What a Difference a Week Makes
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Early last week, the S&P 500 and most sectors were sharply oversold. The only sectors that were showing even hints of strength were Energy and Utilities, and they were the only two sectors that weren't oversold based on the standard deviations that they were trading below their 50-day moving averages.
Following yesterday's 2.5% rally, however, while most sectors are still oversold, the two sectors that are more oversold than any others are Energy and Utilities. What a difference a week makes.
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This article has 3 comments:
Pseudonym
Bear markets don't go to zero in a straight line.
There will be big rallys' as we trend down.
The negative fundamentals are still there and when needed they will be the "news of the day" that explains why the market dropped.
The financial/economic mess won't really stabilize until roughly 2010. So between now and then be nimble and go with flow.
Lowenthal