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.
Trading signal occurs in SSPP model portfolio: Sell FEQIX, Buy FIEUX.
Trading signal occurs in FEMKX timing model: Sell FEMKX, Buy Cash.
Trading signal occurs in iETF model portfolio: Sell EWW, Buy EWI.
Stocks declined modestly for another week even though the major indices closed mixed. Economic news released during the week were positive in general: The commerce department increased its estimate of 3rd quarter GDP from 2.9% to 3.2%, and the personal income rose 0.4% in November. The personal consumption expenditure (PCE) price index increased 5.5% year over year, the lowest inflation level in the past year. However, these positive economic news also incurred investors' fear for future rate hikes from the FED. For the week, S&P 500 index went down 0.2% to 3844, Dow Jones Industrial Average gained 0.86%, while the technology laden NASDAQ composite index decreased 1.94%.
After S&P 500 index failed to hold above its EMA resistance 3 weeks ago, the index has bounced off the 3800 short term support this week as we have discussed in the blog 3 weeks ago. If we the index can successfully bounce off the support (although with declining momentum) in the next few weeks, we may see the trend slowly turning positive. Santa Claus rally started this past Friday and ends on Dec. 30 this year. We will see if Santa brings investors big gift for this difficult year.
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| Weekly chart of S&P 500 index |
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