Fund Rankings Update, 6/3/2011

Weekly Average Momentum Index (AMI) rankings of HSA, SSPP, RSP, SELECT, ETF, iETF, sETF have been posted at http://sites.google.com/site/ycprankings/

All the economy data (consumer confidence, manufacturing activities, jobs report, .etc.) came out weak this week suggesting that the economy recovery has hit a soft patch in the month of May. The S&P 500 index closed this week at 1300 down 2.32%, the Dow Jones Industrial Average lost 2.33%, and the technology laden Nasdaq composite index decreased 2.29%.

As shown in the weekly chart of S&P 500 index below, the index is falling right on the trend line and the momentum index is heading downward. It is critical to see if the index can bounce back from this support level. If the current 1300 support fails to hold, the next level will be around 1220.