Hot Hot Hot
The Dow gained 170 points last week while the Nasdaq NDX shot up 58 points. The
Russell RUT index had the best Action which is we said was necessary for the rally to
continue. Tradewind momentum is very strong however the market is very overbought and
market risk is high. The market could use a rest.
Sector Action for the week was plus 569.
30 Sectors were up while 2 were down. Oil and Semiconductor.
Friday was a feeding frenzy fueled by a Jobs report that was “just right”. Our market
indicators are very overbought Short and intermediate term which means risk is high. The
NDX is leading the charge and the broader based Russell index joined in the fray which is
a good sign for the Bulls. A pullback would be healthy.
Rydex Alerts- Cash looking to Short Dow Jones and Russell for a nibble to the downside.
Short term Trading indicator- Overbought Sell.
INTERMEDIATE TERM TRENDS- Bullish.
INTERMEDIATE OSCILLATOR - Overbought.
Internet DOT - Number one in overall rank. Google GOOG is the leader. Should have
loaded up when we got the buy signal at $504. Hard to believe this company is only ten
years old. It has become a must own for Institutional Investors.
Gold XAU- Fell out of the top ten. Take profits!
Oil Service OSX - Also fell out of the top ten ranks. I am looking to trade the Bearish etf
DUG.
Broker Dealers XBD and Banks BKX- Still in the bottom ranks. Taking profits on the
Bullish Finance etf UYG.
REIT’s IYR- Rallied the most in overall rank. Likely an interest rate play.
Housing HGX- Still dead last in our ranks. This is going to be a long and lonely road for
Real Estate.
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This report is for educational purposes only and does not constitute "investment advice".
