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 sETF model portfolio: Sell IHF, Buy IEZ.
As we approach the August 2 deadline for debt ceiling and still have no resolution in sight, investors' confidence starts crumpling. Making matter worse, the second quarter GDP number released Friday is lower than expect and the first quarter GDP was revised down to 0.4%, indicating that economy was barely growing in the first half of the year. The S&P 500 index closed this week at 1292 down 3.92%, the Dow Jones Industrial Average lost 4.24%, and the Nasdaq composite index decreased 3.58%. Good corporate earnings have been offset by poor economy data and stalemate in Washington. Hopefully next week, politicians can stop playing games to reach an agreement and move the country forward.
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