Friday, March 13, 2015

Friday's Finalists

Of nine stocks under consideration today under my price channel rules, four failed confirmation by moving back within their 20-day price channels: AFSI, EW, EWJ and WRB.

One moved to within 30 days of earnings and so was excluded from trading: WUBA

Two have insufficiently high open interest on options and so can't be successfully used to build a leveraged and hedged position: UDR and HCC.

One has an overly wide bid/ask spread on front-month at-the-money call options: HP.

That leaves ALK, which is showing upward momentum while not yet having broken past resistance on the chart. I'll add ALK to the Watchlist and have added an alert that will be triggered above $71.40.

A bull signal on SSTK from my list of innovative companies was confirmed in trading today. The stock would be a suitable candidate for analysis as longer-term bullish shares position. However, that category is filled in my portfolio, and open interest on options is too low for leveraged and hedged trading, so I'm passing on it and plan no further analysis.

One symbol from the Watchlist, RRC, pierced support at $44.19. If it closes below that level, it will count as a bear signal, and if it continues to trade below that level on Monday, I'll post an analysis. I placed it on the Watchlist after the price broke below the 20-day price channel on March 8.

Bottom line: I intend to open no new positions based on signals from Thursday's markets. For the early rounds of screening, see "Friday's Prospects".

-- Tim Bovee, Portland, Oregon, March 13, 2015


My price channel trading rules can be read here. My long-term share trading rules can be read here.  My volatility trading rules can be read here. The channel rules are based on the classic Turtle Trading rules, which can be read here.

Elliott wave analysis tracks patterns in price movements. The principal practitioner of Elliott wave analysis is Robert Prechter at Elliott Wave International. His book, Elliott Wave Principle, is a must-read for people interested in this form of analysis, as is his most recent publication, Visual Guide to Elliott Wave Trading

Several web sites summarize Elliott wave theory, among them, Investopedia, StockCharts and Wikipedia.


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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 decision decisions for his or her own account, and take responsibility for the consequences.

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