Friday, November 15, 2013

Friday's Prospects: No Trade

Do you ever have those mornings when you wake up, look around, and say, "I hate everything"?

It was one of those morning as I did my second-stage analysis of symbols that survived initial screening overnight. All of them had something I didn't like. (See "Friday's Prospects" for a full report on my initial screening.)

To begin with, all had sent bull signals, which is not really where my gut instinct about the markets is today. Most charts that I see these days appears to be in the stages of the rise. I'm very interested in seeing some bear signals to balance the long-running uptrend.

Four symbols failed confirmation -- IPG, CTXS, PGR and KEP. One was an ultra fund, FAZ. That's fairly standard fair for a preliminary weeding of the possible trades.

I then went to the charts. BAC, DIS and ASR are clearly in corrections rather than in uptrends. RLGY is in a downtrend.

Two symbols, URI and SNX, had charts that appeared to me to be topping.

The remaining symbols -- HIG, BASFY and GMK -- lacked upside momentum.

So, I won't be opening positions today based on Thursday's signals. I shall be looking at the my Watchlist and Roll List to see if any trades are possible and will note them in "Friday's Outcomes", to be posted around the time of the closing bell.

References

My trading rules can be read here. And the classic Turtle Trading rules on which my rules are based can be read here.

Disclaimer
Tim Bovee, Private Trader tracks the analysis and trades of a private trader for his own accounts. Nothing in this blog constitutes a recommendation to buy or sell stocks, options or any other financial instrument. The only purpose of this blog is to provide education and entertainment.
No trader is ever 100 percent successful in his or her trades. Trading in the stock and option markets is risky and uncertain. Each trader must make trading decision decisions for his or her own account, and take responsibility for the consequences.

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