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July 25, 2012 / redman59

Optionable Stocks Hitting New Relative Strength Highs

Today I did not get the market action that I wanted.  I was looking for more selling and I wanted to cut under yesterdays lows as I believed this would bring on more selling or panic.  Instead we ended with a doji candlestick .  Even though this can be a reversal setup of the prior trend I still would have preferred further selling undercutting yesterdays lows.  I think the market action we saw today suggests more selling and I want to see the McClellan Oscillator close below -200 before I start dipping into some long positions.  Also the action in bonds and the buck is keeping me from getting overzealous to the long side.  I want to see market upside coupled with selling of bonds and the buck.  Until then, keeping my current positions and staying mostly cash will better benefit me and I plan to keep in a wait and see mode.

With that I ran a screen tonight of optionable stocks hitting new Relative Strength highs over the past year.  When measuring Relative Strength the S&P 500 (SPX) is a popular metric but I prefer to use the Russell 3000 (RUA) as this encompasses a broader view of the market but still weeds out some of those Micro/Nano-Cap names.

The screen returned 59 stocks which I have uploaded to FINVIZ and are sorted by market cap.

Stocks hitting new Relative Strength highs over 1 year of data

My suggestion would to create a watchlist from these names and set your alerts to whatever parameters you use (ie. buying pullbacks, breakouts, indicator signals, etc.).  I like to take this list over 52 week highs list as these are more under the radar in my opinion and as you can see, some are acting well within bases or have pulled back to support levels and aren’t as extended from a base.

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  1. get wso / Mar 13 2013 3:00 pm

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