Monday, September 28, 2015

Transition To Cash, Friday, Sep 25 Close

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Please subscribe to this using the "Follow by Email" link to the left.  Nobody gets your email except me, and I promise that I won't email you.  It helps me see the number of folks reading this as well as ensuring you get the signals on a timely basis.  If you miss a signal this system will most likely produce sub-par results, which isn't my fault.

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With the close of markets on Friday, September 25th, my models are confirming a transition back to a 100% cash target.

Click on the image to enlarge.

The movement of the left side of the table to all-negative slopes is indicative of retesting former bottoms and indicates that I need to move to the sidelines.  We could either have a higher low, an equal low, or a lower low, so it's not worth jumping in here to ride the next wave upward.

The fact that the longest slopes (88d and 143d) never transitioned to positive/green status, as shown on the left side of the table, is indicative that risk is high and that we should not be committing monies at this time, at least not in any great sums.

Cash is king in this uncertain market.

The right side of the table is been giving me some warning of the decline -- the red is indicating that the acceleration has been decreasing (deceleration has been increasing) and this means that as a whole, the basket of GGT stocks is under great pressure.

Friday *did* show that the 2d and 3d accelerations (slope of the slope) did turn positive.  Could be noise, could be a signal of the bottom (doubt it), so this coming week will be interesting.

My other primary indicator, the Cumulative Tick, is on the fence:


Click on the image to enlarge.

The top trace shows that 52-week new lows are still outpacing 52-week new highs; this is not a buyer's market at this time.  I want to buy strength, and this is not a strong market.

The middle trace shows that the bias upward on Friday for buying was met by strong, sustained selling from about 2;10 p/ET to 3:20 p/ET, then the markets coasted from there.  The interpretation is that the markets simply went into "risk off" mode prior to the weekend.

The bottom trace is the cumulative tick and it shows that we have a slight downward bias to the markets (net selling but not strong), and that we could move either direction (horizontal movement, tight moving average ribbons, white (instantaneous) trace close to the red (longest moving average) trace).

Caution is advised.

Strategy

A large number of stocks transitioned to "cash" with the updates this weekend so I'm unloading those Monday morning with a 1% trailing stop loss, GTC, effective after 9:45 a.m.

I'm unloading everything in my Bargains, Low Beta, and Leader's portfolios using the 1% TSL.  This is due to the confirmation of the move to 100% cash signal.

The Dividend portfolio will sell positions that are indicated CASH but will not move into positions until the LCR acceleration (slope of the slope) improves.  Hence, the Dividend portfolio will raise some cash through the sell of equities that trigger the TSL.

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Here's how to find me:

Stocktwits/Twitter:  grems8544

Greenfield Bargains:  https://www.collective2.com/details/95793176
Greenfield Dividends: https://www.collective2.com/details/94780986
Greenfield Leaders: https://www.collective2.com/details/94921209
Greenfield Low Beta:  https://www.collective2.com/details/95702992

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As with all my ramblings, you are responsible for your own investment decisions and I am not.  Please do your own diligence, and please take ownership for your actions.

Regards,

pgd



Sunday, September 13, 2015

(Weak) Short-term Entry Signal, Sep 11th Close

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Please subscribe to this using the "Follow by Email" link to the left.  Nobody gets your email except me, and I promise that I won't email you.  It helps me see the number of folks reading this as well as ensuring you get the signals on a timely basis.  If you miss a signal this system will most likely produce sub-par results, which isn't my fault.

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A few readers sent personal questions asking the same thing -- do we have a signal to enter?  The short answer:  yes.  Target equity for stocks that are working is 33% equity, balance in cash.  The only exception is the Dividend portfolio, which is striving to become 100% invested.

All this being said, the entry signal is a weak one at best.  What is making it weak are two indicators, one which is internal to the GGT method and one that I frequently publish.

Weak Indicator #1:  Cumulative Tick


Click on the image to open in a larger view.  Right click (if you can) to open in a new tab or browser.

My old friend, the Cumulative Tick, is flashing warnings everywhere.  From the top:

1) Red over green.  The 52-week New Lows are outpacing the 52-week New Highs.  Incredibly difficult to buy this market, or float a ship, when the bathtub is being drained.  Serious caution is advised.

2) The buying/selling algos are favoring selling into strength.  Admittedly, it's not strong either way, but it isn't confirming that the algos are buying.  I like to see algos buy, especially from 3 p/ET to 4 p/ET, which is when they are most active.

3) The instantaneous Cumulative Tick (white) is below the moving averages.  Yes, it's moving up, and doing so within intraday higher lows, but it's nothing to write home to grandma about.  Seriously, this is not a great presentation, so as in 1) above, serious caution is advised.

Weak Indicator #2:  GGT Recommendations with and without Volume

I've not talked about this one much but I've been running it since 2008.  For those of you familiar with the GGT recommendation system, you know the following:

1)   The only way we get to a "New Long" recommendation from any of the cash recommendations is to have BOTH price action and volume
2)   (Important)  The only way we get to a "New Cash" recommendation is to have price action drop below the optimized historical levels.  Volume doesn't matter.

Even though volume doesn't matter in a "New Cash", I still watch volume.  I keep track of two indicators -- one that has the net "how many stocks are transitioning to some form of cash status without any volume control", and "how many stocks are transitioning to some form of cash status WITH volume that is higher than the historical optimized threshhold?

The latter point is significant -- if we have a down day with higher volume than the historical optimized level then the stock is being sold, often by BIG BOYZ.  The take away is simple -- when the end-of-day price is negative, relative to the open, more stocks are showing an increase in volume.  A comparable situation is that stocks are dropping in price and their 20-day moving average is being squashed by the daily sell volume.

Caution is advised.

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This isn't to say that if your horizon is longer that you shouldn't be jumping in here.  I am moving long with my Dividend portfolio and am trying to get into the mix as fast as I can.  My primary objective is to have stocks that are generating dividends, and price appreciation (or depreciation) is secondary.  Finding quality stocks with a "Long" rating isn't as easy as you may think.

This being stated, all the "good" performing stocks are updated in the dropbox folder.  Please review these to get a sense of what is working right now and what is not.  If you are not a member of my dropbox folder, then ask.  To become a member, send an email to pduncan [ a t } v t {dot ] e d u  (fixing the address, of course), and in the subject put "Dropbox" and I'll add you to TWO groups -- my Yahoo group, as well as the Dropbox group.  I need you in the Yahoo group because it's the only way I can communicate with the Dropbox users.  If you do not accept the invitation to both I will kick you out of the list as I need you to be in both in order to effectively communicate.  It's that simple, and now you have my (only) ground rules.


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Strategy

In the Dropbox folder, pay specific attention to the Leaders and BigFootprints stocks.  The former are quality stocks that are seriously outperforming the market right now and BigFootprints are being bought by institutionals over the last 5d, 10d, 15d, and 20d time frames.

I'm seriously thinking of buying some of the BigFootprint stocks if they continue to move higher.

My Dividend portfolio, which is available for free for a limited time and is a low monthly subscription (really, it is a low cost relative to others of the same quality), is doing well right now.  The links to the C2 portfolios are below.

I'm going to take the Bargains, Leaders, and Low Beta portfolios to 33% as stocks allow.

I only buy strength.

I only buy GGT "long"-rated stocks.  A listing of these stocks is provided in the nightly GGT stock file, under the "Dashboard" tab.

In buying strength, I place a BUY STOP that is 1.001 x the HIGH of the previous day.  This is 0.1% above the previous day's high.  The order is only valid after 9:45 a/ET, in order to permit the book on the exchanges to clear.

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Here's how to find me:

Stocktwits/Twitter:  grems8544

Greenfield Bargains:  https://www.collective2.com/details/95793176
Greenfield Dividends: https://www.collective2.com/details/94780986
Greenfield Leaders: https://www.collective2.com/details/94921209
Greenfield Low Beta:  https://www.collective2.com/details/95702992

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As with all my ramblings, you are responsible for your own investment decisions and I am not.  Please do your own diligence, and please take ownership for your actions.

Regards,

pgd



Wednesday, September 9, 2015

No Long Signal (yet), Sep 8 Close

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Please subscribe to this using the "Follow by Email" link to the left.  Nobody gets your email except me, and I promise that I won't email you.  It helps me see the number of folks reading this as well as ensuring you get the signals on a timely basis.  If you miss a signal this system will most likely produce sub-par results, which isn't my fault.

Tuesday's action, despite being very positive overall, did not flip my timers to the long side. The hold out is that there is no "trend" -- the daily action moves us around but we need another strong day or two in a consistent direction to get a buy signal.

So, I'm not a big buyer today (Wednesday).  I've placed a few orders but overall, I'm not jumping in.  I'd like to see more sustained movement upwards.

Right click on the image to open in a new tab or window.

The LCR table continues to show strength.  If you look closely you can see that all of the slopes (left side of the table, bottom row) are "more positive", so strength today will cause more "green".  The right side of the table continues to show acceleration to the upside.

There is still risk here, and the reluctance of my models to move long is indicative of this fact:


Right click on the image to open in a new tab or window.

I've covered the Cumulative Tick chart enough that you probably know the presentation.  If not, read back a few entries.  You can see at the top that we're close on an equal number of 52-week new highs and new lows, which is good.  I like to see 52 week new highs dominate, so we're getting closer to a lower risk environment.

The instantaneous cumulative tick (white) is quite positive in presentation -- this needs to continue the trajectory that is shown.  If this occurs there will be no doubt about entering the market -- everybody will be buying (and they can't hide).

Strategy

I'm continuing to enter some positions in my Dividend portfolio. Pickings are slim right now, but the list is in the stock file that I post in the Dropbox folder.   I'm not entering positions in the other portfolios, but am keeping the lists active.

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Here's how to find me:

Stocktwits/Twitter:  grems8544

Greenfield Bargains:  https://www.collective2.com/details/95793176
Greenfield Dividends: https://www.collective2.com/details/94780986
Greenfield Leaders: https://www.collective2.com/details/94921209
Greenfield Low Beta:  https://www.collective2.com/details/95702992

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As with all my ramblings, you are responsible for your own investment decisions and I am not.  Please do your own diligence, and please take ownership for your actions.

Regards,

pgd





Tuesday, September 8, 2015

Basing, and Still on the Threshold of a Long Call - Friday, Sep 4 Close

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Please subscribe to this using the "Follow by Email" link to the left.  Nobody gets your email except me, and I promise that I won't email you.  It helps me see the number of folks reading this as well as ensuring you get the signals on a timely basis.  If you miss a signal this system will most likely produce sub-par results, which isn't my fault.

Ahead of the long Labor Day weekend shows a mixed picture, but one that I see has a positive bias:


Right click on the image to open in a new tab or window.

The table above is the Long-Cash Ratio (LCR) slope table, and the left side shows slope of an indicator I developed and the right side shows the slope of the slope, or acceleration (deceleration) of those moving averages.

The LCR is a construct that I developed years ago -- it is the composite of about 3000 stocks, equally weighted.  Each stock has a "long" or "cash" recommendation based on historical price and volume action, and when I total up the number of stocks with a "long" recommendation and compare to those with a "cash" recommendation I have the LCR.

On the far left the present LCR is 0.177 -- 1.000 is parity -- and this tells me I'm incredibly oversold in the market.  For every 177 stocks that are "long" there are 1000 that are "cash".  Friday was a weak day, which I attribute to the long holiday weekend.

The green on the left indicates moving averages where the slope is upward -- positive.  The 2d, 3d, and 5d are presently positive (green), indicating that on a very short term basis the number of stocks moving "long" in recommendation is positive.  Interpret this as water starting to fill the (very) drained pond -- but we're at the start.  The remainder of the LCR moving average slopes are NEGATIVE (red), indicating that we're not yet moving upward, e.g., on the longer time frames we are still collapsing.  We are at the beginning of a new signal.

On the right we see a sea of green.  This side of the table is the slope of the slope, and for you math / physics folks, you'll recognize that if slope is velocity, slope of the slope is acceleration.  Hence, the sea of green on the right means that we're moving positive in many time frames, especially when you look back over the past week-plus of trading.  The 2d, 3d, and 5d, are negative in terms of acceleration, only because the lack of volume on Friday will prevent many stocks from moving long (in my system).

You ALWAYS -- no exception -- need more green on the right in order to get green on the left.  If you don't understand this ask.  Hence, we have the proper setup to move higher in the markets, and more importantly, sustain it.

This being said, all is not rosy:



Right click on the image to open in a new tab or window.

This is my cumulative tick chart, and the top trace shows red-over-green.  This is a track of the 52-week New Lows (red) compared to the 52-week New Highs (green), as reported by the NYSE.  When we have red over green we're inverted of sustained uptrend, and the bottom line here is that entering the market right now is quite risky.  I will not fully commit to the market unless green is over red -- more stock making new 52-week highs relative to those making new 52-week lows.

The middle trace shows a general unloading going into the weekend.  This is a filter -- 500 stocks per min to be specific -- either ticking up or down after a trade.  If more stocks are ticking up -- the price for the next lot being higher than the lot just transacted -- and it happens 500 times or greater per min for all stocks on the NYSE -- then the trace moves up.  The opposite is true too.  Here we have a bias south, and this means that Friday was a selling day.

The bottom trace is the cumulative tick, applied with moving averages, and you can see we're right on thresholds.  I want the white trace (instantaneous cumulative tick) to be well above all the moving averages, pulling them upward, much like you see from last Wednesday.  We had a bit of a reversal on Friday at the end of the day but in general, this is a risky chart.  If you don't understand why please ask.

The final cautionary view is one of the ETFs:


Right click on the image to open in a new tab or window.

This is a screen grab from my ETF file that I put in the shared dropbox folder each evening.  It shows that across the board, without exception, that my system is still quite bearish.  As a lagging indicator it will always tell me what has happened -- it will never predict what is going to happen.  As such, you can see that over the past two weeks that for all the major indexes we are quite bearish, and have remained so.

Again, caution is advised.

The files in the shared dropbox folder are updated with the most viable candidates.  Please review these to get a sense of what is working right now and what is not.  If you are not a member of my dropbox folder, then ask.  To become a member, send an email to pduncan [ a t } v t {dot ] e d u  (fixing the address, of course), and in the subject put "Dropbox" and I'll add you to TWO groups -- my Yahoo group, as well as the Dropbox group.  I need you in the Yahoo group because it's the only way I can communicate with the Dropbox users.  If you do not accept the invitation to both I will kick you out of the list as I need you to be in both in order to effectively communicate.  It's that simple, and now you have my (only) ground rules.

Strategy

There are presently no new buy signals, but I am close to entering the markets.  My primary focus is to get my Dividend portfolio up to being fully-loaded, and this is the only exception to my timers.  I'm close to buying positions, but only buy strength.

There are not many quality stocks on my "buy" list.  In fact, there are only 30 stocks in my universe that are quality (my definition) and are rated "long", so picking are slim.  These are stocks that have made it through the downturn and are looking solid -- fundamentals are good, price and volume behavior in this climate are good.  Some of these stocks have a considerable amount of buying going on that is "behind the scenes" and that is an indicator of solid accumulation by the Big Boyz.  Here's a short list of stocks being accumulated in a short-term that are quite attractive to me:

DY
INCY
ALK
DHI
RPTP
SSNC
EXPE

I am flying to the west coast Tuesday and will be there all week.  Posts most likely will be quite late in the evening or first thing in the morning.

I do not intend to enter en masse on Tuesday.  I will review the Dividend portfolio candidates and will set entries (quantity and buy point) as market conditions improve.

I will post any new signals as they occur.

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Here's how to find me:

Stocktwits/Twitter:  grems8544

Greenfield Bargains:  https://www.collective2.com/details/95793176
Greenfield Dividends: https://www.collective2.com/details/94780986
Greenfield Leaders: https://www.collective2.com/details/94921209
Greenfield Low Beta:  https://www.collective2.com/details/95702992

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As with all my ramblings, you are responsible for your own investment decisions and I am not.  Please do your own diligence, and please take ownership for your actions.

Regards,

pgd



Thursday, September 3, 2015

No Buy Signal, as of September 3 Close

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Please subscribe to this using the "Follow by Email" link to the left.  Nobody gets your email except me, and I promise that I won't email you.  It helps me see the number of folks reading this as well as ensuring you get the signals on a timely basis.  If you miss a signal this system will most likely produce sub-par results, which isn't my fault.

All my timers are still recommending CASH.

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Although I was anticipating that we'd move higher, today saw barely a change in the markets as a whole.  Volume was noticeably light in front of the Labor Day weekend, and this impacts my LCR metric.

To refresh you:  The Long-Cash Ratio is a metric I developed that is based on the aggregate number of stocks that are rated some form of  "Long" and some form of "Cash".  To move to the "Long" side and become designated as a "New Long", price AND volume must be present.  Even if price moves up, the lack of volume will keep a stock in some form of "Cash".  Hence, when volume is low, we get less "New Longs", and today is no exception.  Average is 72 "New Longs" per day, on an up day, and today produced 34, with first standard deviations between 41 and 103.

A light day.

I expect that Friday will be light too.

My primary indicator of the market, the cumulative tick indicator, looks improved over yesterday:



Click on the image to open in a new tab or window.

We're still outpacing the New 52-week highs with more 52-week New Lows, which is bad overall.  We are well off our highs over the past year and many stocks are still getting beaten up.  Hence, the top trace tells me that risk is high -- the water is flowing OUT, lowering boats right now, not raising them.

The middle trace is constructive.  It started positive for the day and stayed there all day.  This is a filter set to 500 transactions per min.  If 500 ticks in one minute are ending on the next higher increment (indicating lack of supply and rising prices), then it moves up one notch.  The converse is true too.  This is a good algorithm indicator for buying/selling stocks electronically, although we're not seeing that now.  A positive bias here is good -- the markets generally are buying.

The bottom trace is bullish and there is nothing preventing me from entering the markets if they signal long.

Strategy.

With no confirmed buy signal, there is little to do Friday.  Enjoy the long weekend, and I'll post more later Monday night.

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Regards,

pgd

Wednesday, September 2, 2015

Close to a buy signal, September 2nd close.

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Please subscribe to this using the "Follow by Email" link to the left.  Nobody gets your email except me, and I promise that I won't email you.  It helps me see the number of folks reading this as well as ensuring you get the signals on a timely basis.  If you miss a signal this system will most likely produce sub-par results, which isn't my fault.

All my timers -- short term, intermediate-term, and long-term, are in CASH.

The Dividend portfolio, which strives to remain invested, ignores the timers and is largely in cash because the holdings in the portfolio all were recommended to CASH.  If you don't know what this means you need to download the latest file from here and in general, become a member of my Dropbox.

To become a member, send an email to pduncan [ a t } v t {dot] e d u  (fixing the address, of course), and in the subject put "Dropbox" and I'll add you to TWO groups -- my Yahoo group, as well as the Dropbox group.  I need you in the Yahoo group because it's the only way I can communicate with the Dropbox users.



Right click on the image to open in a new tab or window.

The Long-Cash Ratio (LCR) table, which is described elsewhere in this blog, is showing signs of completing a base and starting to move higher.  On the left we have the 2d and 3d slopes of the LCR moving averages again with a positive slope, and on the right the acceleration of all of the moving averages is positive and moving higher.  This is a good set-up for launching back into stocks, BUT, we're not there yet.  The 5d slope needs to move positive (green), and this will take another day.

Hence, I am sitting pat on Thursday.  Cash is king.


Right click on the image to open in a new tab or window.

The cumulative tick chart, which I describe often (so read previous blog entries please), is showing constructive behavior.  The morning started poorly but around 12:15 p/ET the market starting to buy aggressively and steadily, which you can see in the reversal of the white trace.  With it closing above the moving averages of the cumulative tick, it is relatively strong (for the day) and if this continues, we'll get a buy signal soon.

Note though that the top trace, which shows the 52-week New Lows on the NYSE, is still dominating.  This is a RISKY market -- more stocks are making NEW LOWS than are making NEW HIGHS, and this is bass-ackwards.  To jump into the markets full force I would need this indicator to show new highs dominating, and we're simply not there.

Of course, we could see more gyrations like yesterday (Monday) and the market could head south again, zeroing the timers.  Your crystal ball is as good as mine.  I invest in the market I'm presented with, not the one I want.

I plan to keep my powder dry Thursday.

Strategy:

The Stock File at the Dropbox location above has been fully updated with lists of quality stocks and their recommendations, allocated per portfolio.  You will need to review the list of stocks in the Dropbox file in order to make any informed decisions.

I'm not buying on Thursday.

If the market is up Thursday we'll most likely get an entry signal for Friday.  The Dividend portfolio will be filled with quality stocks that have higher yields.  Most of you know I buy strength so these will only be bought if they take out the previous day's high plus 0.1%.

A buy signal right now will signal a 33% equity position in the markets, subject to further evaluation of portfolio signals/quality.  If this is foreign to you I simply use the stocks screened for a specific portfolio to determine whether I should enter the portfolio.  You'll see the process over the next few days if I get a buy signal.

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As always, you are responsible for your own investment decisions and I am not.  Please do your own diligence, and please take ownership for your actions.

Regards,

pgd


Tuesday, September 1, 2015

Cumulative Tick Now Bearish (again)

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Please subscribe to this using the "Follow by Email" link to the left.  Nobody gets your email except me, and I promise that I won't email you.  It helps me see the number of folks reading this as well as ensuring you get the signals on a timely basis.  If you miss a signal this system will most likely produce sub-par results, which isn't my fault.

Today's action obviously hit prices hard.  Selling wasn't as strong as you may have thought, at least from the perspective of the cumulative tick indicator I use.  The slope of the lines is not very steep, but the chart is short-term bearish in every interpretation:



Right click on the image to open in a new tab or window.

The top trace shows that a number of stocks fell to their 52-week low -- 212 to be exact on the NYSE -- and this significantly outpaced the number that hit 52-week highs (25).  When we have this condition risk is terribly high and it generally does not make sense to enter the markets.

The middle trace indicates that we started with a selling bias and it was more/less in a downtrend all day.  No real panic sells here, so I'm not as paranoid about the day as the talking heads would have you believe.

The "tell" here is that in the bottom plot, which has the real-time cumulative tick (white) and the moving averages of the CT (all some color of red or purple) all starting to down-trend again.  This obviously is not good -- the markets are net selling, and hence, it simply does not make sense to enter the markets when this is occurring.

Risk is very high.  It's not worth entering, and I don't bottom fish.


Right click on the image to open in a new tab or window.

The LCR dropped with today's actions, and you can see on the left side of the table that we have red everywhere for today.  This means that all the moving averages of the long-cash ratio are now negative, and more stocks are moving to cash than the other way.  This simply confirms what we see in the Cumulative Tick chart.

The right side, which measures acceleration of the LCR in a given direction, is mixed.  I don't read too much into the mixed value -- we're right at thresholds.  The market could go either way, and cause the right side to turn more red or green depending on what it does.

The "so what" is simple -- without green on the right, you can't get green on the left, and I don't buy unless I see green on the left.

Strategy:

Take Wednesday off.  Go play golf, work, whatever.  Don't watch the markets, because it doesn't matter.

I'm not buying for the Dividend portfolio just yet, but I am getting my shopping list together.

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Regards,

Paul

Closer to a trial buy signal, Tuesday, September 1

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Please subscribe to this using the "Follow by Email" link to the left.  Nobody gets your email except me, and I promise that I won't email you.  It helps me see the number of folks reading this as well as ensuring you get the signals on a timely basis.  If you miss a signal this system will most likely produce sub-par results, which isn't my fault.

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All my timers are in CASH.

My Greenfield Dividend portfolio holds limited positions at this time.  It is mostly cash due to prudent money management policies.  It will be the first portfolio to buy as soon as we obtain more stocks that are rated "long".




Despite the thawing that started to occur last week on August 26th, mid-day, the markets are not indicating that I should step in.  The cumulative tick pattern, shown above, indicates that more stocks are making 52-week lows than are making 52-week highs.  This is not a "rising tide" and is not a good stock buying environment.

Risk is high.

The bottom trace indicates buying (in general), but is not sufficient for a buy signal.  The fact that the white trace is above the red trace is constructive, and indicates that net-net the market is buying here, it does not mean that we cannot go south.  We can, and we most likely will retest last week's lows.

The LCR table is indicating that we are close to a buy signal:


The LCR rose Monday despite the drop in markets.  This means that there is buying with falling prices.

The solid amount of green on the right side of the table indicates that acceleration of stocks prices is upward on a day-over-day basis.  This is a good sign, and is necessary for a buy signal.

There will be no buying Tuesday.  I'm not interested in bottom fishing.  I need the following:

* 5d or longer LCR slope to turn positive
* continued green on the right side of the table.

You can see the "head fakes" on the left side of the table.  The red-green-red patterns as we step through the days means that we've seen much back/forth.

Again, risk is high.  I am not being aggressive here.

Strategy:

Sitting pat for Tuesday.  Lists are updated in the GGT Dropbox, so go review against your own criteria.  Many of the candidate stocks that are rated LONG look good here.

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As always, do your own diligence.  You are responsible for your actions and I am not.

Regards,

pgd