“Trade what you see; not what you think.” – The Old Fool, Richard McCranie, trader extraordinaire.
“New data from the Department of Labor showed 213,000 initial jobless claims were filed in the week ending Nov. 16, down from 219,000 the week prior and below the 220,000 economists had expected.” Story at...
https://finance.yahoo.com/news/jobless-claims-fall-to-7-month-low-show-labor-market-trending-sideways-at-a-healthy-level-143631415.html
“The Philly Fed said its diffusion index for current general activity tumbled to a negative 5.5 in November from a positive 10.3 in October, with a negative reading indicating contraction. Economists had expected the index to edge down to a positive 8.0.” Story at...
https://www.rttnews.com/3492264/philly-fed-index-unexpectedly-indicates-contraction-in-november.aspx
“The Conference Board Leading Economic Index® (LEI) for the US declined by 0.4% in October 2024 to 99.5 (2016=100), following a 0.3% decline in September (revised up from a 0.5% decline)... "In October, manufacturing hours worked fell by the most since December 2023, while unemployment insurance claims rose and building permits declined, partly reflecting the impact of hurricanes in the Southeast US. Additionally, the negative yield spread continued to weigh on the LEI. Apart from possible temporary impacts of hurricanes, the US LEI continued to suggest challenges to economic activity ahead." Press release at...
https://www.prnewswire.com/news-releases/the-conference-board-leading-economic-index-lei-for-the-us-fell-in-october-302313142.html
“In October 2024, existing-home sales grew month-over-month in all four regions of the U.S. Year-over-year, sales rose in the Midwest, South, and West, and were unchanged in the Northeast. According to NAR Chief Economist Lawrence Yun, "The worst of the downturn in home sales could be over...” Report at...
https://www.nar.realtor/research-and-statistics/housing-statistics/existing-home-sales
-Thursday the S&P 500 was up about 0.5% to 5949.
-VIX declined about 2% to 16.87.
-The yield on the 10-year Treasury rose (compared to about this time, prior trading day) to 4.420%.
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.
UWM – added 11/11
Today, of the 50-Indicators I track, 13 gave Bear-signs and 7 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) improved to -6 (6 more Bear indicators than Bull indicators).
The 10-dMA of the 50-Indicator Spread (purple line in the chart above) is still falling today so the overall 50-Indicator spread signal is Bearish. (I follow the 10-dMA for trading buy-signals and as an indicator for sell signals.)
I’m cautiously bullish.
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
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.
For more details, see NTSM Page at…
https://navigatethestockmarket.blogspot.com/p/a-system-for-trading-dow-30-stocks-my_8.html
