We can tell the holidays are over. We had a big gap up at the open that carried the market the rest of the day. And volume was much better too. But I'm not ready to buy this market with a two week old buy signal. These signals have not been lasting too long and this one is getting long in the tooth. In a less volatile market that would not be the case, but that's the character the current market has shown. Here's how we look after the first trading day of the new year:
We've popped right back up again towards the previous multi-month highs for NAMO and NYMO, but it's not a given we can't go higher.
NAHL and NYHL also moved back up again, but have room to move higher given previous month highs.
TRIN and TRINQ are back in buy territory too and BPCOMPQ, the long buy signal from late last week, remained on a buy.
I had a request to see what the S&P chart might look like up against the 2009 Top 50 chart, so I put together two charts one over the other for folks to take a look at. It's the best I can do, but I think it's good enough to see any correlations. They were relatively subtle, with the most obvious one being in the October time-frame. But our Top 50 was loaded with buy and holders (nothing wrong with that) which smoothed out the graph quite a bit.
I'm hoping the Top 15 I've put together gives us a more clear correlation.
No changes by the Top 15 for tomorrow and I'm not ready to post the Top 50 yet as data is still scarce.
So the Seven Sentinels remain on a buy with all seven signals in buy territory. If you're still holding stocks and trying to follow the system you have a signal to justify doing that. As for me, I am not moving into the market for the reason I stated earlier. The last buy signal was on 21Dec, which was two weeks ago. I'm not convinced this is a good time to jump in, especially after a gap-up day following the holiday period. And the SS still look somewhat toppy to me. I'm thinking I need to be more patient and simply pick a better spot. The year has just started after all.
We've popped right back up again towards the previous multi-month highs for NAMO and NYMO, but it's not a given we can't go higher.
NAHL and NYHL also moved back up again, but have room to move higher given previous month highs.
TRIN and TRINQ are back in buy territory too and BPCOMPQ, the long buy signal from late last week, remained on a buy.
I had a request to see what the S&P chart might look like up against the 2009 Top 50 chart, so I put together two charts one over the other for folks to take a look at. It's the best I can do, but I think it's good enough to see any correlations. They were relatively subtle, with the most obvious one being in the October time-frame. But our Top 50 was loaded with buy and holders (nothing wrong with that) which smoothed out the graph quite a bit.
I'm hoping the Top 15 I've put together gives us a more clear correlation.
No changes by the Top 15 for tomorrow and I'm not ready to post the Top 50 yet as data is still scarce.
So the Seven Sentinels remain on a buy with all seven signals in buy territory. If you're still holding stocks and trying to follow the system you have a signal to justify doing that. As for me, I am not moving into the market for the reason I stated earlier. The last buy signal was on 21Dec, which was two weeks ago. I'm not convinced this is a good time to jump in, especially after a gap-up day following the holiday period. And the SS still look somewhat toppy to me. I'm thinking I need to be more patient and simply pick a better spot. The year has just started after all.
