I see that Henry Carstens has added a dashboard to his "Forecasts" page that includes his latest tools derived from his trading systems. One new tool features stocks for pairs trading, where each of the stocks is taken from a high-volume universe. (Above was taken from yesterday's market). Stocks in green have high odds of uptrending; those in red have high odds of downtrending. By buying a green stock and selling a red one (equal dollar amounts for stocks with similar betas, or volatility), a trader reduces the impact of overall market movement and instead trades the relative strength between the two issues.
Alternatively, the green and red stocks could provide screening candidates for long and short trades that fit your own setup criteria. Thus, if you're noticing developing market weakness and see a red stock unable to take out an important price level or fill an opening downside gap, that might be one you would choose to sell.
The tools on the dashboard are updated every five minutes and provide an overview of market, sector, and individual stock strength and directionality. Sweet!
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