“Trade what you see; not what you think.” – The Old Fool, Richard McCranie, trader extraordinaire.
We need a president who will stop the quixotic march toward net zero. That would be a start toward a rational conversation on the importance of fossil fuels. Mr. Gates’s support for President Biden and his green agenda will cause more harm to underdeveloped countries than any epidemic.” - Ken Dropek, WSJ Letters. From...
https://www.wsj.com/articles/want-to-help-the-world-poor-junk-net-zero-cfa5928a?mod=letterstoeditor_article_pos7
Without a scalable, cost-effective energy substitute, the push to reach zero emissions by midcentury is nothing short of an economic suicide pact. When the decarbonization craze eventually fades into oblivion, it will join eugenics, the population-bomb fears, and the Y2K hysteria in the trash bin of junk-science history.” - John DiChiara, WSJ Letters. From...
https://www.wsj.com/articles/the-junk-science-of-the-climate-crisis-craze-power-5d40e3ed?mod=letterstoeditor_article_pos2
“New home sales, which make up only about 10% of the market, fell 11.3% in May from the prior month, to 619,000, according to government data released Wednesday. That was the steepest monthly decline since September 2022 and marks the lowest level since November... Building permits, seen as a bellwether of future construction, dipped 3.8%.” Story at...
https://www.cnn.com/2024/06/26/economy/us-new-home-sales-may/index.html
“U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 3.6 million barrels from the previous week. At 460.7 million barrels, U.S. crude oil inventories are about 2% below the five year average for this time of year.” Report at...
https://ir.eia.gov/wpsr/wpsrsummary.pdf
-Wednesday the S&P 500 rose about 0.2% to 5478.
-VIX declined about 2% to 12.54.
-The yield on the 10-year Treasury rose to 4.329% (compared to this time yesterday).
UWM – Added 5/2/2024; SOLD 6/25/2024
QLD – Added 4/29/2024; SOLD 6/25/2024
XLK – Holding since the October 2022 lows.
“The Dow Jones U.S. Completion Total Stock Market Index, also known as the DWCPF, is a widely used financial index that provides a comprehensive measure of the US equity market. The DWCPF includes all US stocks that are not included in the Dow Jones US Total Stock Market Index, which comprises large-cap and mid-cap companies. As a result, the DWCPF provides a complete picture of the US stock market, including small-cap and micro-cap companies, which are often overlooked by other indexes.” From...
https://fi.money/blog/posts/what-is-dow-jones-u-s-completion-total-stock-market-index-dwcpf
The Bull/Bear Spread (Bull Indicators minus Bear Indicators) was 11 Bear-signs and 12-Bull. (The rest are neutral. It is normal to have a lot of neutral indicators since many of those are top or bottom indicators that will signal only at extremes.) The 10-dMA of spread (purple line in the chart below) remained flat and that doesn’t change the apparent rollover that started a few sessions ago.
TODAY’S COMMENT:
The Bull/Bear, 50-Indicator spread improved slightly from -3 to +1 (1 more Bull indicator than Bear indicators). This remains a Neutral indication.
(The Long-Term Indicator is not a good top-indicator. It can signal BUY at a top.)
I am Neutral on the market as a whole. The trend in indicators has been down recently and price has been relatively flat. The most likely market move seems to be down, but it is not a given.
TODAY’S RANKING OF 15 ETFs (Ranked Daily) ETF ranking follows:
*For additional background on the ETF ranking system see NTSM Page at…
http://navigatethestockmarket.blogspot.com/p/exchange-traded-funds-etf-ranking.html
For more details, see NTSM Page at…
https://navigatethestockmarket.blogspot.com/p/a-system-for-trading-dow-30-stocks-my_8.html
My basket of Market Internals remained HOLD. (My basket of Market Internals is a decent trend-following analysis of current market action, but should not be used alone for short term trading. They are most useful when they diverge from the Index.)