RtS, Thanks for posting the Amateur Investor article. I like the way the retracement levels are clearly spelled out so the support levels are easy to understand.
The market is going to do, what it is going to do, next week, but at the moment I think there is a good chance for higher prices as long as the economy keeps improving. The higher than anticipated jobs number on Friday should be a real positive going forward.
The "market" was getting "smashed" last week as the following snip from IBD attests.
<<NYSE declines crushed advances 12-to-1 Friday, marking near-historic selling breadth in a deceptively ugly day.>>
However, as IBD also noted in the same article:
<<The Nasdaq fell 1%, the smallest decline among the major indexes. The Nasdaq 100 stayed positive for much of the day before succumbing to a late-day sell-off. The Philadelphia semiconductor index actually rose 1%.>>
But, it wasn't only on Friday that the Group and the SOX did well. For the week, as noted in the previously posted tables, 21 of the 25 stocks in the Group were up while the remaining 4 remained unchanged. For the SOX, only STM out of the 18 stocks closed in negative territory, down by 1 percent.
Quickly scanning through the Group and SOX charts shows a nice "recovery' process going on this past week for almost every stock. A very welcome relief from the previous "vicious" 3 weeks sell off process.
The following shows the last 4 week summary for the Group and SOX.
- GROUP SOX
4/9 546.48 511.78
4/16 494.58 -9.5 480.14 -6.2
4/23 487.04 -1.5 487.98 1.6
4/30 435.34 -10.6 443.48 -9.1
5/7 450.54 3.5 457.01 3.1
While the SP-500 and the DOW-30 had a down week, the Group and SOX did "OK" - I would say even better than "OK", given the broader market action.
Now what we need is some follow thru for the Group and SOX this coming week.
Don |
