Breakoutwatch Weekly Summary 02/09/19
You are receiving this email because you are or were a BreakoutWatch.com subscriber, or have subscribed to our weekly newsletter. This newsletter summarizes the breakout events of the week and provides additional guidance that does not fit into our daily format. It is published each weekend.
| New Features this Week
| Top Cup and Handle Chart Pattern Stocks
| Best Performing Index
Best Performing Industry
Most Improved Industry
|Cup and Handle Breakout Strength
Continues; New Strategies Under Development
The cup and handle pattern continued to dominate the number of breakouts this week with 14 out of the 22 confirmed. The average gain of 2.75% by week's close was quite strong considering the profit taking which began on Wednesday. The strongest performer, UBNT, with a 10% gain was unfortunately hard to buy as it gapped up 6.5% above the pivot on Friday.
The NASDAQ Composite gained 0.5% this week compared to last Friday's close but the chart shows buyers waning in the latter part of the week as the index failed to push through the 200 day moving average on Tuesday and Wednesday. Profit taking ensued as Britain and the EU lowered 2019 growth targets and German industrial production fell. Lower volume on Friday shows that confidence in the rally may be eroding.
No new features this week
New Strategies Under Development
Following an email from a subscriber who was using the Cup and Handle backtest tool and discovered some new strategies, I am in the process of rewriting our strategy suggestions. These will be available in next weeks newsletter.
In the interim I've written a short analysis of the actual returns for 2018 and compared them to what might have been achieved. The results are:
|Brkout Date||Symbol||Base||Squeeze||Brkout Price||Brkout Day Close||RS Rank*||Last Close||Current % off BOP||Gain at Intraday High|
|*RS Rank on day before breakout.|
|No stocks met our suggested screening factors for
our Cup and Handle Chart Pattern watchlist.
See Revised Rules for Trading Cup and Handle Breakouts
|Index||Value||Change Week||Change YTD||Trend1|
1The Market Trend is derived from our proprietary market model. The market model is described on the site here.
2The site also shows industry rankings based on fundamentals, combined technical and fundamentals, and on price alone. The site also shows daily industry movements.
|1 Week||13 Weeks||26 Weeks||Year-to-Date|
|1 Week||3 Weeks||13 Weeks||26 Weeks|
||Auto Parts Stores
|Music & Video Stores
|Music & Video Stores
|Charts of each industry rank and performance over 12 months are available on the site|
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