We had a fair wave of buy signals across the database last night. These signals work best after the market has had a sell-off, so I think the time is ripe.
We can find them with the Gigascanner free stock scanner. It's called a "Climax Low" buy signal. For best results, use the scanner to sort them by the surge in volume above average. The top few will be the most reliable, however when the market swings positive most all of them will work. The only thing we don't know is the term. A couple weeks ago there a bunch of signals, but they were strictly short-term in nature since the market was still in a decline.
Its hard to pick a favorite, but RTI looks pretty good. I like how it's clearly in an uptrend, recently making new highs, and yesterday the buy signal formed as it reversed off the 50-day XMA. It's a nice setup. Here's the chart for RTI - the buy signal is marked by a blue paintbar. The recent new highs are in bright green, and the 50-day XMA is blue. A recent sell signal is shown in red.
Disclosure: I have no positions in any stocks mentioned, but may initiate a long position in RTI over the next 72 hours.
Buy Signals Last Night
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