The major market indexes headed back up on a “relief rally” sparked by institutions buying stocks after Hurricane Irma damage turned out to be less severe than expected and also after worldwide reaction to another North Korea missile launch did not escalate. This behavior suggests institutions investors are still finding U.S. stocks to be a good value, absent any major crisis worldwide.
Accordingly, many of our long positions rose in price, increasing existing gains (and many of those stocks in deeply negative territory from holds using prior version analytics recovered to some degree). Many short positions obviously came under pressure as the broad market lifted most stocks – but not so much as to trigger many short-to-long reversal trades. New weekly highs comprise most of our highlights at the moment.
September has not been the typical “month of doom” this year, at least not so far.
Highlights: 8 new weekly highs in long positions. 6 stocks with double-digit long gains:
FMSA +14% BZH +39% LPSN +92% NEFF +137%
1 new weekly low among short positions. No double-digit short gains at this time.