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2 stock to sell

|Includes: Gildan Activewear Inc. (GIL), TECH

Recently I had to delete 2 stocks from my Wall Street Survivor portfolio for very negative price momentum and Barchart technical sell signals.

Gildan Active Wear (GIL)

 
Barchart technical sell signals: 
 
  • 96% Barchart technical sell signals
  • Trend Spotter sell signals
  • Below its 20, 50 and 100 day moving averages
  • 15 new lows and off 28.31% its recent high in the last month
  • Relative Strength Index 21.89% and falling
Techne Corp. (TECH)
 
 
Barchart technical indicators:
 
  • 80% Barchart short term technical sell signals
  • Trend Spotter sell signals
  • Below its 20, 50 and 100 day moving averages
  • 14 new lows and down  15.65% in the last 3 months
  • Relative Strength Index is 32.13% and still falling
Just how bad is this market?  Please look at this daily price chart of the Value Line Index which is an arithmetic index of the 1700 largest US stocks:
 
 
As I write this blog only 3.38% of the stocks are trading above their 20 day moving average.  Not a very good sign.  I'm trimming weak stock, accumulating cash and making a watchlist of the stocks I'll buy into when the market recovers.
 
Chart and technical data provided by Barchart
 
 
Jim Van Meerten is a Marketocracy Master