Today we have the following:
- 20 Swing Signals -- 12 BUY signals and 8 SELL Signals.
- 318 Trend Leaders, all in strong up-trends according to Aroon, MACD and DMI. We have 103 stocks that are new additions to the list and 95 that fell off the previous list.
- 34 Trend Busters of which 26 are BUY signals and 8 are SELL signals.
- 173 Gap Signals -- stocks with upside or downside gaps or gaps that have been closed. 92 are bearish gaps and 81 are bullish gaps.
A sour day in the market today led to losses in all major averages. The financial sector especially fell into disfavor again with Citi's misfire of a stock offering and Meredith Whitney's downgrading of Goldman Sachs and Morgan Stanely. For the second week in a row, initial jobless claims ticked up slightly while the four-week moving average declined and the prior weeks number were revised lower. Remaining economic reports were fairly positive with the Philadelphia Fed index comfortably beating expectations and the index of Leading Indicators showing another improvement.
Be that as it may, the dollar was up and that's all traders needed to know. The rise in the US Dollar Index almost exactly matched the decline in major averages.
The impact on our Alert HQ signals was clear. The most responsive signals, the Swing Signals and Trend Busters saw several similar changes: total number of stocks on each list decreased and number of SELL signals increased. On the other hand, there's always a bull market somewhere and today it was again in the energy sector. There are too many companies to list here so if you're interested in finding some energy stocks on the move, I encourage you to check out these two lists.
Interestingly, the slower moving indicators that drive the Trend Leaders list actually allowed that list to grow despite today's dismal action. The total number of stocks on the list increased a bit since Tuesday.
In general, stocks and our signals are clearly slumping but I still don't see serious weakness looming. With BUY signals still outnumbering SELL signals I am disposed to stay optimistic. How about you?
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 or Gap Signals may provide some good trading ideas.