Finviz Scan for 6/01/10 - 0 Bull, 1 Bear

Hi All,

Notes: The P/L is good but the results are not realistic because the the stock selection is not controlled. There is no way I can trade all these counters with capital below $30k (This can be seen from the balance in excel sheet). Currently all profitable stocks have risk/reward greater than 2 but most of the losing stocks are also greater than 2. This made me think that 3/1 ratio is not necessary a factor to profitable trades.

I made some changes to the ATR parameter for stocks scans and also volume.



Bulls Scan Results
NA

Bears Scan Results
CHL - doji at SMA50 resistance. Relative strength still down. IXP sector is also losing strength. Entry at $47.16. Stop loss $47.34. Target $45.13.

Review (Watchlist)
Bulls

1. AXP - 8/12/09: Entry $39.62. Target $41.93. Stop loss $38.73. Now $40.80. - Losing strength.
   
2. MEE - 9/12/09: Entry at 36.36. Target $42.81. Stop loss $35.23. now $46.11. Broke our of pennant and previous high. Pennant target is $50.46. This is the first time I saw Pennant breakout. Not sure if the target is reliable or not. Will stick to Fibo extension target.Target hit on 23/12/09.. Continue to monitor to see if pennant target is reach. Relative strength still present.
   
3. HUM - 10/12/09: Hidden Divergence - Red Spinning top and doving pigeon. Now $46.20. Relative strength still present.
   
4. MCD - 9/12/09: Spinning top. Price bounce from SMA50. Now $62.30. Relative strength broken down.
   
5. V - 9/12/09: Bullish Engulfing but no T30, swing trap or ghost town. Price continue to move up. Now $88.13. Relative strength still present.
6. CL -21/12/09: re-Entry $83.01. Target $86.68. Stop loss $80.95. Swing trap pattern. Bullish divergence. Now $83.52. Losing strength.
   
7. SINA - 10/12/09: Entry at $44.27. Target $47.95. Stop loss $42.57. Now $46.21. Losing relative strength
   
8. RIMM - Broke out of downtrend upper resistance with high volume. Price pulling back. Earnings gapped as expected. Continue to monitor. Now $65.80. Relative strength present.
   
9. CNI - 18/12/09: Price gapped down into SMA50-EMA30 zone. Spinning top. now $55.38. - Relative strength up.
   
10. UNG - Broke SMA50 resistance. Waiting for pullback to TAZ. Now $10.32. Relative strength still up.
    
11. UUP - Broke out of downtrend channel resistance. Waiting for pullback to TAZ. Now $22.91. - Building strength.
    
12. ESRX - 17/12/09: Strong SMA50 support. Harami. Gapped up and end session with shooting star. Now $86.92.
13. MHS - 17/12/09: Did not enter as price gapped too far. Risk is too much. Now $63.89.
14. AMZN - 18/12/09: Did not enter as price gapped too far. Risk is too much. Now $134.69. Relative strength up.
15. ZMH - 18/12/09: Price open near previous close and continue to move up. Entry $59.01.Stop loss $57.49. Target $60.54. Now $61.98. Relative strength still up. Position closed on open at 61.32 (Gapped up)
    
16. EL - 23/12/09: Bullish Harami but very near to 52w high area.Entry at $48.09. Stop loss $47.51. Target $50.39. Now $48.35. Head and shoulders?
    
17. POT - 23/12/09: Bullish Engulfing. Possible entry $111.12, $109.06. Stop loss at $108.98 (50% of engulfing candle). Target $123.73. Now $118.39. Relative strength broke downtrend resistance.
    
18. CTRP - 24/12/09: Piercing Pattern. 1 day late. Doji + spinning top. Wait for it to form mini double bottom. IYC is moving up but CTRP is down. May have weakening Relative Strength. Now $76.55.
19. ETR - Bullish Harami Doji. But XLU is losing strength. Possible entry $82.24. Stop loss $81.7. Target $84.24. Entered at $82.28 but stop out on same day at $81.70.
    
20. CSX - 5/1/10: Spinning top with long leg at bottom. IYC strengthening but CSX relative strength to SPX is not there. Possible entry $49.01. Stop loss $48.22. Target $50.66. Entered at 49.01.

Bears

1. NA
   

Net: +$896. (Details pls see table)

Regards,
Lewis
Reference: www.swing-trade- stocks.com