I am quite defensive now given last week’s action. We need to see what the Fed does this week. This is not the time for me to take on large positions on the long side. A good Fed announcement could lead to a strong close of the third quarter.
Blog Post: Day 11 of $QQQ short term up-trend; 62 US new highs and 38 lows; End of quarter window dressing could help strong stocks rise; 11 stocks on my growth list hit an ATH on Thursday, see list and weekly chart of $CEIX
These stocks are on my watchlist of stocks recently on IBD or Market Smith lists, that hit an ATH on Thursday. They are sorted by c/lowest price last 250 days. CEIX and FIX are 2x their yearly lows. BAM is a recent IPO and traded above its green line but did not close above it on Thursday.
This weekly chart shows how CEIX has advanced for 6 straight weeks after its GLB. Note how it tracked its 4 week average.
End of quarter mutual fund window dressing period is coming up. Stocks that have advanced the most this quarter may be bought up by funds so that their quarterly reports to holders make them look like smart stock pickers. However, a government shut-down could torpedo such a pattern.
Blog Post: Day 10 of $QQQ short term up-trend; 42 US new highs and 63 lows; $VRT has OSB (oversold bounce) and a recent GLB, and great MarketSmith statistics, see daily and monthly charts
VRT came up on my oversold-bounce scan, note the black dot. VRT had a green line break-out to an ATH on August 2nd with volume way above average, after reporting earnings. MarketSmith reports 2023 earnings are expected to rise +203%, Comp rating=98 and RS=99. On Wednesday, VRT bounced from oversold. If it holds Wednesday’s low of 36.22 I would become interested.
