"UGL, SLW, AGQ, QQQ, IWM, RWM", "SP500 hitting resistance at 1372", "Weaker Q1 earnings expected"
Technically speaking, S&P 500 is testing 2008 high of 1372 and some resistance is expected at that level. But given that the percent of companies beating the expectation was lowest for Q4 since 2008 and with the Eurozone woes possibly affecting the Q1 corporate profits, we can expect sluggishness in the market for April/May earnings reports.
For the week starting February 27th, the market Sectors Returns (week over week) and Internals were the following:
SP 500: 0.28%
- Volatility Index % change, VIX = -0.12%
- Short term bond rate (average of 3 year and 5 year) = 0.625%
- 10 year Treasury yield = 1.99%
- Small Cap (IWM): -2.89%
- Latin America (ILF): 1.73%
- Europe (IEV): -0.77%
- Emerging Markets (EEM): 1.02%
- Commodities (DBC): -0.67%
- Long term Bonds (TLT): -0.07%
- US Dollar Index, 8 DMA: 79.89
- Gold, (GLD) change: -3.42%
- Put/Call Ratio, total of equity/Index = 0.95
- Bull/Bear Ratio, Investors Intelligence survey =
- NYSE (New Highs - New lows), 8 DMA = 168.76
Next Week's economic calendar:
- Factory Orders - 3/5
- ADP employment change - 3/7
- Unemployment report, Wholesale inventories - 3/1
