Stock price action finally made the leap over 2011 highs to break the heavily watched S&P 500 1,400 level. In-fact, the SPY ETF finished higher by +2.4%. After an FOMC statement excluding mention of “QE3?, the bond complex and precious metals moved strongly downward, registering declines of (TLT) -3.9% and (DBP) -3.6%, respectively.
As strong as equities are, we can see in the Price Index column that the number of ETF registering short-term overbought readings are gradually rising. Longer-term, however, Relative Strength rankings featuring leadership from the financials and technology suggest this bull-market could still be in its early stages.
[Week 12 Calendars: Economic | Reporting]
Source: Mrkt_Commentary** subscription service; prior weekly posts.
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