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Thursday, September 3, 2009

Holy Cow! - Thursday Swing Signals running wild

OK, markets hit a rough patch over the last few days but managed to put together a bit of a bounce today. Yes, we had the obligatory "stick save" at the end of the session. The result, though, is that a whole bunch of stocks are now perfectly matching the criteria we need to generate bullish Swing Trading Signals.

Here are the results for Thursday's Swing Signals, Trend Leaders and Trend Busters. All are now available at Alert HQ and are based on daily data.

Today we have the following:
  • 129 Swing Signals -- 110 BUY signals, 4 SELL Signals and 15 Strong BUYs. Our most bullish situation ever!
  • 79 Trend Leaders, all in strong up-trends according to Aroon, MACD and DMI. We have a paltry 14 stocks that are new additions to the list and 114 that fell off the previous list.
  • 19 Trend Busters of which 9 are BUY signals and 10 are SELL signals.
The view from Alert HQ --

Thursday's signals always coincide with the release of initial jobless claims. Today's results didn't move the market though the numbers were certainly nothing to be happy about. On the other hand, minor improvements and more of the "less bad" them is preferable to horrible. Retails sales were also disappointing but a few bellwether companies beat expectations so stocks tacked on some gains.The ISM Services index was actually a pretty good piece of news and stocks plunged when it was released and then finally recovered. Go figure...

With respect to Alert HQ, we have a situation that is the opposite of what we saw last week. Then, we summarized it as Swing Signals down, Trend Leaders up. Today the tables are turned.

Our Trend Leaders typically show a bit of a lag while the Swing Signals are usually the early warning signal. Today's Trend Leaders list, smaller than it has been in months, shows the effect of the recent weakness in stocks. Our Swing Trading Signals, however, show that many stocks have been able to shake off the weakness. The larger than usual number of Strong BUYs shows that a good number of stocks have not violated their up-trends during the downturn of the last few days and are now clawing their way back.

When we get big reactions in our Swing Signals, it has been know to mark a turning point. If that is true today, you should be prepared to buy some stocks! And I might mention the emerging market ETFs seem to be in a resurgence so don't be afraid to look abroad.

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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