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Thursday, February 4, 2010

Vicious selloff slaps TradeRadar - Alert HQ for Thursday, Feb 4, 2010

This post is announcing that Thursday's Swing Signals, Trend Leaders, Trend Busters and Gap Signals are now available at Alert HQ. All are based on daily data.

Today we have the following:
  • 5 Swing Signals -- 4 BUY signals and 1 SELL Signal.
  • 117 Trend Leaders, all in strong up-trends according to Aroon, MACD and DMI. We have 47 stocks that are new additions to the list and 48 that fell off the previous list.
  • 19 Trend Busters of which 3 are BUY signals and 16 are SELL signals.
  • 221 Gap Signals -- stocks with upside or downside gaps or gaps that have been closed. 123 are bearish gaps and 98 are bullish gaps.
The view from Alert HQ --

With almost all other Alert HQ indicators looking pretty bearish, we got a huge surge of BUY signals on our Swing Trading signals list on Tuesday. This was the result of a couple of good days that allowed stocks to bounce off their lower Bollinger Band. I read this as a precursor to a rally and predicted that stocks might begin to recover after two weeks of declines.

After today's action, though, it looks more like those Swing Signals were a head fake. Markets fell a good 3% today and it was a reality slap for TradeRadar. One of the rules of technical analysis is that if you have a promising signal, you should ensure you have confirmation from another indicator. I guess we've proved that you need more than just a batch of Swing Signals to call a rally when everything else is looking weak.

Well, things are pretty bearish across the board now at Alert HQ. It's almost surprising that we have any BUY signals when the short-term direction in the stock market has been so severely down.

Friday brings the Non-Farm Payrolls report. This might be a last chance for redemption for this market. An upside surprise should halt the slide, a bad report would likely hasten the decline. As I write this, the Nikkei is down over 2% so the morning will dawn in the U.S. with a gloomy cast. If you haven't been stopped out yet (as I have in a few positions) then be careful and watch those support levels!

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.

Found a few stock picks you are interested in? If you are looking to refine your entry and exit points, you should take a look at what our friends at Hottinger's E-Zone Signals have to offer.

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