While we put no new trades on today, we did notice one thing. Mr. Market has once again returned to test record highs. We did see a new intraday high on the S&P earlier in the week, however a new closing high has yet to be recorded. Although, we believe it’s coming. Our target on the S&P is in the 1900 ballpark. If you look at our Sector Analysis, you’ll see four sectors are outperforming the broader market. They are XLU (Utilities), XLV ( Health Care), XLF (Financials) and XLE (Energy) has made quite a move and now outperforming the S&P using the Bull-v-Bear ratio.
While we are bullish on the market, it is worth noting that the XLY (Consumer Discretionary) continues to show weakness, which is troubling.
Our posture remains Bullish overall. We continue to trend trade stocks with a “Very Bullish” Power gauge Rating, in sectors outperforming the S&P.
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Our posture remains Bullish overall. We continue to trend trade stocks with a “Very Bullish” Power gauge Rating, in sectors outperforming the S&P.
If you have yet to grab your free trial of Chaikin Analytics, it’s not too late. Get it here: Free Trail
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