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 iETF model portfolio: Sell EWN, buy INP
Weak company earnings and worries about Europe (agian!) handed stocks the worst week in four months. S&P 500 index closed the week at 1428, down 2.21%. Dow Jones Industrial Average lost 2.07%, and Nasdaq composite decreased 2.94%.
S&P 500 index closed this week at the lower end of the trading channel between 1475 and 1425. Its momentum decreased a bit but is still above 80. It will be interesting to see if the index can bounce back from this lower boundary next week. On the down side, there is a minor support at rounded number of 1400 and a stronger support at 1370.
We have discussed about the sub-par performance of iETF model portfolio being influenced by the volatility of international ETFs, and this week is another example. INP takes the number one rank spot this week and EWN has been pushed below the 7th rank in the iETF ranking table. After holding EWN for a short 32 days, iETF model portfolio issues a trading signal to change its holding to INP with only 0.2% gain.
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