Sunday, April 19, 2009

ETF Rewind - Week 16 (04/17/09)

(Click Image to Enlarge/ Glossary)

As referenced Friday, personal commitments have me putting up a very quick post late Sunday evening. Therefore, below is an out-take from tonight's ETF Rewind Pro subscriber commentary in lieu of the regular writeup:

"Welcome new subscribers! Conceptually, Friday's further upside left me slightly worried that, even though it was good for the S&P500 overall, to a degree it had the appearance of a pre-reversal laggards'/ options-strike-price-induced rally. Looking at the [near-term] RSI-2 and Z-Score columns on the 'Rewind' tab, you will note that overbought readings are again creeping across many sub-sector ETFs. I maintain that a five percent-plus pullback would be healthy for this market, and our 'Bearish' mechanical signal [from late last week] remains intact.

On the brighter side, I noticed that the first major sector, Consumer Discretionaries (XLY), has finally moved above its 10-Month Moving Average. I thought Technology (XLK) would get there first, but it's certainly not far behind. A long-term bullish confirmation indeed."

Preparation for Week 17 of 2009:

A seventh week of gains with the VIX nearly 15% below its short-term moving average post-expiration seems a little unlikely, doesn't it? We'll see. Enjoy Your Weekend!

Never Investment Advice

If you are interested in a significantly more thorough version of this weekly summary, consider taking a look at Market Rewind's new nightly ETF Rewind Pro service (free trial). In addition to coverage of over 170 ETFs across twelve major asset classes, you will find three model portfolios, daily market signals and commentary, pairs trading and portfolio management tools.


Jared said...

Yes all these new ETF are creating some very interesting pair trading opportunities.

Jeff Pietsch CFA said...

Indeed, Jared. Both versions of the ETF Rewind include a pairs trading engine.

Tools are also included to identify suitable candidates, and the weekend version is available for only $210 per year (a fraction of other sites that only offer this feature). Imagine that!