Bought RHT
Covered SSW (Hard stop hit - trade did not work out)
Bought U.to
This week started off quite strong for me, strong enough to kill off my one short, but ended on some weakness. Two of my positions, HANS, and OCN displayed signs of relative weakness on Friday, and are now close to violating their 50 day moving averages. If (and only if) these stocks are stopped out, I will have to replace them with shorts again.
On the other hand, I noticed when I was doing my scans today that there are an incredible number of stocks making new 26 week highs (97 to be exact), and only 5 stocks that are making new 26 week lows. In fact, there were dozens of longs that I could have posted in today's post that look great, but for the sake of brevity, only posted the very best.
The fact that there are still an abundant number of stocks that look strong, and so very few that look weak, suggests to me that the market as a whole must still be strong. And this thought seems to be confirmed by looking at most market indexes, as the Dow and S&P are still both above their 50dma, and the Nasdaq is above its 50dma and 200dma.
I think the most professional way to view the market right now is to accept the fact that the market is still strong, until the point where it becomes weak again.
Anyway, here are the stocks my scans picked out today:
A large move, either up or down, could be next for the stock shown below. However, since the trend is up, the odds favour the upside:
