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Saturday, February 02, 2008 1:24:55 PM
HeadlineCharts.blog Weekend Update
http://headlinecharts.blog.com/
IBD remains quite skeptical about the recent strength in the stock market. They haven't seen the type of institutional buying that would translate into rallies qualifying as follow through days. They are seeing few growth stocks building the type of bases they would buy into. Their IBD index has lagged the major exchanges rather than lead them.
Investor's Intelligence has noted excellent accumulation via their stats on buying climaxes. Their newsletter sentiment is favorable from a contrarian view. Insider buying is very bullish. Unfortunately, both their short and long-term momentum indicators have moved very quickly into the overbought range.
ECRI notes that their forward looking economic indicator ticked lower again and that there is now little chance of avoiding recession unless the indicator starts to improve very soon. The future inflation gauge is well into low inflation level but did tick higher this week for the first time in a while.
This week we are reading Trader's Narrative.
We remain mostly in cash. Having missed the big bounce in stocks, we are looking for opportunities in the next retest of the lows. The steep yield curve tradtionally favors financials, but we will continue to avoid.
http://headlinecharts.blog.com/
IBD remains quite skeptical about the recent strength in the stock market. They haven't seen the type of institutional buying that would translate into rallies qualifying as follow through days. They are seeing few growth stocks building the type of bases they would buy into. Their IBD index has lagged the major exchanges rather than lead them.
Investor's Intelligence has noted excellent accumulation via their stats on buying climaxes. Their newsletter sentiment is favorable from a contrarian view. Insider buying is very bullish. Unfortunately, both their short and long-term momentum indicators have moved very quickly into the overbought range.
ECRI notes that their forward looking economic indicator ticked lower again and that there is now little chance of avoiding recession unless the indicator starts to improve very soon. The future inflation gauge is well into low inflation level but did tick higher this week for the first time in a while.
This week we are reading Trader's Narrative.
We remain mostly in cash. Having missed the big bounce in stocks, we are looking for opportunities in the next retest of the lows. The steep yield curve tradtionally favors financials, but we will continue to avoid.
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