Piqqem released its weekly sentiment update Friday and shows overall market sentiment moving up for the week. As of March 5, 2010, overall market sentiment is at 9.12 pts up 3 pts from last week and is now only .5 pts below the 30 Day Moving Sentiment Average. The sentiment trend implies that market confidence is beginning to strengthen as concerns ease about the overall economic recovery. For a further Bullish move to occur, we would like to see the Piqqem Market Sentiment Index breakout above the 30 day moving average and demonstrate renewed broad based optimism for a strong employment driven recovery.
This Week’s Sentiment Winners & Losers
For individual stocks, our list of weekly winners include Equity Residential (EQR) up 7 pts., WalMart (WMT) up 5 pts., and Borders (BGP) up 4 pts. On the other end, our list of weekly losers include Time-Warner Cable (TWC) down 6 pts, Mattel (MAT) down 4 pts, and the New York Times (NYT) down 4 pts.
About the Piqqem Market Sentiment Index
Piqqem tracks sentiment on all securities including stocks, mutual funds, ETFs, and major market indices. The Piqqem sentiment scale runs from 100 on the high end to -100 on the low end. The actual Piqqem Market Sentiment Index is proprietary blend of multiple factors including sentiment specific to the four major indices: Dow Jones 30 (^DJI), S&P 500 (^SPX), Nasdaq 100 (^IXIC), Russell 2000 (^RUT).