Piqqem released its weekly sentiment update Friday. It shows overall market sentiment breaking thru the 30 day moving average, which is a bullish signal. As of March 12, 2010, overall market sentiment is at 10.81 pts, up 1.5 pts from last week, and is now 1.5 pts above the 30 Day Moving Sentiment Average.
The sentiment trend implies that market confidence has strengthened and is now pointing toward a continued economic recovery. Let’s now see if sentiment can stay above the 30 day moving average for the next week. In a further bullish signal this week, there were 2 stocks increasing in sentiment for every 1 stock decreasing in sentiment.
This Week’s Sentiment Winners and Losers
For individual stocks, our weekly winners included Hasbro (NASDAQ:HAS) and Sony (NYSE:SNE), while the stocks with the greatest drop in sentiment included FedEx (NYSE:FDX) and Quality Systems (NASDAQ:QSII).
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, S&P 500 (NYSEARCA:SPY), Nasdaq 100, Russell 2000 (NYSEARCA:IWM).