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The major indices recorded their sixth consecutive week of gains, leaving the S&P 500 higher by another +1.5%. While historical analogues suggest continued smooth sailing into the months ahead, select indices are once again beginning to look short-term overbought (see QQQQ/ IYT/ XLY/ XLF). As strong as equities have been, this is not a short signal so much as a heads-up going into an earnings season with particularly high expectations.
Week Fifteen of 2010 promises a much busier economic calendar, and the kick-off of First Quarter Earnings, as follows:
I hope you had a terrific weekend!
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Never Investment Advice: Prior Weekly Summaries: ETF Rotation Models
