One thing I like to do on Friday is look at markets that are strong going into the weekend. After yesterday's implosion in the marketplace, I thought that was going to be a hard thing to do. Thanks to MarketClub's Smart Scan technology, I was able to find five socks that bucked yesterday's downturn and are looking very good.
Now you may remember the rules I have talked about for "The 52-Week New Highs on Friday" weekend trade, but just in case you don't know what they are, here they are again.
Rule #1: On a new 52-week high, when the market closes at or near its high on a Friday, buy long and go home for the weekend.
Rule #2: Exit the long position on the opening the following Tuesday.
Rule #3: If the market opens lower on Monday, exit this position immediately.
These are the only three rules you need to trade "The 52-Week New Highs on Friday" successfully.
I invite you to watch the video and look at the five stocks I found using Smart Scan. Then 10 to 15 minutes before the market closes today you can see which stocks are closing at or near their highs for the day.
Have a great weekend everyone, Adam Hewison
One of the real jewels in MarketClub is the Smart Scan technology. This powerful, easy-to-use technology allows you to scan thousands of markets and find out what's trending and which way that trend is headed.
For example, you could look for markets that have a strong trending Score or you might look for markets that are in a trading range to perhaps write options against.
If you have been a member of MarketClub for a while, you have seen me write about "The 52-Week New Highs on Friday" rules. If you haven't seen this trading concept yet, then check out today's video as you will learn something that you may not know.
Today I'm going to be using Smart Scan technology to look for stocks that are making new 52-week highs. I'm then going to filter that list down to fit my own price and volume needs.
Below are the rules of this trade strategy. I learned this trick many years ago from a trader named Bill, when I was member of the Chicago Mercantile Exchange trading on the floor. It's a good one and I want to share this strategy with you today.