Sold HANS (Stock broke 50dma on Thursday; stock is seriously weak. After holding this trade for over 3 months, I am glad to move on to something new.)
Shorted BLUD (Being stopped out of a long suggests I should probe the short side of the market)
Well, the market continued its ascent this week, and being nearly entirely long, this was beneficial for me. As I have been saying for many weeks, the market continues to show incredible strength, and like last week, the path of least resistance is still up.
The number of stocks that are breaking out continues to astound me. For example, my 26 week high scan produced 257 results, and almost all of these look great. The vast majority of these candidates do not look overextended, and a great number have broken out of bullish consolidations.
Conversely, only 8 new stocks were making fresh 26 week lows, and 7 of these were inverse ETFs! Clearly, there is a lot of strength in the market right now.
Here is how my stock account looks going into next week:
Short BLUD (Shorted at worst possible time on Thursday, may get stopped out)
Long CAKE
Long EWA (Appears strong, and I may add to)
Long OCN
Long RHT
Long STEC
Long RBI.to
Long U.to (Has continuously gone down since I bought it, but will wait to see if stop is hit)
Anyway, here are the stocks my scans picked up this weekend:
Generally, I think it is unwise to invest in anything with daily volume of less than 100,000 shares, but, nonetheless, this ETF looks appealing.
Suitable alternatives to this ETF are JJC and DBB
Have a great week.
