AI
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Saturday, October 30, 2010 11:01:23 PM
Market top coming? Bob, don't go raining on our parade here and get too bullish... again... I mean still... LOL
Honestly we are getting very close to the end of earnings season. CSCO earnings come out on Nov 10. If the market can keep churning higher until then we should get some selling after.
The $NASI and $NYSI and number of stocks above their 50 day moving averages is beginning to roll over:
The dollar is trying to find a bottom even as the volatility indexes are attempting the same.
The NASDAQ is in danger of forming a double top:
The good news is COTD says we are entering a typically strong period of time for the market which we know is from the typical October bottom until the end of April when the typical sell in May and go away maxim takes over. Of course the market can and does act atypically whenever it feels like it. But here is the data since 1950:
http://www.chartoftheday.com/20101029.htm?T
The stock market is now entering what has historically been the strongest half of the year. Today's chart illustrates that investing in the S&P 500 from the last trading day in October (therefore referred to as the Halloween indicator) through the end of April accounted for the vast majority of S&P 500 gains since 1950. While there are some noteworthy periods during which the Halloween indicator didn't produce (e.g. during the oil embargo of 1973-74, the dot-com bust of 2000-01, and the financial meltdown of 2007-2009), the overall out performance is compelling.
RtS
Honestly we are getting very close to the end of earnings season. CSCO earnings come out on Nov 10. If the market can keep churning higher until then we should get some selling after.
The $NASI and $NYSI and number of stocks above their 50 day moving averages is beginning to roll over:
The dollar is trying to find a bottom even as the volatility indexes are attempting the same.
The NASDAQ is in danger of forming a double top:
The good news is COTD says we are entering a typically strong period of time for the market which we know is from the typical October bottom until the end of April when the typical sell in May and go away maxim takes over. Of course the market can and does act atypically whenever it feels like it. But here is the data since 1950:
http://www.chartoftheday.com/20101029.htm?T
The stock market is now entering what has historically been the strongest half of the year. Today's chart illustrates that investing in the S&P 500 from the last trading day in October (therefore referred to as the Halloween indicator) through the end of April accounted for the vast majority of S&P 500 gains since 1950. While there are some noteworthy periods during which the Halloween indicator didn't produce (e.g. during the oil embargo of 1973-74, the dot-com bust of 2000-01, and the financial meltdown of 2007-2009), the overall out performance is compelling.
RtS
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