Fund Rankings Update, 10/24/2014

Weekly Average Momentum Index (AMI) rankings of HSA, SSPP, RSP, SELECT, ETF, iETF, sETF have been posted at "Rankings", "Trading Logs" pages, and  http://ycprankings.awardspace.us/RankingTables.htm.

Strong US company earning reports trumped worries about global economy slow down. Stocks rebounded strongly from extreme over bought condition., and recorded the best weekly gain in two years.  For the week, S&P 500 index closed at 1964, up 4.12%. Dow Jones Industrial Average gained 2.59%, and Nasdaq composite index increased 5.29%.   

Just as we said that it is unlikely we will get a "V" shape rebound this time, all major indices rebounded strongly and S&P 500 index went up 78 points to get back above its 28 week moving average again. A "V" shape rebound is forming in the weekly chart of S&P 500 index as shown in the picture below. From technical point of view, we would like the index to hold above the 28 week MA and has its momentum index, STO, climbing back above 50 to assure us that the rally will continue after interruption by the sell-off.

Weekly chart of S&P 500 index