Weekly market recap
On Financial Tides I start every weekend by taking a reflective moment to clear my head of all the hype and use Barchart to see where the market really ended up. I use the Value Line Index as my proxy for the market and although it was up 3 days and down 2 we ended up .82% for the week. Let's review my other yard sticks.
Value Line Index -- Contains 1700 stock giving a much broader view that the S&P 500 or narrower Dow 30 -- Very slight gain.
1 - Index up for the week .82%
2 - Index closed above its 20, 30 and 50 day moving average
3 - Buy signals from 10 of the 13 Barchart technical indicators for an overall buy rating of 80%
Barchart Market Momentum -- The percentage of stocks closing above their 50 day moving averages for various time frames -- Above 50% for all 3 time frames
1 - 20 DMA -- 63.45% closed above -- 73.78% last week
2 - 50 DMA -- 79.14% closed above -- 79.85% last week
3 - 100 DMA -- 78.88% closed above -- 80.63% last week
The ratio of stocks hitting new highs to new lows for various time frames -- 1.0+ bullish, 1.0 neutral, less than .99 bearish -- Still bullish for all 3 time frames
1 - 20 day ratio of new highs/new lows -- 631/548 = 1.15
2 - 65 day ratio of new highs/new lows -- 431/147 = 2.93
3 - 100 day ratio of new highs/new lows -- 396/96 = 4.13
Summary -- Although the week was a roller coaster reacting to all sorts of news and non-news we still ended up and ended solid. I see no reason to panic and will continue to cull stocks that have lost their momentum and feel safe to replace them and not accumulate cash.
Wall Street Survivor results: Month to date the S&P was up 4.48% and Vad the Skeptical Capitalists is in first palce with me a distant 7th.
Jim Van Meerten is an investor who uses the tools on Barchart to find interesting stocks and evaluate the market on Financial Tides. Please send any comments to JimVanMeerten@gmail.com.
Disclosure: I do not own positions in the stocks discussed in my Financial Tides blogs.