Michigan Sentiment ... Momentum Trading DOW Stocks & ETFs … Stock Market Analysis ...

“Trade what you see; not what you think.” – The Old Fool, Richard McCranie, trader extraordinaire.
 
“Far more money has been lost by investors in preparing for corrections, or anticipating corrections, than has been lost in the corrections themselves.” - Peter Lynch, former manager of Fidelity’s Magellan® fund.
 
THANK YOU DEMOCRATS (Newsweek)
“Dear Democratic Party, and its allies and accomplices,
Donald Trump supporters I know have asked me to dedicate some space to thank you for all you did to make their momentous win on November 5 a reality. They insist they couldn't have done it without your help. Here's a partial list of the many people and things Trump voters told me they believe fueled their victory.
First of all, thank you for not listening to us or trying to understand us over the past 8 years. Thank you for choosing to call us names like "fascist," "bigot," and "racist" whenever we disagreed with you... Thank you to the former 51 former intelligence officials who signed a letter in 2020 falsely claiming the Hunter Biden laptop story was Russian disinformation... Thank you, NCAA leadership, for using your rulemaking power to allow biological men to compete in women's sports. And thanks for calling us "transphobes" for standing up for the rights of our sisters, daughters, and wives to not share locker rooms with people with male genitals.
Thanks, Justice Ketanji Brown Jackson for your answer to a question about what defines a woman during your Senate confirmation hearing. "I am not a biologist" was the perfect response...” - Lee Habeeb, American talk radio executive, host, podcaster and essayist. Co-founder of The Laura Ingraham Show.
See more at ...
Thank You, Democrats | Opinion
My cmt: I’m not a Trump supporter, but I have to admit that there’s a lot of truth to Mr. Habeeb’s commentary. (FYI, I didn’t vote for Harris either.)
 
MICHIGAN SENTIMENT (Trading Economics)
“The University of Michigan consumer sentiment for the US increased to 73 in November 2024, the highest in seven months, compared to 70.5 in October and above forecasts of 71, preliminary estimates showed. However, the reading do not capture any reactions to election results.” From... 
https://tradingeconomics.com/united-states/consumer-confidence
 
MARKET REPORT / ANALYSIS
-Friday the S&P 500 rose about 0.4% to 5996.
-VIX dropped about 2% to 14.94.  
-The yield on the 10-year Treasury declined (compared to about this time, prior trading day) to 4.306%.
 
MY TRADING POSITIONS:
XLK – Holding since the October 2022 lows.  Added more 9/20.
SSO – added 10/16.
SPY – added 9/19 & more 10/16
QLD – added 11/5.
 
CURRENT SUMMARY OF APPROXIMATELY 50 INDICATORS:
Today, of the 50-Indicators I track, 7 gave Bear-signs and 17 were Bullish. The rest are neutral. (It is normal to have a lot of neutral indicators since many of the indicators are top or bottom indicators that will signal only at extremes.)

The daily Bull/Bear, 50-Indicator spread (Bull Indicators minus Bear Indicators, red curve in the chart above) declined to +10 (10 more Bull indicators than Bear indicators).
 
TODAY’S COMMENT:
Today’s Bull-Bear spread of +10 is bullish. The 10-dMA of the 50-Indicator Spread (purple line in the chart above) is bullish too since it is moving higher. (I follow the 10-dMA for trading buy-signals and as an indicator for sell signals.)
 
I previously mentioned the huge bullish jump in the indicators and that is easily seen in the above chart.  During this week’s bullish reversal, there have been a couple of rare, notable bullish indicators:
-        Election day was a 90% up-volume day.
-        Wednesday, the new-high/new-low data improved by more than 4 standard deviations.
 
Today, Friday, the S&P 500 made a new all-time high. 10.6% of all issues on the NYSE made new 52-week, new-highs on those days.  That’s a good number that demonstrates a broad advance with healthy breadth.
 
Now, the most significant Bear signal is Bollinger Bands that are now overbought. RSI is not overbought so I’m not worried about the Bollinger Band signal since RSI is not confirming the signal. We also note that the S&P 500 still has a lot of room to run to its upper trend line.
 
“A toast to my big brother George, the richest man in town.” – Harry Bailey
 
BOTTOM LINE
I’m bullish on the markets.
 
ETF - MOMENTUM ANALYSIS:
TODAY’S RANKING OF 15 ETFs (Ranked Daily) ETF ranking follows:
 

The top ranked ETF receives 100%. The rest are then ranked based on their momentum relative to the leading ETF.
*For additional background on the ETF ranking system see NTSM Page at…
http://navigatethestockmarket.blogspot.com/p/exchange-traded-funds-etf-ranking.html
 
DOW STOCKS - TODAY’S MOMENTUM RANKING OF THE DOW 30 STOCKS (Ranked Daily)
Intel and Dow Inc. have been replaced by Sherwin-Williams and Nvidia Corp. in the Dow Industrials.  It will take me a while to make changes to my programming.
 

The top ranked Stock receives 100%. The rest are then ranked based on their momentum relative to the leading Stock.
For more details, see NTSM Page at…
https://navigatethestockmarket.blogspot.com/p/a-system-for-trading-dow-30-stocks-my_8.html
 
FRIDAY MARKET INTERNALS (NYSE DATA)

My basket of Market Internals remained BUY. (My basket of Market Internals is a decent trend-following analysis that is most useful when it diverges from the Index.) 
 
 
 

...My current invested position is about 65% stocks, including stock mutual funds and ETFs. I’m usually about 50% invested in stocks when markets are stretched. (75% is my max stock allocation when I am confident that markets will continue higher.)
 
I trade about 15-20% of the total portfolio using the momentum-based analysis I provide here. When I see bullish signs, I add a lot more stocks to the portfolio, usually by using an S&P 500 ETF as I did back in October 2022 and 2023.