Value Line Index -- Contains 1700 stock giving a much broader view that the S&P 500 or narrower Dow 30 -- Very slight gain.
- Index up for the week .82%
- Index closed above its 20, 30 and 50 day moving average
- Buy signals from 10 of the 13 Barchart technical indicators for an overall buy rating of 80%
Barchart Market Momentum -- The percentage of stocks closing above their 50 day moving averages for various time frames -- Above 50% for all 3 time frames
- 20 DMA -- 63.45% closed above -- 73.78% last week
- 50 DMA -- 79.14% closed above -- 79.85% last week
- 100 DMA -- 78.88% closed above -- 80.63% last week
The ratio of stocks hitting new highs to new lows for various time frames -- 1.0+ bullish, 1.0 neutral, less than .99 bearish -- Still bullish for all 3 time frames
- 20 day ratio of new highs/new lows -- 631/548 = 1.15
- 65 day ratio of new highs/new lows -- 431/147 = 2.93
- 100 day ratio of new highs/new lows -- 396/96 = 4.13
Summary -- Although the week was a roller coaster reacting to all sorts of news and non-news we still ended up and ended solid. I see no reason to panic and will continue to cull stocks that have lost their momentum and feel safe to replace them and not accumulate cash.
Wall Street Survivor results: Month to date the S&P was up 4.48% and Vad the Skeptical Capitalists is in first palce with me a distant 7th.
Disclosure: I do not own positions in the stocks discussed in my Financial Tides blogs.