Monday, June 9, 2014

Monday's Prospects: Round 2

Of the 54 symbols that survived my first round of screening, three failed confirmation by moving back into their 20-day price channels in this morning's trading. (See "Monday's Prospects" for a full list of first-round survivors.)

Nearly all of the remainder had charts that were insufficiently bullish. By that, I mean that the 20-day price channel breakout wasn't really a break above the high of the last few months.

That lack of a higher high creates a great deal of ambiguity. Is the present near-term rise the beginning of a mid-term uptrend, or is it a correction within a downtrend? At this point, there is no way to tell.

Four symbols made it past the confirmation and chart tests: GRFS, TI, GRMN and FWLT. Their charts are equally bullish.

To choose among them, I turned to Zacks Investor Research, the service I use as a window into the fundamentals and analyst sentiment.

Only one symbol stood out within Zacks, GRFS, with a strong bullish rating and yet with a price only 4% above the level implied by the growth estimates. The other three symbols all had neutral ratings.

I'll write a full analysis of GRFS today, posting it prior to the closing bell.

-- Tim Bovee, Portland, Oregon, June 9, 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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