Another week with great results
Forget about the reasons for the market increase, let's just look at the facts.
Value Line Index -- Contains 1700 stocks so it's much broader than the S&P 500 or the much narrower Dow 30
- Index was up by 2.49% this week -- That make 3 weeks in a row and better yet 3 months in a row
- The Index closed on Friday above its 20, 50 and 100 day moving averages
- Index is up 5.60% in the last 30 days
Barchart's 13 technical indicators all signal a buy for a 100% technical buy rating
Barchart Market Momentum -- contains 6000 stocks -- Percentage of stock closing above their own daily moving averages for various time frames -- Good numbers for all 3 time frames
- 20 DMA -- 71.77% closed above -- 64.69% did last week
- 50 DMA -- 84..82% closed above -- 82.52% did last week
- 100 DMA -- 84.04% closed above -- 81.58% did last week
Ratio of stock hitting new highs to new lows for various time frames -- 1.0+ bullish, 1.0 neutral, below .99 bearish -- Bullish for all 3 time frames
- 20 day new high/new low ratio -- 1520/336 = 4.52
- 65 day new high/new low ratio -- 1082/97 = 11.15
- 100 day new high/new low ratio -- 996/76 = 13.10
Investing Strategy -- All 3 yard sticks gave me very positive vibes. If one of my stocks fails to maintain a price above its 50 DMA I'll cull and replace it. This market seems to have solid legs at the present time.
Wall Street Survivor results -- The columnists for Top Stocks have a little friendly competition over on Wall Street Survivor. This month the S&P 500 has returned 1.87% so far. I'm in first place for the month at 5.15% just slightly ahead of the Motley Fool All Stars with a 2.42% return. John Reese also beat the bench mark with a 2.36% return.
Disclosure: I do not own positions in the stock contained in my blogs.
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