I like this market
It's showing signs of getting stronger. Think about getting back in.
Value Line Index -- Contains 1,700 stocks so it's broader than the S&P 500 or very narrow Dow 30 -- Nice week mostly up
- Trend Spotter: Buy
- Barchart: 40% short-term buy signal
- Closed Friday above its 20, 50 and 100 daily moving averages
- Up 2.07% for the week
- Up 3.76% for the month
- 14-day Relative Strength Index of 95.26%
Barchart Market Momentum -- Contains approximately 6,000 stocks -- Percentage of stocks closing above their Daily Moving Averages for various time frames -- Above 50% always good.
- Friday over 79.08% closed above their 20 DMA, over 72.71% closed above their 50 DMA, over 61.61% closed above their 100 DMA
- Last week over 77.80% closed above their 20 DMA, over 69.35 closed above their 50 DMA, over 51.11% closed above their 100 DMA
- Last month only 39.93% closed above their 20 DMA, just 50.77 closed above their 50 DMA, only 43.17% closed above their 100 DMA
Ratio of stocks hitting new highs/new lows -- 1.0+ bullish, 1.0 neutral, less than .99 bearish
- 1 month new highs/new lows -- 1140/191 = 5.97
- 3 month new highs/new lows -- 514/115 = 4.47
- 6 month new highs/new lows -- 260/91 = 2.86
Summary and Investment Strategy -- I'm liking this market. We will trim losing positions and not be afraid to replace them. By the end of the week I think I'll be fully invested.
Disclosure: Jim Van Meerten through Marketocracy Capital Management has an interest in the stocks mentioned in this blog.
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