Friday, June 6, 2014

Friday's Prospects: Round 2

A very large pool of symbols, 64 bull signals altogether, made it past my first round of analysis. (See "Friday's Prospects").

Of those, only five failed confirmation by moving back within their 20-day price channels.

Most charts that I look at these days end with a hook, a fall off from a recent peak and then a recovery that is still below that peak. Unless the peak level is beached, the possibility of a head fake remains in place.

Today's batch of symbols didn't disappoint. All but seven showed the characteristic hook and were disgarded. The throw-aways, much to my disappointment, included the big fish in the catch, AMZN, which would be a great trade in terms of both liquidity and also, for the longer term, market dominance, if only its chart were more bullish.

My next stop was Zacks Investment Research, the service I use as a short-cut for fundamental analysis.

Zacks was neutral about all but one of the seven symbols that had made it this far.

The lone survivor of the second round of analysis is ESRT, with a bullish rating from Zacks. I shall do a full write-up today and post it before the closing bell.

A word of warning, however, ESRT -- the real-estate investment trust that mangages the Empire State Building in New York City, has only been trading since Oct. 2, 2013, less than a year ago. That is a technical violation of my rules.

Rules, however, are made to be broken, at least that has always been my practice, causing occasional discomfort to my teachers and parents. So despite the rule, ESRT may be a trade for me.

-- Tim Bovee, Portland, Oregon, June 6, 2014


My shorter-term trading rules can be read here. My longer-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.

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