Weekly Average Momentum Index (AMI) rankings of HSA, SSPP, RSP, SELECT, ETF, iETF, sETF have been posted at http://sites.google.com/site/ycprankings
Tradings were choppy last week. Stock prices went up initially on good company earnings but cooled down by the end of the week due to disappointing home sales and jobless claims. The SP 500 index closed this week at 1378 up 0.6%, the Dow Jones Industrial Average gained 1.4%, while APPLE pulled the Nasdaq composite index down 0.36%.
More companies are reporting quarterly earnings next week: APPLE, Merck, Exxon Mobil, Boding, Caterpillar, Amazon, and Starbuck. All eyes will be on APPLE's earning report on Tuesday. The stock after a parabolic runs has seen relentless selling for the past 10 days. APPLE stock price has dropped from the high of 644 to close at 573, right above its 50 day moving average. I think APPLE will have tough time meeting unrealistic earning expectation from investors, and there maybe opportunity to buy the stocks after their earning reports. A riskier entry point is 550 and a more patient approach is to wait for its weekly price come down to its 28 week moving average, which is far out in the future with more uncertainty.
Long term chart of S&P 500 index shows that the multi-year uptrend is still intact and the momentum is still strong.
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