I ran my TC2000 scan of stocks on my IBD/MarketSmith watchlist of 350 stocks and it identified the 13 stocks below. These stocks all hit an all-time high last week, have strong weekly chart up-trends and bounced up above their 4 week averages. It is noteworthy that KO and HSY came up. I guess stock buyers think people will not give up buying chocolate and Coke during inflationary times. I am actually 100% in cash in my university pension and my trading accounts now. I am content to wait on the sideline while Mr. Market reveals his next direction. All major indexes (DIA, SPY, QQQ, IWM) closed the week below their key 30 week averages. Could they be beginning Stage IV declines?
Below are the 13 stocks that my scan detected, ordered by next earnings date. I am not buying anything now and if I had, and any of these were to close below their 4 week averages or green line tops, I would exit immediately. Fun to just watch. By the way, my former extraordinary student, Richard Moglen, taped a second interview with Patrick Walker, who also lectured to my class last semester–it is well worth watching.
The GMI remains Red and =0, of 6.
