Monday: No Trades

Nothing survived my second round of screening, so I won't be opening any new positions today.

(Well, that turned out not to be true. See "Monday's Outcomes: ANF".)

Of the first-wave survivors, TU failed confirmation, RKT was trending contrary to its Zacks rating and CPT and KYO were bear plays with insufficient open interest on options to contruct a bear position.

ADBE gave its bull signal as a result of an earnings announcement. Under my rules, I can't enter until it again breaks above the current 20-day price channel. That hasn't happened today and appears unlikely.

So ADBE goes on the Watchlist, for later analysis and consideration.

I'm formulating a modification to my rules that would allow the chart analysis to take precedence over the Turtle trading signals. However, ADBE's chart appears to provide a likelihood, although not a certainty, that a downtrend has begun, so even under the modified rules, I wouldn't take the trade.

KFY's chart is clearly topping.

See "Monday's Prospects" for the first round of analysis.

I then went to the small-cap stocks that I analyze on the side. I had two bull signals, VLCCF and  BXE. Both charts suggest that the symbols rising within downtrends -- not the sort of play I usually take.

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.