Sunday, November 13
Recent New High in the Q's
Here is the weekly chart of the Q's. A new high, yes, but where is the volume? over the last dozen weeks the volume was on the downside and now in the new rally the up weeks are tainted with modest trading activity.
Buying activity did pick up underneath the 50 day moving average, giving support there, but so far aggressive buying has been absent. If this is the start of the rally season, shouldn't there be more people in attendance? Hmm.
Okay, I'll keep a wait and see attitude. But the Fed rate hikes do continue, and this is the first year of the Presidency, classically the poorest performing of the four year Presidential cycle as the Fed tends to pull the punchbowl away after their election year manipulations have done their trick.
But rally time is rally time, and the market is showing better and broader leadership this time around.
The rotation has been out of the oil and housing stocks and into certain retail, financial, medical and transport stocks. More to come on the individual winners in the near future; stay tuned.