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A Tired Week . . . . (a weak week ?) January 28, 2012

Posted by Tom in Thoughts.
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In general, the markets were fairly calm, except for stocks with better or worse than expected earnings and the occasional take over.  The S&P 500 Index close up just 0.07% for the week.  But we need either a correction (short-term down move) or a few weeks of relative calm to consolidate the recent move up since later December.  That move was at a rate of over 130% per year since December 19, 2011; that can’t continue.

The chart above shows that last week was the pause that refreshes.  The question is for how long.  We’re not very close to any major resistance levels, though all world markets remain concerned about the debit issues in Europe.  This continues to be a very sensitive market to news, and since we’re over bought, bad news would trigger a sell off.  If I had to guess, I’d say we could expect that.  Volume lately has been anemic, not a sign of major institutions buying in quantities.  That concerns me just a little.

Other than this, not much to report, so I’ll close with a listing of the top 20 sectors that are doing well in the short-term (out of a total of 68 major sectors).  Have a good week.     (click on graphic to enlarge it)

Comments»

1. susan - February 19, 2012

Love the blog


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