Weekly Market Sentiment Moves Below 30 Day Moving Average

Includes: BRK.B, JNJ, MCD, WY
by: Jett Winter

Piqqem released its weekly sentiment for the week ending April 30, 2010 and it shows overall market sentiment moving below the 30 day moving average. The move was lead by a decline in all four major indices. Overall market sentiment is at 6.81 down 1.8 points in the last week. The sentiment trend implies that market confidence continues to wane with market consolidation in the near term. In a negative signal for the week, there were 3 stocks decreasing in sentiment for every 2 stocks increasing in sentiment.

This Week’s Sentiment Winners & Losers

For individual stocks, the weekly winners included McDonald’s (NYSE:MCD) and Johnson & Johnson (NYSE:JNJ), while the stocks dropping most in sentiment included Weyerhaeuser (NYSE:WY) and Berkshire Hathaway (NYSE:BRK.B).

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 (.INX), Nasdaq 100 (.IXIC), Russell 2000 (NYSEARCA:IWM).

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Disclosure: No positions