04/08/2013 Weekly Stock Scans

[Cobra]

There're 7 long watches this week. Some of them are inherited from the last week's scan. Those last week's picks that had breakout or the chart pattern became bad are not listed here anymore because they're no longer Base and Breakout setup, in which the weekly scan is focused. It doesn't mean they're not worth trading anymore. Also the scan includes Canadian stocks, they're rare though.

Because of Non-Stop Model is officially on the bull side, so this week's scan is long watches only. Just be careful, the model will probably issue a sell signal the next week, so trading breakout on the long side next week may need book at least partial profit on the same day (that breakout occurs).

The major criteria for picking either long watches or short watches is base and breakout setup. So again, let's be crystal clear, before the breakout or breakdown, it's not buy or sell.

LONG WATCHES:

HERE explained why most stocks chosen are at or near 52-week high. Generally you should buy 52-week high not 52-week low. HERE is my simple explanation if you don't want to read the lengthy link I provided.
HERE explained how to determine your position size. Generally you cannot simply all in on one stock.
HERE explained Base and Breakout Setup and how to trade, which is the major criteria most stocks were chosen.
All long watches must have 3 month average volume above 500K and the current day volume above 200K and price above $2.
All short watches must have 3 month average volume above 1M and the current day volume above 500K and price above $5.
No consideration of the broad market trend, the ER time. Those long watches may sell off hard if the broad market corrects, those short watches may rebound sharply if the broad market rallies. So when trading those stocks, be sure always bear the trend of the broad market in mind. Stocks a tiny wave while the trend is tide, there's no way a tiny wave beats the gigantic tide.
It's auto scan. Not a stock recommendation, trade with your own risks!

[Unique]

Thanks for manually scanning

[Cobra]

Thanks for manually scanning

Thanks. Not much good candidates this week.

[tkvprasad]

Looks like the beaten down Consumer Discretionary stocks like Game shops are picking up now. I wonder when we see the final run on these last forgotten sectors the market finally go down .. more to go

[Cobra]

As usual, as long as the broad market not bad, a few breakouts, 1 false breakouts and no eliminations. If you understand only breakout is buy then eliminates should not hurt your account. The rest, the chart patterns not bad yet, will compete with our new scans in order to be listed in the next week's list.

Green cycle means a successful breakout/breakdown, so the pick won't be in the next week's list anymore.
Red cycle means a false breakout/breakdown, the pattern in this case may not go bad yet, so still could be in the next week's list.
X means the pattern is gone bad, so the pick won't be in the next week's list anymore.