Weekly Average Momentum Index (AMI) rankings of HSA, SSPP, RSP, SELECT, ETF, iETF, sETF have been posted at http://sites.google.com/site/ycprankings
Friday's ugly job report for June poured cold water to the enthusiasm of investors. In the report, economy only added 18,000 jobs in June far less than the 154,000 jobs that was expected, and unemployment rate ticked up to 9.2%. With demand still growing, economists think that the recovery although weak is still intact and should pick up steam in the second half of the year. The S&P 500 index closed this week at 1343 up 0.31%, the Dow Jones Industrial Average gained 0.59%, and the Nasdaq composite index increased 1.55%.
Last week, all the three major indexes climbed above their trend lines, and this week, all of their momentum indicators broke above 50. Based on these signals, I think the correction has ended and the intermediate up trend will continue.
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