Friday's market action was again discouraging, but not fatal to our building long momentum. The day started out good and then just faded as the day went on on moderate volume. A little bunch at the end kept it to a respectable lose.
Our slow momentum indicator has flattened out deep in the neutral zone. A market bound now should make it turn back to the upside. Our fast momentum indicator suggest we may get that bounce soon, as it has quickly moved from short term over bought to over sold, without doing much damage to the moderate and long indicators.
Trading strategies that favor a neutral or trading range market is probably the best way to go for the near terms until Miss Market can carry our slow momentum indicator through the neutral zone into positive TradeWind territory.
No sectors moved into the wind-at-the back TradeWinds zone. Financials (XLF) slipped from neutral into negative TradeWinds, but just barely. You can expect the financials to continue to be volatile as the the whole credit thing is sorted out.
Check out our Top 25 lists and last week's TradeWinds Black Box results.
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