Most of my Market Internals data comes from the
WSJ. They are having technical issues;
the data didn’t update during the day and is clearly wrong as I write
this. Therefore, I’ll present what I
can, but my Friday Indicator Summary and other Market commentary will have to
wait until today’s data is corrected.
“Trade what you see; not what you think.” – The Old Fool,
Richard McCranie, trader extraordinaire.
“I'm a liberal. I've been a liberal for sixty years. I
happen to agree with all of these three [recent Supreme Court] cases. I have
been arguing against using race in affirmative action since 1974. I have always preferred
free expression and the First Amendment over any other laws...and many civil
libertarians also support the decision that says that in a democracy, important
decisions about spending fortunes of money should be made by the legislature, not
by the unelected executive...it's just extremists, both on the court and off
the court, that are screaming and yelling that somehow this ends our democracy
in America. - Alan Dershowitz, Harvard Law professor emeritus.
“It was Thomas Edison who brought us electricity, not the
Sierra Club. It was the Wright brothers who got us off the ground, not the
Federal Aviation Administration. It was Henry Ford who ended the isolation of
millions of Americans by making the automobile affordable, not Ralph Nader.
Those who have helped the poor the most have not been those who have gone
around loudly expressing 'compassion' for the poor, but those who found ways to
make industry more productive and distribution more efficient, so that the poor
of today can afford things that the affluent of yesterday could only dream
about.”
―
JUNE JOBS REPORT CONTRARY TO ADP EMPLOYMENT (Heritage
Capital)
“You cannot have a recession when the jobs market is this strong. Period. Full stop. Don’t argue. While other segments of the economy may be weaker or even weak, recession ain’t here. It wasn’t here last year when we had back to back quarters of negative GDP growth and it ain’t coming right now. It is coming down the road.” – Paul Schatz, President Heritage Capital. Commentary at...
https://investfortomorrow.com/blog/june-report-completely-contrary-to-adp-bears-want-it-both-ways/
MARKET REPORT / ANALYSIS
-Friday the S&P 500 dropped about 0.3% to 4399.
-VIX dipped about 4% to 14.83.
-The yield on the 10-year Treasury rose to 4.068%.
PULLBACK DATA:
-Drop from Top: 8.3%. 25.4% max (on a closing basis).
-Trading Days since Top: 378-days.
The S&P 500 is 9.6% ABOVE its 200-dMA and 3.5% ABOVE its 50-dMA.
*I won’t call the correction over until the S&P 500 makes a new-high; however, evidence suggests the bottom was in the 3600 area and we called a buy on 4 October 2022.
MY TRADING POSITIONS:
I am not trading as much as in the past. You may wish to use the momentum charts and/or the Monday 40-day gain charts for trading the Dow stocks and ETFs.
MSFT – Microsoft.
XLK – Technology ETF.
XLY - Consumer Discretionary ETF.
KRE – Regional Banking ETF. This is a very small position
for me. KRE tested the May 4 low of 36.08 on much lower volume 11 &
12 May.
I haven’t sold yet. On the positive side, it has not breached its recent low around 36.
SHY – Short term bonds. 30-day yield is 5.04% - 9 June
2023. (Trailing 1-year yield is 3.04%.) Once this weak period ends, I’ll sell
SHY and buy stocks/stock ETFs.
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)
DOW 30 momentum ranking follows:
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
―
“You cannot have a recession when the jobs market is this strong. Period. Full stop. Don’t argue. While other segments of the economy may be weaker or even weak, recession ain’t here. It wasn’t here last year when we had back to back quarters of negative GDP growth and it ain’t coming right now. It is coming down the road.” – Paul Schatz, President Heritage Capital. Commentary at...
https://investfortomorrow.com/blog/june-report-completely-contrary-to-adp-bears-want-it-both-ways/
-Friday the S&P 500 dropped about 0.3% to 4399.
-VIX dipped about 4% to 14.83.
-The yield on the 10-year Treasury rose to 4.068%.
-Drop from Top: 8.3%. 25.4% max (on a closing basis).
-Trading Days since Top: 378-days.
The S&P 500 is 9.6% ABOVE its 200-dMA and 3.5% ABOVE its 50-dMA.
*I won’t call the correction over until the S&P 500 makes a new-high; however, evidence suggests the bottom was in the 3600 area and we called a buy on 4 October 2022.
I am not trading as much as in the past. You may wish to use the momentum charts and/or the Monday 40-day gain charts for trading the Dow stocks and ETFs.
XLK – Technology ETF.
XLY - Consumer Discretionary ETF.
I haven’t sold yet. On the positive side, it has not breached its recent low around 36.
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)
DOW 30 momentum ranking follows:
For more details, see NTSM Page at…
https://navigatethestockmarket.blogspot.com/p/a-system-for-trading-dow-30-stocks-my_8.html
