Da Q's are still in the clutch's of a "Death Cross", which, I DEFINE, as a cross of the 20 and 50 DMA's, the "official" cross is the 50 and 200, but that's a little to long for me, plus, I may never see one of those again in my life time. Even worse is that they are still under the 20ma, but I still think we rally back up to under that 50ma just about $88, which, MAY, set up the head and shoulders I talked about last week. At that point, well, we shall see what we shall see.
The $NYSI is still on a sell, but at least it's started to turn up and may signal a new buy in a couple of days, I hope it's not another nasty WHIP SAW like last time.
Mean while, the main men, the $NYAD's, are looking great, as they are back in the "preferred" position of leading the markets higher, as they've crossed over the April highs while the SPY still has a ways to go.
The $NYHL is FINALLY starting to turn back higher, and my Market monitor agrees with it, as we slid into the depths of hell on Thursday when we had that UP day and yet the number of 4% DOWN actually DECREASED on the weekly while the 4% DOWN actually INCREASED, NOT, a good sign at all. But what WAS a good sign was that the daily 4% UP exploded which is exactly what you want to see to kick start us higher.
XLE was the big winner in my 73 markets this week, as the energy ghouls get ready to try and crush any sign of an economic recovery as soon as they can. IYT, XLI and XLB all joined the party being up over 2% on the week, our major market winner this week was the SPY, down at the bottom with a 1.76% gain, the DIA came in at 1.41% followed by Da Q's at 1.29%, with the little guys, IWM, bringing up the rear at .86%.
The loser's were mostly the inverse funds but China stepped up to the plate to be the big loser this week, FXI down 2.34%, I follow it so much I actually thought it was UP on the week, hahahahahaha. Gold and sliver were down on the week close to 2%, bonds just barely eeked out a gain of .19%.
Joining the Q's by being under their 20ma were IWM, XLY, and XLV, which also have Death Crosses, XLF is under the 20 but has not crossed, YET, in a major surprise, and showing the huge difference between the Q's and the XLK, the XLK has NOT had a death cross, and is actually trying to push over it's 20ma.
A lot of energy names showed up in the winner's list of the S and P 500 this week, a druggie stock was the big winner, AGN up 14.8%, some semi's showed up, AA is notable coming in at number 14, notable because it gained 6.77% after it gapped DOWN on Friday after being down graded to JUNK status by Fitch, hahahahahaha, this following it's second lousy earnings report in a row, well, I can't say that, they, ONLY, lost 178 million this quarter after losing 2 billion in the last quarter, AND, they are cutting production because of a GLUT in aluminum, AND, they are the high cost producer in the group, hahahahahaha, man, I tell Ya, hope do spring eternal, don't it! This is why I think that funnymental analysis is an absolute piece of bull shit, as the thing is obviously going to Da stinking moooooooooon, come hell or high water! Check out the metrics on the DCF page over at Guru Focus.com, well, I mean, if you are INVESTED in the stock then DON'T check out the metrics, hahahahahaha, you'd be better off closing your eyes and just staying with it.
This is just all sour grapes of course, as I bailed on it some where around 12.50 after it coughed it up after it's earnings release double top, I may try again if it pulls back.
WOW, JPM on the S and P loser's list, down 3.8% on the week, what is the world coming to, CLF continues to get ripped, I could have sworn some one said BBY was going back to $40 or some thing like that, UNH was a big surprise, especially after POTUS was pumping it up, FSLR dumped after investor's started getting Aluminum Siding spams in their email, BTU was on the list, the DCF has fair value for it at $14.50, which is where I might get interwested, coal or no coal.
Why the Fed Does Not Control Inflation and DeflationDespite the Fed's leverage and its attempt to inflate throughout the economy, the deflationary pressures in the U.S. are overwhelming. Read more.
By Elliott Wave International
By Elliott Wave International