Weekly Average Momentum Index (AMI) rankings of HSA, SSPP, RSP, SELECT, ETF, iETF, sETF have been posted at http://sites.google.com/site/ycprankings
Consumers and companies affected by worries about European financial crisis and slow job growth in US reduced their spending in the second quarter. The second quarter US GDP slowed to a growth of 1.5% less than the 2.0 % growth in first quarter and 4.1% in the fourth quarter of 2011. However, boosted by the hope that the slow economy growth will prompt FED's stimulus action and the comment from European Central Bank president about preserving euro, stocks shook off the bad economy reports and advanced higher. SP 500 index closed the week at 1385, up 1.71%. Dow Jones Industrial Average gained 1.97%, and Nasdaq composite index increased 1.12%.
The technical picture of S&P 500 index stayed the same as previous weeks. The index is above its 28 week moving average and trending higher. The momentum indicator is above 50 and gaining strength.
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