Weekly Average Momentum Index (AMI) rankings of HSA, SSPP, nSSPP, SELECT, ETF, iETF, sETF have been posted at http://ycprankings.atspace.com/
Trading signal occurs in SELECT model portfolio: Sell FSLXX, Buy FSUTX
Stocks came out strong Monday due to better than expected company earning reports, but the worse than expected job report on Friday casted doubt to the economy recovery and dampened investors' enthusiasm. However, the strong momentum still carried the stocks to the up side. The S&P 500 index closed this week at 1121 up 1.82%, the Dow Jones Industrial Average increased 1.79%, and the Nasdaq composite index gained 1.5% for the week.
The monthly chart of S&P 500 index shows that the index has climbed above the trend line again after staying below it for 3 months. From the monthly chart below, a similar situation happened during 1998 when the index briefly dipped below its trend line and resumed the up trend for another 24 months. Since the index move above its trend line again, we will change our position to buy side.
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