Monday, March 25, 2013

Monday's Breakouts

Monday, March 25:

Of 2,399 stocks and funds in this week's analytical universe, 29 that are traded on the major American stock exchanges broke beyond their 20-day price channels, 12 to the upside and 17 to the downside.

None survived my initial screens. The two that came closest to surviving -- V and BT -- had a better than 50% success rate, but low average returns on the successful trades reduced the score to below my preferred minimum, 5%. Both stocks had given bull signals.

The week is being shortened by Friday's holiday, so a quieting of the market isn't at all unexpected. I was surprised by the preponderance of bear signals over bull signals.

Two over-the-counter stocks from my analytical universe broke beyond their 20-day price channels, one to the upside and one down. None survived initial screening.

With no surviving issues from Monday's breakouts, I won't be looking to open any new positions on Tuesday.

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