The View; All Ends With Beginnings
- Posted by Frank Zorrilla
- on August 19th, 2013
The view very simply is some stats that I follow that I believe are of importance and many times actionable at the time of the post. Here is what stands out from the View;
- All of the major indices are below their 10 day and 20 day moving average, the Dow Jones is below its 50 day moving average and was the weakest of the major indices last week.
- Offensive and defensive sectors were hit last week, they were all down with the defensive S&P sectors getting hit the hardest. No discrimination last week.
- Investor Business Daily has the market in correction.
- The $VIX is trading above its upper bollinger band, this has led to some short term rallies in the market recently.
- Every major etf/index except the Nasdaq and the $QQQ are below their lower bollinger band; $SPY $DIA $XBI $XLF $SOX $MDY $TLT $XLE $IWM.
- Many of the indices and S&P500 sectors have very low RSI2 readings (below 5), very low readings usually lead to bounces and if one were looking to play one I would focus on the etf’s that have a low RSI2 and are trading below their lower bollinger band.
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.
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Frank Zorrilla is the founder and chief investment officer of Zor Capital LLC.He began his Wall Street career 10 days after his 20th birthday when he became a Series 7 licensed stock broker. More »
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