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Troublesome Tuesday - Swing Signals, Trend Busters and Trend Leaders for June 16, 2009

This is a quick post to announce that Tuesday's Swing Signals, Trend Leaders and Trend Busters are now available at Alert HQ. All are based on daily data.

Today we have the following:
  • 56 Swing Signals -- 24 BUY signals and 32 SELL Signals but no Strong BUYs or Strong SELLS.
  • 252 Trend Leaders, all in strong up-trends according to Aroon, MACD and DMI. We have 37 stocks that are new additions to the list and 450 that fell off the previous list.
  • 197 Trend Busters of which only 23 are BUY signals and 174 are SELL signals.
Today's signals paint a troubling picture --

First, our list of Trend Leaders has been decimated in the last two trading days. On the weekend we had 665 stocks and ETFs on the list, after today there are only 252.

Conversely, today we have a big increase in the number of stocks and ETFs on our Trend Busters list. What is worrisome is that a big proportion of those that are breaking to the up-side are inverse ETFs.

So we see fewer stocks in strong up-trends and more inverse ETFs breaking to the up-side. This does not bode well for the market in the near term. Indeed, both the NASDAQ and the S&P 500 broke below their 20-day MA today. We are now coming up on a test of the 200-day MA, which, I guess, should be no surprise after such a steep climb from the March lows. Let's hope this is just a minor correction and not a reassertion of the bear.

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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