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Market flat last week

I'm not real happy with the way the market acted last week. As you know each week I try to step back and look at which way the market trended in the past week and this week wasn't very good. I use BarChart to find my analytics and here's how they went this past week.

Value Line Index - 1700 stocks so its broader than just the Dow 30 or S&P 500
  • The index was actually flat and unchanged for the week
  • BarChart technical indicators - 32% sell with only 3 buys, 3 holds and 7 sells
  • Index trending below its 20 and 50 day moving average but still above its 100 DMA

BarChart Market Momentum - 6000 stocks - percentage of stocks trading above its Daily Moving Average - overall very weak

  • 20 DMA -- only 47.44% above
  • 50 DMA -- only 44.40% above
  • 100DMA -- 64.49% above

Ratio of stocks hitting new highs to new lows for various periods -- 1.0+ bullish, 1.0 neutral, under .99 bearish -- bearish this week

  • 20 day new high/new low ratio -- 242/876 = .28
  • 65 day new high/new low ratio -- 113/427 = .26
  • 100 day new high/new low ratio -- 106/223 = .48

Summary - Market didn't perform in a positive manner and the 3 previous weeks poor performance caught up with the numbers -- Middle East credit crisis could cause concern. Please act defensively.

Wall Street Survivor results - Those who post stock recommendations to Top Stocks have a little friendly competition going on Wall Street Survivor and month to date Anthony Mirhayden is the leader with a 30.37% return, That's way ahead of my month to date return of 7.35% but I still managed to beat the market's 5.34% return. I sold SWIR -- Sierra Wireless because it failed to maintain price momentum above its 50 day moving average. I won't add a position today until I see how the market digests this Middle East credit crisis.

Disclosure: I do not hold any positions in the stocks I recommend on Top Stocks

Jim Van Meerten is an investor who writes about financial matters here and on Financial Tides. Please leave a comment below or email FinancialTides@gmail.com