Our models sold 22 positions in August. Here is what those stocks did next.

At the August 17 rebalance our five models sold 22 positions and opened 22 new ones. In the backtested record, from that close through Friday, October 9, the positions sold were down 4.9% on average and the positions bought were up 0.1%. The S&P 500 total return index rose 1.0%.

The quarter before adds a second half to the story. The 16 positions the models sold in May rose 14.5% on average by August 17 in the backtested record, close to three times the index's 4.9%. The 16 they bought rose 25.8%.

So a name leaving a model says less about its next move than it seems to. The record back to 2008 shows how much less.

Every figure in this issue is backtested, built from the models' roster record and adjusted closing prices, and before fees and taxes. A member mirroring a model would have seen different numbers because of timing, fees and taxes.