Weekly Average Momentum Index (AMI) rankings of HSA, SSPP, RSP, SELECT, ETF, iETF, sETF have been posted at http://sites.google.com/site/ycprankings/
Stocks were in a consolidation mode. The S&P 500 index closed this week at 1319 down 0.64%, the Dow Jones Industrial Average lost 031%, and the technology laden Nasdaq composite index decreased 0.57% for the week. A lot of companies will report earnings in the next 2 weeks. How stocks react to these announcements will tell us whether they are going up or going down.
Although I mainly focus on analyzing price charts of ETF and mutual funds, sometimes I come across some interesting stock charts that I woule like to share. Due to poor earning report Google's stock price went down $48 (8.26%) today. Google and Apple are the two major tech companies competing in the smart phone and tablet area. Let's compare the weekly charts of these 2 companies. Apple has been going higher an higher since March 2009. Every time the price touch the trend line and the momentum indicator fell below 50, it came right back and resume its up trend. Currently, its price touches the trend line and the momentum indicator falls below 50 again. It will be interesting to see if it can repeat its previous pattern to resume the up trend. On the other hand, Google's 2009 rally has been interrupted in March 2010. After six months, its price went back above trend line, but failed to go higher. The price went side way for 5 months, went down below the trend line in March this year and failed to break above it at the end of March. Its momentum is going downward and I suspect the price will go down to 500 - 450 level.
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