The SPY Powerbar Bull:Bear Ratio has dipped below 2 to 1.73 -- still well above the 1.25 threshold that would cause us to begin to get nervous. The short and long term Chaikin trend continue to rise and price remains above both averages. Our "market up" call remains in place, despite the recent price pullback.
Emerging markets continue to show strength. Today Chaikin Analytics fired a relative strength breakout signal on EWZ, the ETF that tracks the Brazilian stock market. Relative strength buy signals are particularly powerful when the SPY is in an uptrend, because foreshadow outsized gains relative to the market. We are not going to add this to our ETF Portfolio, because we are alreay invested in EEM and RSX, two ETF's that concentrate on emerging markets.
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