Friday, January 9, 2015

Friday's Finalists

The markets on Wednesday came out from their start-of-the-year decline with a bullish toss of the horns. Today, the bear has come lumbering back, not with a roar but a whimper.

Of the eight symbols that survived the early rounds of analysis (see "Friday's Prospects"), five failed confirmation by moving back within their 20-day rice channels. Two confirmed but then showed momentum counter to the signal.

The one symbol that carried through on the signal, the bearish KATE, has a bid/ask spread percentage in the double digits, which is too wide for my purposes.

At that point, there were no symbols left standing amid the analytical wreckage.

The one company surviving on my innovators list, TMUS, has given a bull signal on a chart that is still in a downturn. That strikes it from my list, since I don't trade countertrend, on purpose at least. I'll get another look at TMUS, as a potential volatility play, when it publishes earnings in late February.

With no current prospects for earnings plays in sight until after the weekend, I won't be opening new positions today. Exits, of course, are always possible. If they happen, I'll tell about it in the Outcomes post. Otherwise, that's a wrap for the week.

-- Tim Bovee, Portland, Oregon, Jan. 9, 2015


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. My volatility trading rules can be read here.


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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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