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 relief rally after European leaders reached a deal to aid their troubling banks turned the major stock indices around. SP 500 index struggled for the first four day of the week but closed the week at 1362, up 2.03%. Dow Jones Industrial Average gained 1.89%, while Nasdaq composite index increased 1.47%.
In the past few weeks, stock markets have slowly turned around. In the weekly chart below, S&P 500 has been gaining momentum although still flirting around 28 week moving average. The index is about 100 points above the low 4 weeks ago. The close of 1362 is right at the short term resistance of 1360 level, which can be see in the daily chart. If the index can hold at this level, the next short term target will be 1390.
On the sector front, the defensive sectors, such as utility, health care, and real estate are still dominating the ranking tables. Rotation from defensive sectors to more aggressive sectors will happen after the uptrend is more established.
In case you did not notice, last week was the 8th anniversary of this website. You can see from SSPP model trading log that the Dow Jones Industrial Average went from 10395 on 6/24/2004 to 12880 last Friday with only 23.9% gain, and Nasdaq composite index went from 1994 to 2935 with 47.19% profit. Our momentum ranking system outperforms both indices handily with 98.39% gain, averaging 12.96% a year!
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