news was pretty decent. Our signals, however, suggest we have seen the highs for the near-term and that a modest pullback could easily be the next phase in this market. Nevertheless, I'd be surprised if stocks fell more than 3% or 4%. In other words, I remain bullish and this could be an opportunity for dip-buyers.
So keeping checking our site. We're finding plenty of opportunities and we post them three times a week.
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.