A curious thing is happening to the Top 50 on our tracker. Friday, the total stock allocation for the Top 50 was 34.8%. Monday it had fallen to 30.4%. Today is was just 26.9%.
The Top 50 are selling this rally. But most of those folks weren’t in the market when the rally began either. Usually the kind of buying pressure we’ve been seeing the past week or so would see the stock allocation rise. Sometimes significantly. Not this time.
A contrarian indicator?
It certainly makes me feel more secure about that SS buy signal.
The S&P closed at 1095.34, which is very close to its 50 day moving average, which stands at 1096.
Will the bullish bias continue? After hours INTC is trading approx. 7.5% higher following second quarter results and guidance. Futures are also higher with the S&P 500 showing 5.31 points above fair value and the Nasdaq 100 futures 18.77 points above its fair value.
And the Seven Sentinels continue to look more bullish. All seven remain on a buy once again. Here’s the charts:
As bullish as I may sound, I am not complacent. This market turns fast corners and discerning those turns is very difficult right now. But the green light is on at the moment and I remain 100% S fund. See you tomorrow.
The Top 50 are selling this rally. But most of those folks weren’t in the market when the rally began either. Usually the kind of buying pressure we’ve been seeing the past week or so would see the stock allocation rise. Sometimes significantly. Not this time.
A contrarian indicator?
It certainly makes me feel more secure about that SS buy signal.
The S&P closed at 1095.34, which is very close to its 50 day moving average, which stands at 1096.
Will the bullish bias continue? After hours INTC is trading approx. 7.5% higher following second quarter results and guidance. Futures are also higher with the S&P 500 showing 5.31 points above fair value and the Nasdaq 100 futures 18.77 points above its fair value.
And the Seven Sentinels continue to look more bullish. All seven remain on a buy once again. Here’s the charts:
As bullish as I may sound, I am not complacent. This market turns fast corners and discerning those turns is very difficult right now. But the green light is on at the moment and I remain 100% S fund. See you tomorrow.
