1/26/2023H UPTREND Good News ! Market under heavy buying (accumulation)!
The market is having a great month –The Nasdaq 100 (the QQQ) is up 10.2% and the month is not over! The full Nasdaq composite is up 10.0%! That may be all I have to say! Why spoil such a good vibe?
OK, I’ll add a warning: Don’t count on a repeat performance in the next 3 1/2 weeks. Note: there was one distribution day on January 18 (but I’m not complaining.)o
Today’s Big Picture column (on Investors.com) reminded us that the PCE index comes out Friday. I had to look it up – PCE index is:
he Personal Consumption Expenditures Price Index is a measure of the prices that people living in the United States pay for goods and services. The PCE price index is known for (or deflation) across a wide range of consumer expenses and reflecting changes in consumer behavior.
I’m not sure you need to “wait by the phone”for this announcement. We know inflation is up and whatever they announce will only be bad news.
So I suggest you take the day off from watching the economic/market news and let me summarize it for you over the weekend.
In the meantime, spend some time identifying top stocks to invest in to earn some of that inflation back!
Wow! Look at those A’s and B’s take off(right column.) From 41% A + Bs 4 weeks ago to 61% today. That is a 50% increase showing some serious and consistent market buying. Just recently (December 29, 2022), the Ds & Es totaled to a disheartening 37% of all stocks.
>>>>On Thursday, the Ds & Es were a spindly 18%. What a turnaround!
The As + Bs are an astonishing 61% of the stocks. Wow! (Can I say that enough? I hope you are getting the message!)
Turn you attention to the MARKET FACTORS, COUNTS AND RATINGS table below.
The only RED (bad news) in the table’s wide variety of factors is on the last ratings – which reminds us that the market took a pretty bad beating last year. .
BY THE WAY, those red boxes will always be red with the exception of the days the market hits news highs, and climbs higher.
Regarding the MARKET ACTION TABLE below
What do the last 20 days show us? Notice the highlights in the price column.
· The RED highlights point to new lows in these 20 days. Notice there were just 2 in the past 20 days (4 weeks.)
· The GREEN highlights point to days that hit new highs in the last 20 days. You probably noted this pleasant run-up over the last 9 days.
Note: When you look at today’s MARKET ACTION table above, scan down the PRICE column and note the GREEN highlighted prices. They are green because, in the last 20 days, the Nasdaq hit new highs on those days! AND THAT’S A LOT OF GREEN
>>>>> BOTTOM LINE: This market continues to get STRONGER. – I hope you are grinning as much as I am!
Note: When youlook at today’s MARKET ACTION table above, scan down the PRICE column and notethe GREEN highlighted prices. They are green because, in the last 20 days, the Nasdaq hit new highs in the last 4 weeks of this chart! THAT’S A LOT OF GREEN