Wednesday, March 10, 2010

Index Data

Closing values for Wednesday, March 10, 2010:


Trend & Value 50:

1045.03 (down .03%)


China Small Cap ADR 25:

975.98 (up .33%)


Precious Metals Complex:

4657 (down 1.47%)


Commodity ETFs:

2103 (up .11%)


BRIC Basic Materials:

1036.34 (up 1.16%)


Penny Banks:

1060.75 (up .63%)


Foreign Blend:

7144 (up 62)


General Liquidity:

1021.24 (up .09%)


Über-Indicator:

41.16 (up 1.55)

-----

Curiously, the Trend & Value 50 Index just isn't participating in the most recent part of this stock market rally, as our benchmark hasn't closed higher in four days. I am not really sure what to make of that.

But that Über-Indicator just keeps going up! For the most part, the Ü-I measures breadth among the components of the S&P 500 Index, and I can tell you that the technical breadth (broadly construed -- I'm not talking about a simple A/D line) in the US stock market has been very strong. But perhaps it's getting a little out of hand now. An example: There are now 107 SPX stocks with an RSI(14) above 70, and only 2 with RSI below 30.

Back on 01/11/10 I posted the RSI tally, writing:

oh, and by the way, there are currently 79 S&P stocks with RSI(14) above 70. how many stocks have RSIs below 30? 0 (Zero). if you will pardon my french, that's fucking sick. Waterloo for the bears indeed. or, just maybe, it's Operation Barbarossa. say, mid-October, 1941.

With 107 overboughts now, compared to 79 at the last peak, the market is arguably in a more extreme position now than then. Sure, there are a couple oversolds on the board now, while there weren't any then, but whatever, two isn't much more than zero.

Oh, and I'm starting to like that Operation Barbarossa metaphor.


(image lifted from Wikipedia)