Interesting month end action in the market. S&P 500 making a new high, Tech stocks getting smashed, Bitcoin surpassing $10,000, there was a lot of action for everyone, let's take a closer look
The SPY remains well above its 200 ma. Its absolute momentum is positive as well
The # of stock in the S&P 100 above their 200 ma is at over 75 %, up 71 % last month.
The spread between the 2 and 10 years bond is still positive. Another good sign that this bull market still has some steam
At the request of one of my readers, I will now include my updates on my recession indicator. As you can see , with low unemployment rate, there's no sign of a recession. Please see this article, for more detail on how this indicator works
Not surprising, Financial are the best sector to be in for December.
The market is continue to be healthy, for how long ? I don't know, I do not own a time machine. Having said that , we remain bullish, Cheers.
The SPY , the ETF tracking the S&P 500 is up another 2.4 % for the month of October. for the year, the SPY is up an impressive 16.83 % .
The SPY continues to trade above its 200 MA and continue to have a positive absolute momentum.
The number of stocks trading above their 200 ma, is at a healthy 71.56 %.
And finally, the spread between the 2 and 10 years bonds remain well above 0. So despite many people predicting a correction, the markets are still traceable and may remain this way for a while.
With Amazon, Google, Netflix, reporting good quarterly results, it's no surprise that Technology is the sector of choice for this month.
Overall , we remain bullish on the market. Cheers