Market ends the year strong
It appears that the upward trend will continue through January.
Value Line Index -- 1,700 stocks -- seems bullish
- Down 1.20% for the week
- Up 7.01% for the month
- Up 57.95% for the year
- Closed above its 20, 50 & 100 Day Moving Averages
- Buy rating on 11 of Barchart's 13 technical indicators for an overall Buy rating of 88%
Barchart Market Momentum -- approximately 6,000 stocks -- percentage of stock closing above their daily moving averages for various periods -- majority closed above their DMAs
- 20 DMA -- 69.73% closed above
- 50 DMA -- 74.14% closed above
- 100 DMA -- 72.75% closed above
Ratio of stocks hitting new highs to new lows for various periods -- above 1 bullish, 1 neutral, below 0.99 bearish -- This week still bullish
- 20-day new high/new low ratio -- 1056/361 = 2.93
- 65-day new high/new low ratio -- 518/138 = 3.75
- 100-day new high/new low ratio -- 421/104 = 4.05
Summary & Strategy -- The market ended the year on an upward trend, and I see no reason that the trend won't continue through January. During the coming week I'll trim any stock that doesn't maintain a price level above it's 50 DMA and feel confident that I can replace it with a new position.
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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.
The company is lowering its soda machine projections for the second half of the year, however.
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