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The Nasdaq Composite Index gained more than 1% to close at 1287. The primary trend will reverse if there is a break above 1426.
The S&P 500 gained 5 points to close at 884, forming a continuation flag. The primary trend is down. The index will complete a double bottom reversal if it rises above 965.
The Chartcraft NYSE Bullish % Indicator reflects a bear confirmed signal at 26% (October 17).
Bond yields are rising sharply, with 10-year treasury notes up more than 0.5% from their 40-year low of 3.56% on October 9. (more)
New York: Spot gold was up slightly at $US 312.50.
MACD (26,12,9) and Slow Stochastic (20,3,3) are above their signal lines. Twiggs money signals accumulation, after a bullish divergence.
CML formed a U-shaped bottom, normally referred to as a rounded bottom or saucer pattern, after a stage 4 down-trend. One reader pointed out that the pattern resembles a cup and handle pattern - these tend to be unreliable if a stock is trending downwards. Relative strength (price ratio: xao) shows a slight improvement.
Changes are highlighted in bold.
- Energy [XEJ] - stage 4 (RS is rising)
- Materials [XMJ] - stage 4
- Industrials [XNJ] - stage 4 (RS is falling)
- Consumer Discretionary [XDJ] - stage 4
- Consumer Staples [XSJ] - stage 1 (RS is rising)
- Health Care [XHJ] - stage 4 (RS is falling)
- Property Trusts [XPJ] - stage 2 (RS is rising)
- Financial excl. Property Trusts [XXJ] - stage 4 (RS is falling)
- Information Technology [XIJ] - stage 4 (RS is falling)
- Telecom Services [XTJ] - stage 1 (RS is rising)
- Utilities [XUJ] - stage 2 (RS is rising)
A stock screen of the ASX 200 using % Price Move (1 month: +5%) returned 25 stocks (compared to 99, August 23rd and 10 on October 4th).
If a speculator is correct half the time he is hitting a good average. Even being right three or four times out of ten
should yield a person a fortune if he has the sense to cut his losses quickly on the ventures where he has been wrong.
- Bernard Baruch