Hahahaha, evidently McGeever doesn't understand the monster the FED has created called the "Costanza Market", where every thing is the opposite, with bad being good.
Four of the bullish percent indexes look awful, as they are not confirming the recent highs, trying to make their second lower highs after they led the markets higher in March and April. Another kind of strange one is the two middle BP's, the SP 100 is looking much better than the SP 500, meaning the big caps are holding the big index up, while the NasDOG 100 is lagging the big index, meaning the smaller caps are what is holding up the $COMPQ.............
In keeping with the worst is the BEST, the worst market in my 76 markets last week, EGPT, was the best this week, up 7.30%, Asia CB's must have been printing this week as FXI, EPI, EWH and EWJ were all up over 1% for the week. SMH was our industry leader, which must have carried the NasDOGS to the lead in our major markets, QQQ up .81%, IWM was second at .63%, the SPY was up a massive .26% on the week, with the DIA-DOGS bringing up the rear at a minus .12%, actually, TLT was the winner, down .98% for the week.
4 markets closed at a 20 day high this week vs 22 last week, pretty weak showing, but the lows didn't really move with 5 markets closing on a 20 day low vs 3 last week, 57 closed on a SILVER cross, 20 SMA above the 50 SMA, vs 56 last week, 61 stocks on the NYSE closed on a PSAR buy signal vs 263 last week, definitely much weaker, 94 closed on PSAR sell signals vs 48, 91 closed on 52 wk highs vs 128 and 36 on lows vs 23 last week, 61 closed with a CCI buy signal vs 131 last week and 95 closed on a CCI sell vs 31.
Brazil got clubbed this week to be the winner of the LOSER's, EWZ down 7.89% on the week, I think because they cut the socialist budget by $23 billion, Austria, EWO, got wacked by 5.05% as Austrian economist are being derided by the money printers led by Krugman, UNG was down 4.91% because, well, it's not WINTER any more, sigh, GDX was down 4.30% as evidently not enough of those Austrian economist were buying enough gold, although GLD was "only" down 1.64%, EWA was down 4.09% because, again, of those Austrians not buying enough gold, although copper probably affects the Aussies more than gold, and it was down 4.68% on the week.
Here's the beg wiener's in that index that will soon be entirely owned by the Federal Reserve, the SP 500, cable TV was the big rage this week with five of the top 20 winners being in that industry, but the actual big winner was a stock not on the list, AMZN, as people have stopped bitching about it's valuations and instead are deriding NFLX, which took over the lead from AMZN with a forward P/E of 176.62 vs, ONLY, 166.98 for AMZN, and a P/S of 6.49 vs a paltry 2.17 for Beeeezos, I'd mention the PEG of 6.96 for NFLX but AMZN has NO PEG, so I can't use it, what really cracks me up is that NFLX has made this huge run based on earnings being 8.3%, LOWER, next year, hahahahahaha, wooooo hoooooo! The million dollar Baby, John Carter, has been just dollaring down selling put's against that stock, he just loves it.
The very first thing that caught my eye in the loser's list was who the leaders are, airlines, I mean, wow, what happened in that space? I, PERSONALLY, don't, "DO", airlines, as they all go union broke every ten years and then come back as ward's of the tax payers like the auto companies, but it sure explains the DOW Theory NON-confirmation that no one is worried about. I thought this headline was pretty hilariious, is sure goes right to the heart of the "Costanza" principles when Barron's starts saying that GOOD is really BAD.............
Airlines: Why Maximizing Profits is Bad For Shareholders at Barrons.com
AA is on the list, down six days in a row, I mean, are the airlines NOT buying tons of new planes?? The auto companies not converting to all aluminum fast enough??? I thought AA was the greatest thing going??!! Oh, that's right, they, MADE, money on their last earnings report, hahahaha, silly me.