Friday, April 5, 2013

Friday's Breakouts

Friday, April 5:

Of 2,399 stocks and exchange-traded funds in this week's analytical universe, 64 that are traded on the major American stock exchanges broke beyond their 20-day price channels, 25 to the upside and 39 to the downside.

The symbols I analyze have a better than even chance of producing a profitable trade using the Turtle Trading method for entry signals.

Three low-volume symbols survived my initial screens. In descending volume order they are TECL, VRML and -- the only bull signal -- TBOW.

Bear plays have a limitation: They can only be made with stocks that have options with reasonably high open interest or with stocks having sufficiently high volume for a short sale. None of the downside breakouts meet those criteria.

That leaves the upside breakout, TBOW, with average volume of 48,000 shares and a price of $1.39 at Friday's close, as the sole survivor. I'll look more deeply at TBOW on Monday to see whether it is indeed a viable trade.

No comments:

Post a Comment