In running my daily stock screens for my personal trading account, I’ve been getting some bizarre results over the past week. Today was no exception.
These are the same screens that I run for the weekly swing trade chart picks report in Liquidity Trader’s Technical Trader service. Over the past week or so, there have still been a preponderance of buys in the first step, where the algo looks for stocks in setups that represent up or down trends with some likelihood of continuing. But the second step is what I call the trigger screen. It looks at the first group to see if there’s a buy or sell signal on that day. Lately, we’ve been coming up with big fat zeros on the buy side.
Today, based on yesterday’s closing prices in step one, buys outnumbered sells by 69 to 24. But the trigger screens yielded no buys. Not one of the 69 stocks on the buy side triggered a buy signal yesterday. On the sell side, 3 of the 24 triggered sell signals. So there’s not much doing there either.
I guess that means that if you are going to pick something in this market, it should be your nose.
Meanwhile, I had a bunch of both longs and shorts in my little trading port, with some nice profits in the longs that I harvested yesterday, leaving me with just a few tiny short positions while picking my nose. I’m also adding 1/3 positions in the 3 short sale candidates. I can hardly say that I’m filled with confidence that these will turn into winners.
Normally, when I’m feeling such a lack of confidence it’s a good sign, but thinking that it’s a good sign balances that out. So I try not to be optimistic, or feeling that I have any idea of what I’m doing. That’s a sure sign that a spanking is coming.
As for the ES, Wow, can we handle the excitement. It looks like May 7, a day that will live in family where nothing happened, and then there was a shakeout, leading to another day of nothing happening, and so on.
Don’t you just love this market.
Not being the Amazing Kreskin, I do not predict. I just report. The market decides.
For moron the markets, see:
- Swing Trade Screen Picks – No Way! May 13, 2024
- Higher But Narrow May 13, 2024
- Icing on the Gold Cake May 10, 2024
- April Tax Collections Soared May 4, 2024
- Gold Valley Rally May 3, 2024
- The Fed Doesn’t Matter Any More May 1, 2024
- Swing Trade Screen Picks – Hidden Gems April 29, 2024
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