Market looks good so far
Every weekend I step back and use the numbers on Barchart to analyze the market action
Value Line Index -- The Index contains 1700 stocks which is much broader than the S&P 500 or the much narrower Dow 30 -- Still looks good
- The Index closed Friday above its 20, 50 and 100 day moving averages
- The Barchart technical indicators still rate the stock as a 72% buy with 10 buy, 2 hold and only 1 sell signal
Barchart Market Momentum -- Contains approximately 6000 stocks -- The percentage of stocks trading above their daily moving averages for various time frames -- Still appears positive
- 20 DMA -- 73.85% closed above this week -- 85.33% last week -- 74.42% last month
- 50 DMA -- 79.73% closed above this week -- 82.66% last week -- 61.08% last month
- 100 DMA -- 80.31% closed above this week -- 81.51% last week -- 67.11% last month
The ratio of stock hitting new highs to new lows for various time frames -- 1.00+ bullish, 1.00 neutral, less than .99 bearish - We are bullish for all 3 time frames
- 20 day ratio of new highs/new lows -- 1155/445 = 2.60
- 65 day ratio of new highs/ new lows -- 743/159 = 4.67
- 100 day ratio of new highs/new lows -- 667/105 = 6.35
Summary -- Overall the week was neutral but the 3 yard sticks show the market still has strength. This week I will continue to cull stocks dropping below their 50 day moving averages and feel confident with the strategy of replacing them with stocks hitting new highs.
Wall Street Survivor results -- The participants on Top Stocks have a friendly competition on Wall Street Survivor. The S&P was up 3.96% month to date and 3 of the competitors were able to beat the bench mark, Vad the Skeptical Capitalist leads the way with a return of 8.40 month to date and I'm in 6th place with a loss of .71%. Three days of trading left for me to break even.
Disclosure: I do not hold positions in the stocks in my model portfolios.
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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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