In the event anyone noticed, I apologize for missing the update on Thursday night. I took a brief vacation down to Myrtle Beach with the family.
The markets were did some nice consolidation on Thursday and Friday which solidified our long side momentum. Our slow momentum indicator has now surged above plus five putting us into positive TradeWinds territory. Only five of our 40 indexes and ETFs are in negative territory (SLV, GDX, GLD, PPH, XLV), confirming a broad based rise in the market. What this rise means to your trading is that it is now time to buy dips and let your winners run.
In the near term, I think we will continue to consolidate and even see a little down side. Our fast momentum indicator flattened out indicating it needs to go refuel. Our moderate momentum indicator is getting a little frothy, so be cautious over the next couple of days.
Friday we saw five indexes/ETFs move into positive territory - XLB, COMPX, MDY, SPY, OEX. This puts all major indexes into the positive TradeWind sailing. I saw a headline that said the Nasdaq had its best week since 2006 - that doesn't surprise the readers here, because we called the Techs back in play exactly two weeks ago.
Now check out our Top 25 lists and the past week's Black Box results.
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