The march to DOW 20,000, SPX 2,300 and NASDAQ 5,000 continues. With the current momentum and the financial media cheerleading, it is not a question of if but when they get there.
Today I roll out trading candidates from my Simple Simon Plus Scans. The purpose; discover HPTs-higher (probability, profitability) trades, some before the SS signals hit.
The day they were flagged are signaled by a vertical red slotted line.
No trading unless protective stops are in place.
Some of my best trades happened when candidates moved from long to short or short to long candidates. Something to consider.
Simple Simon Long Candidates
EEQ, IFAN, SCAI, UEC
Simple Simon Short Candidates
_BRZU, FXI, LVS, VSAT
Study each candidate then transfer your favorites to a SS Buy and SS Sell watch list. Determine your trade conditions and set alerts at your broker or Stockcharts.com.
For example, if a short candidate falls through a hard support level. Then set an alert at that price level for the security.
When your buy or short signals hit, you know what to do.
Here is a link to setting alerts at Stockcharts.com. For setting alerts at your broker, contact them and have them walk through the process. The brokers may have a trademark name for alerts, for instance, Trade Triggers at TDA.
The tools to sort through thousands of securities and find a handful of quality candidates to watch then trade (when the signals hit) is exciting and can be very profitable!
Enjoy your day,
David O. England
This information is for Educational purposes only. It shall in no event be construed or interpreted as an offer or recommendation to buy or sell securities of any kind.
DAVID O. ENGLAND is the founder of the Eye on the Market-Training Academy and Associate Professor Emeritus of Finance. This column is presented for educational purposes only and not intended as financial advice.