A short but sweet week on Wall Street
Christmas week was good, and the year's last few days are also looking up.
Value Line Index -- 1,700 stocks: All indicators are positive.
- All 13 BarChart technical indicators have a buy rating for a 100% buy rating overall
- The index closed Friday above its 20, 50 & 100 daily moving averages
- The Index has had a price appreciation in 12 of the past 20 trading sessions and is 5 for 5 recently
- The Index has had a 7.89% price appreciation in the last 65 sessions
BarChart Market Momentum Indicator -- percentage of stocks closing above their Daily Moving Averages for various time frames -- approximately 6000 stocks. Positive for all three time frames.
- 76.79% closed above their 20 DMA
- 74.06% closed above their 50 DMA
- 74.79% closed above their 100 DMA
Ratio of stocks hitting new highs to new lows for various time frames -- 1.0+ bullish, 1.0 neutral, less than .99 bearish -- very bullish
- Ratio of stocks hitting new highs to new lows for the last 20 days -- 1614/203 = 7.95
- Ratio of stocks hitting new highs to new lows for the last 65 days -- 913/124 = 7.36
- Ratio of stocks hitting new highs to new lows for the last 100 days -- 823/93 = 8.85
Summary and investing strategy -- The market performed well last week and seems to have support across the board. I'll stay fully invested but still trim any stock not maintaining a price above its 50-day moving average. January is usually a strong month, so I feel that I can safely replace any stock I cull. Have a great week and a prosperous New Year.
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