Tuesday, July 29, 2014

Tuesday's Prospects: Round 2

Nine symbols from the regular lists survived my first round of analysis, and there was also one surviving symbol on the supplemental list of high-volume potential bear plays.

All have been found wanting and so have failed the second round of analysis.

ONB and RBGLY failed confirmation.

ABAX, KEP, MCY and WYNMF have charts that, at first glance, are insufficiently strong in the direction of the signal. That is, I can tell immediately that I would find it hard to make the appropriate bullish or bearish case were I to do a full chart analysis.

One, VMEM, was a bear signal that lacks sufficient open interest on its options to use in building a bear position.

That left two from the regular charts, GES and ROP, and SDRL from the supplemental chart.

And all three, while confirming their signals, are moving intraday strongly counter to the direction of the signal. I insist on having momentum in the direction of the signal, and none of these are showing it.

So I'm setting them all aside. I don't intend to write an analysis of any of them today.

A full description of my first round of analysis can be found at "Tuesday's Prospects".

-- Tim Bovee, Portland, Oregon, July 29, 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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