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The S&P 500 (SPY) recorded its fourth consecutive weekly gain, finishing higher by +3.6% on a beneficent confluence of political and economic news. This move left the major indices and constituent sectors highly overbought across the board on multiple time frames to a degree that rarely fails to precipitate a subsequent pull back.
Of course, the Paul Harvey “rest of the story†is that determining what constitutes overbought using historical precedents becomes extremely difficult in light of $600 billion of planned Quantitative Easing. Indeed, add to this parallel efforts abroad featuring Japan’s pledge to buy ETFs and REITs directly, and it’s mighty hard to ultimately argue against a continued bullish end-of-year run [see range predictions].
Week Forty-Five of 2010 features a (thankfully?) slower economic reporting calendar, as follows:
- U.S. Economic Calendar
- U.S. Earnings Calendar
- Planned Open Market Operations
- Historical Market Analogues
- ETF Rotation Models [Custom]
Note how I have added Open Market Operation (“POMOâ€) days to the weekly link set. I hope you are having a terrific weekend!
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If you are interested in a significantly more thorough version of this weekly summary, consider taking a look at Market Rewind’s nightly ETF Rewind Pro service. In addition to coverage of over 200 ETFs across twelve major asset classes, you will find three model portfolios, daily market signals and commentary, pairs trading, rotation modeling, and various powerful portfolio management tools.
Never Investment Advice: Prior Weekly Summaries
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