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Down we go - Thursday Swing Signals, Trend Busters, Gaps and Trend Leaders for Oct 1, 2009

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

Today we have the following:
  • 28 Swing Signals -- 3 BUY signals and 25 SELL Signals.
  • 218 Trend Leaders, all in strong up-trends according to Aroon, MACD and DMI. We have 43 stocks that are new additions to the list and 178 that fell off the previous list.
  • 62 Trend Busters of which 26 are BUY signals and 36 are SELL signals.
  • 318 Gap Signals -- stocks with upside or downside gaps or gaps that have been closed.
The view from Alert HQ --

Not much to say but stocks took a real tumble today. Our Tuesday signals, which suggested there was a slowing in the negative momentum, turns out to have been a head fake.

Once again we have lots of inverse leveraged ETFs generating BUY signals. We have a Trend Leaders list with the fewest number of stocks on it that we have seen in a long time. SELL signals again outnumber BUY signals on the Swing Signals list.

Since I am feeling under the weather, I will not try to provide an extensive analysis. My parting thoughts are that things are now swinging short-term oversold and we are just about at the support levels I described in my post from last Thursday. Here is an updated chart of the S&P 500 showing those same Fibonacci retracement lines.


As can be seen we are now at a 50% retracement. Given the strength of this downturn (pretty good volume was registered today), we could see some further declines, perhaps down to the 1015 level. A break through that level would be bad news. This is a good time to make sure your stops are all in order.
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