Thursday's Prospects: Round 2

The U.S. markets close two hours early today, at 2 p.m. New York time, and will be closed on Friday.

Two symbols, ARUN and FGP, passed my first round of analysis. (See "Thursday's Prospects".)

They are potential bull plays. Their charts, however, suggest that the break above the 20-day price channel in each instance is an upward retracement within a downtrend.

That makes any bull play on the stocks a counter-trend play, which is something I avoid under my rules.

I won't be performing further analysis or trading those symbols based on Wednesday's signals.

References

My shorter-term 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 decisions for his or her own account, and take responsibility for the consequences.