Nice rally today, although it still leaves me a bit concerned for a short term correction.
Looking at our momentum indicators, our fast momentum has bottomed and turned up sharply, which is always a good sign. That coupled with the fact that our slow or long term momentum is just cruising along in positive TradeWinds territory is doubly good. We are still concerned that the moderate momentum never dipped much to reload, but that can happen when there is a real strong bull move and then all the indicators reload at the same time. We will see how this plays out.
The move continues to be pretty broad based with the exception of precious metals and other sectors that are influenced by the strength of the dollar. In other words the dollar is looking poised to get stronger therefore oil, euros and other currencies will be under pressure. The healthcare sectors are coming to life so keep an eye on them since they have been down for the longest. Agriculture also has a question mark as to whether it will get back in its groove or not.
Check out our Top 25 lists and TradeWinds Black Box results.
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