Today we have the following:
- 19 Swing Signals -- 7 BUY signals and 12 SELL Signals.
- 304 Trend Leaders, all in strong up-trends according to Aroon, MACD and DMI. We have 134 stocks that are new additions to the list and 82 that fell off the previous list.
- 28 Trend Busters of which 11 are BUY signals and 17 are SELL signals.
- 165 Gap Signals -- stocks with upside or downside gaps or gaps that have been closed. 78 are bearish gaps and 87 are bullish gaps.
After two good weeks the market took it on the chin today. A worse than expected Consumer Confidence report was blamed for the downdraft. It was surprising to me that investors took it so seriously. With a raft of better than expected retail sales results coming out, it's hard to believe that this Consumer Confidence number was anything but an anomaly. Nevertheless, down we went today.
As a result, the Swing Signals and Trend Busters dried up. Of the few signals we have today, the majority are SELL signals.
On the positive side, the Trend Leaders list is hanging in there with a decent number of stocks and ETFs and, thankfully, they are not inverse ETFs. The Gap Analysis list shows more upside gaps than downside gaps, which is still at least a little bullish.
Over the weekend I wrote that the market was on the way to further gains but that its path would not be a straight line up. Today surely proved that point as markets took a real detour.
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.