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Markets Give Buy Signals

Mar 27 2009

Markets Give Buy Signals

The big news this week is the major indexes all giving buy signals with break outs to the upside on the S&P 500, the Dow Jones Industrial Average, the Nasdaq and the Russell 2000. I also like the number of stocks breaking to the upside with their 13 day moving averages moving above their 50 day moving averages. For the complete market according to 185 stocks broke out on Friday with only 21 stocks breaking to the downside.

Individual Stocks

I searched the break outs for individual companies with good earnings growth but that is a little premature at this time as I could not find any compelling equities. I purchased the Ultra S&P 500 (SSO) twice this week, once on Wednesday and then again Friday when the double index ETF was down 2%.

Economic Recovery

The VIX is also encouraging as it has remained low providing stability to the markets. The markets move before the economy and then jobs improve. I think the first stage of a US rebound has begun and it’s a good time to start building a position. If there’s a break down in the markets, I will get rid of the SH shares within a couple of days of a hold signal.

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