Subscriber email sent 9-5-10:
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 Market Breadth: With this week’s sharp market rise, our Bull/Bear Point and Figure Ratio rose from 0.62 to 1.07, over the 1.0 threshold back into bullish territory. The total count of securities in bullish or bearish patterns decreased 2% to 1388. The count of bearish stocks decreased 24%, while the count of stocks in bullish patterns increased by 32%. The Sand 2 Pirls P&F Market Breadth Summary Chart shows us a market jumping back into bullish territory. Paid subscribers have access to the Excel data from which the image to the left is built.
The well known market breadth indicator, the Nasdaq McClellan Summation Index (NASI) increased for the sixth time in the last nineteen weeks, rising 51 points. At -521, it continues below the February 2010 bottom, below all 2008 tops and the November 2009 bottom.
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| This week the Nasdaq Composite Index ended the week in neither Accumulation nor Distribution mode with two (2) Accumulation days and two (2) Distribution days in the last two weeks. The previous week ended in Accumulation mode. (Accumulation days are counted when the index closes up on higher volume than the prior day while Distribution days occur when the index closes down on volume higher than the prior market day.) Of the other indexes, the DOW (DIA) ended the week in Accumulation mode while the S&P (SPY) ended in neither Accumulation nor Distribution mode. |
$COMPQ.JPG) Momentum: The CCI(20) shot upwards thsi week from -100 to nearlt +100. We have two days with the CCI(20) above zero. With 4 more consecutively, we will have a change of trend –as defined by Woodie’s CCI trading system– at Thursday 9/8 close. |
| In Woodie’s CCI trading system, six consecutive bars above or below zero are required for a change of trend. The weekly CCI(20) of the Nasdaq Composite Index began a downtrend seven weeks ago. The Daily CCI(20) began a Woodie’s downtrend two weeks ago, but appears ready to shift to an uptrend. |
$COMPQ.JPG) Entry for the weekly chart ZLR Short signal was at Monday 8/16 open. This week the CCI(20) rose after hitting -100 the week prior. We exit the trade at Monday 9/6 open and will report the results in next week’s commentary. |
 Industry Rotation the last two weeks: All of the top five and bottom five industries are positive. Bullish: REITs (DJR) has entered and leads the top five. Banks (BKX) has left the bottom five. Bearish: Semis (SOX) has entered and leads the bottom five. Oil (XOI) has left the bottom five. Networkers (NWX) has left the top five. Gold and Silver ($XAU) remains in the top five. Computer Tech (XCI) and Brokers (XBD) are in the bottom five. |
Focus this week: It turns out that the Hindenburg Omen signal may not have been triggered at all, because the new highs and new lows were not stocks, but various closed-end specialty funds. Read Market Analysts Say: False Hindenburg Omen Signal by Elizabeth MacDonald to learn more.
Subscribe to Sand 2 Pirls Market Commentary directly here (free).
–Donald Pirl www.s2pmarketsignal.com
S2P Market Signal Commentary may be freely forwarded and otherwise distributed providing content is unchanged and authorship acknowledged.
© 2010 Sand2Pirls, Inc. All rights reserved. [Terms and Conditions/Disclaimer ]
9-3-10 Market Commentary
Subscriber email sent 9-5-10:
The well known market breadth indicator, the Nasdaq McClellan Summation Index (NASI) increased for the sixth time in the last nineteen weeks, rising 51 points. At -521, it continues below the February 2010 bottom, below all 2008 tops and the November 2009 bottom.
Focus this week: It turns out that the Hindenburg Omen signal may not have been triggered at all, because the new highs and new lows were not stocks, but various closed-end specialty funds. Read Market Analysts Say: False Hindenburg Omen Signal by Elizabeth MacDonald to learn more.
Subscribe to Sand 2 Pirls Market Commentary directly here (free).
–Donald Pirl www.s2pmarketsignal.com
S2P Market Signal Commentary may be freely forwarded and otherwise distributed providing content is unchanged and authorship acknowledged.
© 2010 Sand2Pirls, Inc. All rights reserved. [Terms and Conditions/Disclaimer ]