Weekly Average Momentum Index (AMI) rankings of HSA, SSPP, RSP, SELECT, ETF, iETF, sETF have been posted at http://sites.google.com/site/ycprankings/
Trading signal occurs in SELECT model portfolio: Sell FSESX, Buy FBIOX.
Silver price crashed first and the Oil price followed. Collapes of these commodity prices put pressure on the stock market. The S&P 500 index closed this week at 1340 down 1.72%, the Dow Jones Industrial Average lost 1.34%, and the technology laden Nasdaq composite index decreased 1.60% for the week.
The months of May and June are usually "cool" months for stock markets, and the action of major indexes in this first week of May kind of validate that. The good company earning news and stronger than expected job growth in April failed to inspired investors. However, I do not see any disruption to the up-trend from technical point of view. Momentum of The S&P 500 index is still high and the prices is still above the trend line as observed in the weekly chart below.
Sharp drop in the oil price triggered the selling signal in our SELECT model portfolio. We will sell energy service sector fund, FSESX and buy the current top rank fund, FBIOX (bio technology).
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