Weekly Average Momentum Index (AMI) rankings of HSA, SSPP, RSP, SELECT, ETF, iETF, sETF have been posted in "Rankings", "Trading Logs" pages, as well as in http://ycprankings.awardspace.us/RankingTables.htm.
Worries about the economy "overheating" was calmed down somehow by the sharply less than expected job growth report. US economy only added 266 thousand jobs in April way below the one million jobs expected by the economists. The disappointing job report helped to push the rising treasury yields down and boosted the beaten down tech stocks higher. Value stocks outperformed growth stocks while tech stocks and consumer discretionary stocks underperformed despite strong quarterly earning reports. For the week, S&P 500 index went up 1.23% to 4232, Dow Jones Industrial Average gained 2.67%, while the technology laden NASDAQ composite index decreased 1.51%.
S&P 500 index continued its steady climb and firmly closed above 4200. Investors are rotating out of growth stocks and move into value sectors due to seasonality (Sell in May and Go AWAY). Our cautiously positive outlook remains the same as the past few weeks.
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| Weekly chart of S&P 500 index |
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