Monday Sector Strength
Disclaimer: All charts and comments are intended for education and discussion purposes only. No investment recommendations are being offered. Please do your own research and take responsibility for all investment decisions that you make. Questions and comments related to this post are encouraged. | MON - Sector Strength | TUE - Interest Rates | WED - Market Breadth | THU - Commodities & Currencies | FRI - Market Sentiment | SAT - Bullish Percents | About | contact: HeadlineCharts@gmail.com |
I forgot to include this spreadsheet on Friday. I am cautious about stocks at the moment but still haven't sold any holdings. The NASDAQ new highs /new lows are still inverted which means to me the market is still in a trading range and bottoming out. So I'm holding on to what I own but not committing new funds to stocks.
Ken Tower has the opposite view. He sees a strong short-term uptrend, but is increasingly cautious on the longer-term. And IBD hasn't blinked since turning bullish on March 21, but continue to warn not to jump in too quickly or recklessly.
Investor's Intelligence continues to report excellent underlying accumulation in the market based on their unique method of calculating selling climaxes. Combine this indicator with their highly favorable Newsletter Writer's survey and equally favorable ratio of insider buys /sells, and they see a major market bottom forming pointing to price appreciation ahead.
The financials have been in a range for a month or so. BAC had bad earnings today, and the index dropped but didn't show much underlying weakness. Volume was very low on the decline and the bullish percent didn't drop. So this is pretty good news for the market.
Energy has been leading the market, but maybe its getting ready to take a break.
