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Observation Update

Commentary

Last week, I mentioned that if long setups continued to materialize that new positions would be established.  In trading it is quite fine to have an opinion on the market and any presumed risks. What doesn't work is holding an opinion that is counter to constructive technical patterns being displayed. With the larger than expected number of setups this week, I chose to move the portfolio to a much heavier invested position.  Many of the charts below have not moved out of their technical patterns but appear poised to make a move within the next few weeks.  From both the daily and weekly perspective these charts are exhibiting strong patterns.  Below are the daily charts, but I also recommend studying these symbols from a weekly point of view as well.  My first step when finding stocks for the watchlist is always to view them from a weekly perspective first and then move to the daily for specific entry points. 

Watchlist

The watchlist continues to remain constructive with several pushing higher and setting up their technical patterns.  AGX and NVEE are two examples of stocks that have pushed through to new highs.  Both are at the top of my list, but need to pullback before the trades are initiated. RSYS also moved out today, but was not added to the portfolio.  If the market progresses in a constructive way, more stocks will continue to evidence themselves through the screens and watchlist.  It's important to stay on top of the lists and look for your entries.  All lists will be updated and ready for download on Sunday.  Hope everyone has a great weekend, and we'll talk soon. 

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