Market movement was mixed, with industrial stocks rising to move the DowJones Industrials Index upward, but tech stocks selling off to leave the Nasdaq Composite and S&P500 Indexes lower. This is June after all, so not surprising that market momentum has stalled, as it often does during the summer. Neither the much anticipated testimony of the former FBI Director before Congress nor messy UK election outcome had any material effect on the U.S. stock market either.
Basically a forgettable week for most subscribers, with many long positions sagging and shorts rising to offset those that did move productively. Many price moves were against recent new weekly highs/lows, so the number of new highs/lows this week declined.
Analytics: Each Level newsletter currently contains several double-digit losers, which is unusual. Most are the result of trades initiated under the pre-Version 53 analytics that proved to be at odds with Version 53 when adopted. Rather than absorb material losses at the analytics change-over, these positions are being held through the current counter-trend and then through positive trend – until all such contrary instances are extinguished – requiring extra patience in the meantime. This applies to AGEN, IVTY and KMT in Level 1.
Highlights: 4 new weekly highs in long positions. 6 stocks with double-digit long gains:
TRUE +25% EVH +36% FIVN +45% LPSN +59% NEFF +67%
FRPT +42%
3 new weekly lows among short positions. 4 stocks with double-digit short gains:
PIR +15% FTK +21% NGL +38%
URBN +18%