Tuesday, June 26, 2012 3:23:52 PM
Finding Green in a Sea of Red
That was the name of a Stockcharts.com article by Arthur Hill posted yesterday on market close to the series Don't Ignore This Chart! In the sea of red, the only green lights that were illuminated were those of the commodities (which covers a broad spectrum) and the gold miners.
I'd written about the significance of the utilities and transits as bellweathers of sentiment in message #2414, and of the potential for the gold miners to rise and shine in message # 2386. What are the short term implications of all this in terms of market sentiment? Let's have a closer look.
Above: Look at where the indices are today, with particular attention to the utilities and transits. The utilities are the only ones in the group that are in a short term uptrend, according to the moving averages, and they are now down and performing a delicate balancing act on the critical MA 200.
In reviewing the ETF Market Summary this morning (approximately 11:35 AM) one may find similar pools of green among the sea of red, with Coffee, Sugar, Corn, Heating Oil and Natural Gas leading the pack. (Corn was also the leading commodity last night.) A more significant reading would naturally follow on market close today.
People are apparently parking their money where they see safety. Among the leading ETFs this morning is GRU (ELEMENTS Linked to the MLCX Grains Index) which clearly broadcast its intentions over the course of four prior trading days:
Market pessimism remains an international phemomenon, as is reflected by the majority of ETFs that weigh internationl economies. Indeed, the majority of them are in longer-term downtrends, and many have broken support at 50 MA - not very promising since the majority of them already have their 50 MAs parked below their 200 MAs.
Among the sector ETFs displaying a, well, bullish Bullish Percent Index are $BPHEAL and $BPUTIL. (The healthcare and utilities index respectively).
As of this moment (now 2:30) 16 Health Care stocks (primarily Nasdaq) are on the 52 week high list, followed by 13 Financials (primarily NYSE), 13 Consumer Retailers (mixed between Nasdaq & NYSE, but primarily Nasdaq), 7 Technology, 6 Consumer Staples, 3 Industrails, 3 Materials, and 3 Utilities. The remainder in the majority are mutual, portfolio, and income funds.
Some Live Charts
Among the leaders in commodities:
Coffee (has it hit its bottom?):
Corn:
Sugar:
Natural Gas:
Among the leaders in stocks:
Walmart:
News Corp.:
Dollar General:
Whole Foods Market:
That was the name of a Stockcharts.com article by Arthur Hill posted yesterday on market close to the series Don't Ignore This Chart! In the sea of red, the only green lights that were illuminated were those of the commodities (which covers a broad spectrum) and the gold miners.
I'd written about the significance of the utilities and transits as bellweathers of sentiment in message #2414, and of the potential for the gold miners to rise and shine in message # 2386. What are the short term implications of all this in terms of market sentiment? Let's have a closer look.
Above: Look at where the indices are today, with particular attention to the utilities and transits. The utilities are the only ones in the group that are in a short term uptrend, according to the moving averages, and they are now down and performing a delicate balancing act on the critical MA 200.
In reviewing the ETF Market Summary this morning (approximately 11:35 AM) one may find similar pools of green among the sea of red, with Coffee, Sugar, Corn, Heating Oil and Natural Gas leading the pack. (Corn was also the leading commodity last night.) A more significant reading would naturally follow on market close today.
People are apparently parking their money where they see safety. Among the leading ETFs this morning is GRU (ELEMENTS Linked to the MLCX Grains Index) which clearly broadcast its intentions over the course of four prior trading days:
Market pessimism remains an international phemomenon, as is reflected by the majority of ETFs that weigh internationl economies. Indeed, the majority of them are in longer-term downtrends, and many have broken support at 50 MA - not very promising since the majority of them already have their 50 MAs parked below their 200 MAs.
Among the sector ETFs displaying a, well, bullish Bullish Percent Index are $BPHEAL and $BPUTIL. (The healthcare and utilities index respectively).
As of this moment (now 2:30) 16 Health Care stocks (primarily Nasdaq) are on the 52 week high list, followed by 13 Financials (primarily NYSE), 13 Consumer Retailers (mixed between Nasdaq & NYSE, but primarily Nasdaq), 7 Technology, 6 Consumer Staples, 3 Industrails, 3 Materials, and 3 Utilities. The remainder in the majority are mutual, portfolio, and income funds.
Some Live Charts
Among the leaders in commodities:
Coffee (has it hit its bottom?):
Corn:
Sugar:
Natural Gas:
Among the leaders in stocks:
Walmart:
News Corp.:
Dollar General:
Whole Foods Market:
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