Prepare for an incredible opportunity starting in November, with another vaunted iBankCoin contest.

The main prize will be $2,000 of The Fly’s cold, hard, cash, split between whichever team of two people (you will be randomly assigned a teammate) wins the contest. More details to follow.

The contest is ONLY AVAILABLE to members of 12631 Trading Service, which of course is only available to members of The PPT. 

So, if you are on the fence as to whether you should join 12631, now is the time to take a serious look at subscribing.

The refiners continue to stand out as outperformers in the energy space.

Back in late-August, August 27th to be precise, I wrote a 12631 blog post for members alerting them to setups in the refinery space. Over the month of September, they continued to act constructively, particularly during the recent 3% broad market correction.

I pointed 12631 members towards this screen inside The PPT, which essentially streamlined the entire sector for them and made it easy to search for the best plays (in addition to analyzing the charts, of course).

Below,  you will find an updated screen shot of the top ten most refiners with the highest Technical Score according to The PPT this morning. As always, using the 12631 method we filter the results through human technical analysis and sound risk management principles to isolates the best of the best trading setups.

Please ask for more details about joining The PPT and 12631.

Click on the graphic for a larger view.

We are seeing a broad market 1% rally across the board this morning, with financials and materials leading the way. Technology stocks are lagging, though the notion of a rotation into the aforementioned leaders of the day should be taken seriously going forward. I am looking to focus on my still heavily-long portfolio inside 12631 in the sectors seeing inflows, while tightening up on laggards.

Apart from that, you can see the difficulty in trying to short a market in a clear overall uptrend. A 3% pullback does not a top make, per se. Some small caps stocks that I have discussed here and inside 12631 to watch are: BONT HHC RDN.

I will be back in a bit with more analysis. Just keep in mind that the emerging markets and other prior laggard sectors could easily get in a festive mood as we work through the fourth quarter.

chessNwine’s Weekly Strategy Session has been published and sent out to members this week. I am confident that you will find this week’s version to be of tremendous value in your weekly preparations for the market. It is never too late to sign up at a very reasonable price, so please click here for more details about subscribing or even making a one-time purchase (the subscription plans offer much better value over time).

As a reminder, members of 12631 receive the Weekly Strategy Session at no additional cost, as it is included in their membership.

Also, current Weekly Strategy Session members, please be sure to check your spam/junk filter if you do not see the W.S.S. in your inbox. 

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“I have been through some terrible things in my life, some of which actually happened.” -Mark Twain

One phenomenon you expect to see during secular bear markets, as the Nasdaq has clearly been in since 2000, is that being “perma-cautous” on the market starts to become in vogue just as pounding the table as a raging bull was in the 1990’s. Certainly, given the overall structure of the market since 2000 being a perma-bull has been quite painful at times, indeed. However, as we have seen largely since March 2009, even during a secular bear the dedicated shorts have looked more like the bad news bears than the 1985 Chicago Bears. Despite that, observing social media every day there is a certain badge of honor I see amongst traders regarding who can appear to be the most bearish or the most cautious.

Applied to the current market, we continue to see mild consolidation on the major averages, with dozens if not hundreds of stocks either breaking higher or basing tightly. Moreover, we still have rising daily and weekly chart moving averages on the senior indices. And yet, the perceived dangers in the market seem to be on many traders’ minds. While perception may be reality for most, in the market the price action is the ultimate reality. If the semiconductor weakness truly is capable of bringing down all stocks, then we will see signs soon.

However, those signs have not yet appeared, as the notion of a market of stocks and a stock picker’s market has been conveniently discarded by the perma-cautious types. To be sure, I can go long stretches during corrective periods where I am largely in cash. When the time is right, though, I have little problem striking with aggression.

This morning, we are off slightly on the indices with the transports and financials showing relative strength. As noted above, the focus should be on finding the best technical setups that are working well, as we do inside 12631. Until that ceases to work, individual stock selection matters most in this market.

chessNwine’s Weekly Strategy Session has been published and sent out to members this week. I am confident that you will find this week’s version to be of tremendous value in your weekly preparations for the market. It is never too late to sign up at a very reasonable price, so please click here for more details about subscribing or even making a one-time purchase (the subscription plans offer much better value over time).

As a reminder, members of 12631 receive the Weekly Strategy Session at no additional cost, as it is included in their membership.

Also, current Weekly Strategy Session members, please be sure to check your spam/junk filter if you do not see the W.S.S. in your inbox.