Saturday, July 11, 2009

ETF Rewind - Week 28 (07/10/09)

A quick look at the Relative Strength charts below highlights the divergence in performance we saw last week between the NASDAQ100 (QQQQ) and S&P500 (SPY). Nevertheless, both ended the week undeniably lower, with the QQQQs down -1.9% and the SPYs off some -2.1% for a fourth week of losses. In spite of the declines, a consolidation process on declining volume really only left Real Estate (IYR) clearly short-term oversold among the tracked sectors, as follows:

(Click Image to Enlarge/ Glossary)

Week Twenty-Nine of 2009 kicks off the opening of the potentially catalytic second quarter earnings floodgates and includes a very busy economic calendar, as follows:
Note that it is also options expiry, and that the last FOMC meeting minutes will be released. I suspect next week may prove seminal in setting the course of the market's next move -- one way or the other. Have a Terrific Weekend!

Never Investment Advice

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