The list’s current performance is weaker than the past couple of weeks. That is entirely due to 5 trades put on since Wednesday that haven’t had a chance to develop yet. Obviously, going the right way is not guaranteed, but the new trades need time play out. That will also be true of the 4 short picks to be added on Tuesday.
I have added no longs and 4 shorts to the list for Tuesday (markets closed Monday). Charts of the new picks are shown in the report.
After closed trades there will be 12 longs and 5 shorts on the list. Selecting the lowest risk long and short chart setups puts us in position to profit from the next big market swing, regardless of direction.
I have been adjusting trailing stops on the shorts and they’ve been getting hit with good results. 11 of the 12 shorts closed last week were profitable. I have been adding stops to the longs as key support levels and inflection points become apparent.
Including open trades and those closed so far in February, 64% of all trades are profitable. The average profit (including losing trades) is 4% per 12 calendar days average holding time. Performance assumes all cash, no leverage used. The S&P 500 has gained 3.1% over the last 12 calendar days.
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Here is today’s updated list including new buys, sells, short sales, cover shorts, and updated stops, as well as performance metrics for this month.
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