All...
I'm still getting organized here. It still takes me too long to go through my list. I think vers 3.5 will offer a feature called "ChartBooks" which, if I understand it correctly, will let us flag those charts of interest and keep them in a separate area where we can quickly go to check on them. This will be handy each evening to check the better looking charts, then track them in the "book" for the rest of the week.
At any rate, here are two stocks that look good enough "technically" for a first posting.
1. (GYM) SPORT SUPPLY GROUP. Traded on the NYSE. Closed today at 9 even on decent volume. RSI has turned up, as has a smoothed OBV and a 3 day Accumulation/Distribution index (ASI). Price retraced a perfect 50% of the recent range and is moving up. OT produced an original buy sig here on 4/7/98 at the bottom of that retrace, exactly on a rising trendline and at the intersection of that TL and the old support/resistance line at 8.50 from the high back on 11/6/97. OT has given us a renewed buy sig today on strength.
A buy at 9+- and a move to the nearby overhead resistance would yield a gain of about 9%. However, the old highs near 10 completely closed the gap from the sell off late in October 1995. That being taken care of might suggest price would go on to test those 95 highs well above 12. If so, this could be a nice trade. No options available.
2. My second pick is a DJIA component. I like this one because it is a good candidate for an option play. (GM) GENERAL MOTORS. Closed today at 67.5625, near the bottom of its intraday range. If it opens on the upside, I like the May 70 calls, which closed today at 1.625 on more than 800 contracts. Pivot points on this one show recent straight line type price moves. My WOW chart shows a very recent break in a downtrending RSI (14) line. This is often associated with a nice reversal type move. We also have a recent upturn in variable OBV and the ASI (named above).
I don't know that I'll actually trade either of these, but, in keeping with our goal to post some of the more attractive findings, I hope this is a good start. If you would rather see this in a different format, or less wordy, or whatever, just say so. It will only be beneficial if it works for all of us.
Ken |
