Two, GMK and WR, failed confirmation. The remaining three are rallies within a downtrend -- counter-trend rallies.
I don't intend to do further analysis of or trade from the prospects list.
As a check on my methods, I ran a round 2 analysis on the big-cap breakouts, ignoring the odds analysis that I use in my first round of screening, with similar results: Of six breakouts, three were elminated by an earnings announcement scheduled within the next 30 days, one failed confirmation and the remaining symbol, a bull signal, is a counter-trend rally in downtrend.
That gives me a great deal of confidence that my strict scrutiny approach is giving me an accurate picture of the markets, and that my trading rules are doing their job correctly in keeping me out of new trades at this point.
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.
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.