Weekly Market Recap -- 12/3
As weeks go this wasn't a bad one. It's the weekend and time to pull out our 3 market momentum yardsticks. We get all our data onBarchart and use 3 because each one measures momentum in a slightly different way. Let's cut out the hype and analyze what happened.
Value Line Index -- Contains 1700 stocks so it's much broader than the narrow S&P 500 or very narrow Dow 30 -- All signs seem positive
1 - Barchart 100% technical buy signal
2 - Up 3.26% for the week
3 - Up 4.97% in the last month
4 - Closed Friday at 2767.09 which is 5.85% above its 50 day moving average of 2614.04
5 - Relative Strength Index is 67.06% and rising
Barchart Market Momentum -- Contains approximately 6000 stocks -- Percentage of stocks closing above their Daily Moving Averages for various time periods -- Above 50% is always good
1 - Friday 66.00% closed above their 20 DMA, 67.10% closed above their 50 DMA, 77.38% closed above their 100 DMA
2 - Last Week only 46.00% closed above their 20 DMA, 59.61% closed above their 50 DMA, 75.30% closed above their 100 DMA
3 - Last Month 77.90% closed above their 20 DMA, 84.16% closed above their 50 DMA, 86.82% closed above their 100 DMA
Ratio of stocks hitting new highs/new lows for various time frames -- 1.0+ bullish, 1.0 neutral, below .99 bearish -- This week looked great
1 month new highs/new lows -- 1016/232 = 4.38
3 month new highs/new lows -- 812/80 = 10.15
6 month new highs/new lows -- 678/47 = 14.43
Jim Van Meerten is an advisor to Marketocracy Capital Managementwho uses his model portfolios not only to manage their mutual funds but also their clients Separately Managed Accounts. You can read his blogs about those model portfolios and investing here and onBarchart Portfolio Blogs. Please leave a comment below or emailJimVanMeerten@gmail.com.
Disclosure: Jim Van Meerten through Marketocracy Capital Management has an interest in the stocks mentioned in this blog.