It’s a bear market so most of the picks are shorts. Some of last week’s long picks had their runs (ACH, CXG), but they closed the week below the week’s open.
Market assessment: The same pattern is building in many securities, and the Dow and the S&P are following it as well. The low on October 10th, and the ensuing test of low on October 24th and November 11/12 has played out in most securities. When this pattern breaks down for the first wave of stocks this week, it will likely pull the indexes down right behind. The picks for this week are the leaders down out of descending continuation triangles, descending symmetrical triangles or rising wedges. The chart below suggests that the S&P will give up the 900’s for the last time in a long time by Thanksgiving.
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