Weekly Average Momentum Index (AMI) rankings of HSA, SSPP, RSP, SELECT, ETF, iETF, sETF have been posted at http://sites.google.com/site/ycprankings/
Led by strong company earnings from technology companies, stocks went up broadly this week. The S&P 500 index closed this week at 1337 up 1.34%, the Dow Jones Industrial Average gained 1.33%, and the technology laden Nasdaq composite index increased 2.01% for the week.
To continue and conclude my analysis of APPLE and GOOGLE from last week, here is what transpired this week: On Monday, Apple's price did a intra day reversal. It went down to a low of 320 but came right back and ended the day up at 332. From then on, the price went up non-stop and closed this week at 350. From the weekly chart, we can see its price bounces above the trend line and the momentum is turning upward. Resumption of the up trend will be confirmed when it breaks the previous high of 360. A conservative investor will take position after the confirmation while a more risk tolerant investor will take position now. Now, turning our attention to Google. With deteriorating momentum, its price went down 1.0% this week at a time when technology companies are leading the stock market higher. It may look like there is a temporary support around 525 for Google but I think 500 is a better bet from the weekly chart.
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