ETF Range Projections & A Quote to Start the Day

Most of the successful people I’ve known are the ones who do more listening than talking.

- Bernard M. Baruch

For more detailed economic data click “Today’s Calendar” in the navigation bar to the left.

Overseas markets are mixed with Asia lower and Eurooe better: Nikkei 225 -0.39%, Hang Seng -1.02%, Shanghai -0.78%, DAX +0.67%, and the FTSE +0.81%

At about 7:10AM ET, the futures are indicating a better open with gold off to new records: Dow +30, S&P +3, NAZ +7, Oil +$0.31 and Gold +$16.70

Trade Safe and

have a great day!

Multi-Year New Highs

A number of years ago while searching around the net I came across “a simple system” being sold. The advertising copy caught me “Takes 20 minutes a week” I think it said. So I spent the $30 or $50, whatever it was, and had it mailed to me.

When it arrived I opened it immediately and read through it. Basically “The System” was to buy stocks making new multi-year highs. Notice I said multi-year not 52 week highs. The theory is quite simple stocks making multi-year highs which are many times also all time highs have happy shareholders (understatement I would say). These happy shareholders do not want to sell limiting the supply and traders often short attempting to pick a top which creates more buying power. Whether or not such a system is for you; is simply for you to decide. However a stock is never too high to buy or to low to sell quoting the inimitable Jesse Livermore and thus such a list may be a good starting point for finding ideas.

I used to run this screen twice a week and report the number that reached that level over the last three days.  The screen has turned out to be popular so it is now a daily screen.  Hope you enjoy and profit.  Click to enlarge.