This week’s stock watchlist contains 32 top stocks, down from last week. Select from this list of best stocks when bullish stock signals are generated and displayed on this site.
Back and forth action during the week put a damper on a bounce that might have led to a more sustainable uptrend.
Downtrodden Chinese retail sales and rising unemployment put a damper on sentiment in the first session and stock prices closed the day mostly lower.
Investors decided to pick up some beaten down tech stocks Tuesday and Wall Street rallied sharply but left the market with a “hanging man” (bearish) candlestick.
Inflation worries intensified mid-week following discouraging earnings from Target and Walmart and investors dumped stocks – confirming Tuesday’s bearish signal.
High inflation, a not hawkish enough Fed, and questionable economic growth continued to weigh on the market and stock prices ended mixed Friday.
However, the week ended with a bullish “hammer” candlestick with the market once again bouncing off support that extends back to Q1 2021.
For the week, the Dow notched its eighth straight week of losses, while the S&P500 and Nasdaq clocked their seventh.
This is where market timing shines.
Regular viewers of this Market Timing channel could have been out of the market since early December of 2021, avoiding the almost 20% price reduction in the broad market since then.
The carnage in the NASDAQ has been far worse at an almost 30% price cut.
Even worse, long-term holders of the popular ARKK fund are down a shocking 75% from the highs set in February of 2021!
This is what market timing is about – not the type that financial planners will tell you is impossible!
Market timing allows investors and traders to avoid large drawdowns and return with their portfolios largely intact when a sustainable uptrend returns.
So when will that be?
In last week’s video, I suggested that the market is hugely oversold and a bounce might be imminent and to get shopping lists ready.
Studies show that day-over-day movements in the broad market are not statistically significant but week-over-week action is more likely to indicate trend strength.
So we can analyze the daily chart for indications of a base or launching point for a sustainable uptrend and then look at the weekly chart for confirmation.
Watch this video for an analysis of the market from the weekly viewpoint and indications for a bounce from support on the daily charts.
Stock of the Week (also in this video):
San JuanBasin (SJT) continued to move up overall during the week and is nearing a prior high breakout of $12.39 Annual sales increased 463% over the last 12 months to $37.6 million. The leading 12-month forecasted earnings are $0.84 per share. Earnings are forecasted to grow at 53% per year.
However, no matter what the market is doing it is important to stay in touch with the leading stocks for profitable swing trading opportunities.
Every week the updated and published stock watchlist contains stocks screened for strict fundamental and technical screening filters including:
- Superb Fundamentals
- Exceptional Earnings
- Increasing Earnings Projections
- Bullish Chart Patterns
- Sales Growth Above 10%/year
- Market Capitalization Above $1B
- Average Daily Trading Volume Above 250,000 Shares
These criteria find the best opportunities in investable stocks combined with superior resistance to broader market declines.
Click here to view fresh stock signals from this stock watchlist and stock signals from the broader market.
Excel and PDF File downloads fo the Top Stocks list are available here: Top Stocks Download
Before entering new positions it helps to know about market action. You can view weekly market timing videos here: https://profitableswingtrading.com
Here is a preview of the top 20 or so stocks, view the entire list from the above links:
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