Friday, June 20, 2014

Friday's Prospects: Round 2

All but one of the 15 survivors of my first round of analysis failed to make it past the second round. All were bull signals. (See "Friday's Prospects" for a list of surviving symbols.)

Five failed confirmation or showed intraday momentum that was contrary to the signal. The are CWEI, SPLK, SCG, DTE and DLNG.

The remaining nine had charts that were bearish in some way -- in most cases they had the spring peak followed by a decline and partial recovery, forming a hook. That pattern may prove to show a true recovery eventually, but not until the price moves to a higher high.

The one survivor is from the over-the-counter bulletin board list: ITYBY, the ADR of the British company Imperial Tobacco, which trades in London as IMB. It's brands include a number known internatially, such as Gauloises Blondes, as well as Golden Virginia, the best-selling rolling tobacco globally.

The financials are adequate, the volume is five digits and there are no options, so any position would be structured as long shares. Zacks Investment Research, the service I use as a short-cut for fundamental assessment, gives it a neutral rating.

ITYBY pays a high dividend, in excess of 4% annualized at today's prices, so it will go better as a play under my longer-term rules. I don't intend to write it up as a shorter-term play. I shall, however, add it to the list of possible longer-term plays that I keep on the side.

I plan no analysis today and will place no trades off of the prospects list.

-- Tim Bovee, Portland, Oregon, June 20, 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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