Institutional investors continued to take profits in many tech stocks, selling at highs

Institutional investors continued to take profits in many tech stocks, selling at highs, thus driving down the Nasdaq Composite Index for a second week.  This may simply reflect typical seasonal behavior or could be a pre-emptive response to information/forecasts they have that we don’t.  Either way, we will act as they do.  The S&P500 ended flat and the DowJones Industrials finished up slightly.  Not a very newsworthy week, other than the Fed raising interest rates as expected, oil prices falling on growing inventories, and Amazon’s entry into the grocery business via buyout of Whole Foods.

Another mixed week for us.  Many long positions slumped again, though not all to the point of reversal trade.  Still seeing some new weekly highs, and quite a few shorts continuing to decline, so if you have a diversified portfolio of many stocks it may still have been a productive week overall.

Analytics:  Still holding a few stocks through their currently unproductive counter-trend, awaiting reversal to positive trend cycle – as a result of recent revision to analytics.

Highlights:  4 new weekly highs in long positions.  6 stocks with double-digit long gains:

                               TRUE +25%      EVH +39%     FRPT +44%     FIVN +56%     LPSN +60%           

                                                                                                                                  NEFF +61%

                                               

3 new weekly lows among short positions.  4 stocks with double-digit short gains:

      PIR +15%        FTK +24%                                NGL +44%       

      URBN +16%

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