Support the Wall Street Examiner! Choose your level of support to receive a free proprietary report as my thanks. Click the button below to see your options. Become a Patron!

Screen Game Data Doesn’t Support a Crash

Originally posted at Capitalstool.The Wall Street Stool Pigeons Wire

Bears won yesterday’s screen game, of course. The score was only 41 to 7, a spread of -34. Weird. Tuesday’s score was Bears 26, Bulls 21. I would have thought that two days of carnage. Maybe it’s just lag. Maybe many stocks are holding up ok. Or maybe my screening methodology is horseshit.

The 5 day moving total is only 130 sells to 129 buys. It’s definitely deteriorating, but this is hardly a number that would seem to justify the clobbering we just saw.

I screen all stocks and ETFs from the NYSE and NASD, excluding those with less than an average of 1 million shares per day traded, and selling for less than $6 per share.  The table below shows swing trade buy signals and sell signals from yesterday’s action. The numbered columns represent the time frame of the support or resistance trend around which the signals were generated.

Here is today’s  output. The number 1 indicates that the condition is true. 0 is false. The numbers on the right half of the chart represent the time frames in days of the support or resistance areas where the signal was triggered.

Symbol Buy Sell 500 200 125 50
Totals 7 41 8 8 14 21
CLVT.K 1 0 0 0 1 0
LABU.K 1 0 1 0 0 0
EPD 1 0 0 0 0 1
EXAS.O 1 0 1 0 0 0
GPN 1 0 0 1 0 0
NTLA.O 1 0 0 0 1 0
MVIS.O 1 0 0 0 0 1
ADBE.O 0 1 0 0 0 1
AXL 0 1 0 0 0 1
ARCC.O 0 1 0 0 0 1
BALY.K 0 1 0 0 1 0
CIEN.K 0 1 0 0 1 0
CNDT.O 0 1 0 0 0 1
CREE.O 0 1 0 1 0 0
GUSH.K 0 1 0 0 0 1
TECL.K 0 1 0 0 1 0
D 0 1 1 0 0 0
EIX 0 1 0 1 0 0
FEYE.O 0 1 0 0 0 1
FLEX.O 0 1 0 0 1 1
GOGO.O 0 1 0 0 1 0
INTC.O 0 1 1 0 0 0
PCY 0 1 1 0 0 0
IRDM.O 0 1 0 1 0 0
IEF.O 0 1 0 0 0 1
EWY 0 1 0 0 0 1
KAR 0 1 1 0 0 0
KMB 0 1 0 0 0 1
KGC 0 1 0 1 0 0
KLAC.O 0 1 0 0 1 0
LAUR.O 0 1 0 1 1 0
LITE.O 0 1 1 0 0 0
MGY 0 1 0 0 0 1
NTNX.O 0 1 0 1 0 0
PVG 0 1 0 0 1 0
PUMP.K 0 1 0 0 0 1
SCHR.K 0 1 0 0 0 1
SQM 0 1 0 0 1 1
SPTS.K 0 1 0 0 1 0
TPX 0 1 0 0 0 1
EMLC.K 0 1 1 0 0 0
GDXJ.K 0 1 0 0 1 0
VGIT.O 0 1 0 0 0 1
VGSH.O 0 1 0 0 0 1
VIAV.O 0 1 0 0 0 1
WMT 0 1 0 0 1 0
WPM 0 1 0 1 0 0
WYNN.O 0 1 0 0 0 1

This is raw data. These are not recommendations. They represent charts that have triggered short term signals near key cyclical support or resistance levels. Pick through these and see if there are any that you like using your own charts. Feel free to post your charts here with comments.

Every weekend I use the previous week’s screens to select charts that have potential for a move, and I post them for subscribers.

Second Wind – Swing Trade Picks For Week of May 10, 2021

By now, most of the longs should be stopped out. There were 3 shorts that I imagine are doing ok. I’ll have a look later to update.
You can see which ones I actually pick each week by subscribing to Technical Trader. Try it for 90 days risk free (first time subscribers).

A few sample charts from today’s screen. Here are a few that look interesting. Again, these are NOT RECOMMENDATIONS.  
Click the chart to enlarge

image.png

image.png

Bottom, or crash?
image.png

 

image.png

image.png

image.png

image.png

image.png

image.png

image.png

Lee Adler

I’ve been publishing The Wall Street Examiner and its predecessor since October 2000. I also publish LiquidityTrader.com, and was lead analyst for Sure Money Investor, of blessed memory. I developed David Stockman's Contra Corner for Mr. Stockman. I’ve had a wide variety of finance related jobs since 1972, including a stint on Wall Street in both sales, analytical, and trading capacities. Prior to starting the Wall Street Examiner I was a commercial real estate appraiser in Florida for 15 years. I was considered an expert in the analysis of failed properties that ended up in the hands of bank REO divisions, the FDIC, and the RTC. Remember those guys? I also worked in the residential mortgage and real estate businesses in parts of the 1970s and 80s. I have been charting stocks and markets and doing analytical work since I was a teenager. I'm not some Ivory Tower academic, Wall Street guy. My perspective comes from having my boots on the ground and in the trenches, as a real estate broker, mortgage broker, trader, account rep, and analyst. I've watched most of the games these Wall Street wiseguys play from right up close. I know the drill from my 55 years of paying attention. And I'm happy to share that experience with you, right here. 

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.