Market closes strong
My weekly market barometer of just the facts
Value Line Index -- Contains 1700 stocks so it is broader than the S&P 500 or much narrower Dow 30 -- Still climbing
- Index up this week by 3.55% -- up for 3 months in a row
- Index closed Friday above its 20, 50 and 100 day moving average
- Hit new highs in 12 of the last 20 trading sessions and was 5 for 5 last week
- 7.21% price appreciation for this month
- 100% Barchart technical buy -- 13 of 13 technical buy signals
Barchart Market Momentum -- Percentage of stocks closing above their daily moving averages for various time frames -- Above 50% is always better
- 20 DMA -- 77.90% closed above -- 68.30% last week -- 64.93% last month
- 50 DMA -- 85.01% closed above -- 83.15% last week -- 78.65% last month
- 100 DMA -- 86.21% closed above -- 83.86% last week -- 78.42% last month
Ratio of stocks hitting new highs to new lows for various time frames -- 1.0+ = bullish, 1.0 = neutral, below .99 = bearish -- Very bullish
- 20 day new high/new low ratio -- 2350/413 = 5.69
- 65 day new high/new low ratio -- 1860/140 = 13.29
- 100 day new high/new low ratio -- 1664/106 = 15.70
Investment Strategy -- Since all 3 yard sticks are positive I'll continue to stay in the market. I'll cull stocks that don't close above their 50 DMA and replace them.
Wall Street Survivor results -- The columnists who contribute to Top Stocks have a little friendly competition going over on Wall Street Survivor . I'm climbing out of the hole I was in and month to day I'm in first place with a 9.3% return just ahead of John Reese with a 5.15% return and we're both ahead of the S&P turning in a 4.09% return. We still have a full week to go this month so anything can happen.
Disclosure: I do own positions in stocks mentioned in my blogs
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Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
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