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That Was Close ! April 13, 2013

Posted by Tom in Thoughts.
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In reference to last weeks posting, as to being on the cusp of a trend reversal; well we were close but the week past pulled the market back from the brink.  As the chart below shows, I’m still watching the 3168 support level (red line) and I’ve spotted in a new upward trend channel (blue lines).

 NASDAQ Composite

If the lower blue trend line breaks that will be my first clue of potential problems.  But for now we’ll just consider the last blip to be just that . .  a blip.  One thing I should point out is the channel.  Note that we are right at the top of it.  We could be very well ahead of ourselves here and a pause or minor pull back would not be out of question.  “Just say’in.”

Next question is where is “the action”?  The table below shows the short-term activity by sectors.  I expanded the list to the top 50% of the (total) 68 sectors so you can get a bigger view.  (I’ve explained what A/D & RS are but for new readers: A/D is Accumulation – buying and Distribution – selling and RS is Relative Strength to the overall market.)

Top Sectors

Have a good week (it’s nice to be back working with a fast computer and a big screen).   🙂   ….. Tom  …..

chart by MetaStock; table by www.HighGrowthStock.com used with permission

 

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