The unemployment rate jumped to a 16-year high of 7.2%, and the stock market took it on the chin. The S&P 500 index lost 4.5% and the NASDAQ composite index went down 3.7% for the week. The economy recovery has a long way to go and the market is still very weak.
Due to the downward spiral of oil price, the Fidelity select air transportation fund has been going strong. Its price has broken the 28 week moving average and the STO has also climbed above 50. The AMI went from -0.9 last week to 0.7 this week. We will see how its price trend develops in this weak market condition during the next few weeks.
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