Three failed confirmation, moving back within their 20-day price channels. That condition, under my rules, negates the trading signal.
All but one of the rest had bearish charts that had produced bull signals. The signals may in fact signify the start of renewed momentum, but the chart is still ambiguous enough that I don't consider those symbols to be good prospects for a trade.
The one symbol that passed all tests is MTRX, a bull signal off of the small-cap list. The company provides maintenance services at oil refineries and has a bullish rating from Zacks Investment Research, the service I use to short-cut may evaluation of the financials and other fundamental aspects of a potential trade.
I intend to write an analysis of MTRX and to post it today prior to the closing bell.
-- Tim Bovee, Portland, Oregon, June 11, 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.License
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