Value Line Index -- contains 1700 stocks -- Index up
- BarChart's technical analysis indicators rate the Index a 32% buy with 7 buys, 3 holds and 3 sells -- not great but better than last week
- The Index is tracking above its 20, 50 and 100 day moving averages - a sign the market is trending upward
BarChart's Market Momentum -- contains approximately 6000 stocks -- percentage of stocks trading above or below their daily moving averages -- momentum up
- 20DMA -- 53.79% trading above
- 50DMA -- 51.21& trading above
- 100DMA -- 71.44% trading above
Ratio of stocks making new highs to stocks making new lows for various time periods -- above 1.01 bullish, 1.00 neutral, below .99 bearish -- this week we have a long term bull with 2 short term bears
- 20 day new high/new low ratio -- 422/611 = .69
- 65 day new high/new low ratio -- 225/302 = .84
- 100 day new high/new low ratio -- 230/199 = 1.20
Summary -- The market appears to be back into an upward trend but the new high/new low ratios shows we have a way to go before we can give a full blown bull signal. Don't be afraid to either stay invested or get back into the market.
Wall Street Survivor results -- On Top Stocks the contributors that mention stocks place those recommendations is a fantasy portfolio for a little friendly competition. For the week my portfolio was up 2.15% vs. the S&P gain of .57% and for the month I'm up 9.22% vs 5.33 for the S&P. I beat the market but that wasn't good enough to beat our leader Anthony Mirhaydan for both the week and month to date. His return is a fantastic 11.61% for the week and 29.58% month to date.
Disclosure: I do not hold any positions in the stock of my Wall Street Survivor portfolio at the time of publication.