Bespoke Investment Group - Think BIG - S&P 500 10-Day A/D Line Back in Positive Territory

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Jun102010

S&P 500 10-Day A/D Line Back in Positive Territory

Thursday, June 10, 2010 at 04:56PM

Although the S&P 500 remains right near its lows of the correction, its 10-day advance-decline (A/D) line moved back into positive territory today. This ends a streak of 26 trading days where the 10-Day A/D line was negative and the longest streak in nearly two years (July 2008).

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Reader Comments (3)

The S&P moved higher today. The Euro has been oversold and the US overbought. So today, the currency traders went long every currency they could, and short the Yen.causing stocks to gap open higher.

There was a terrific stock rally in foreign large value, energy Asian, and European shares; a US Dollar sell off, a slight sell off in US Treasuries and Gold. However, it should be noted that the charts of the best performers show a rise to resistance and not a breakout.

With the downturn in the US Dollar, the standard-bearer of international currency and trade, we are entering into an age of competitive currency devaluations, and greater volatility in stock, bond and sovereign debt trading and values

US Treasuries, BAB, IEF, TLT, and ZROZ fell today, May 10, 2010. The Direxion 3X Bear of US Treasuries, TMV, rose. With a falling US Dollar, $USD, it is highly likely that US Government Bonds have topped out. The chart of IEF, shows a dark cloud cover candlestick and a parabolic turn lower today.

Despite today’s rise of stocks globally, VT, a death cross has appeared in the chart of stocks relative to debt, VT:AGG, suggesting that today’s currency trade rally cannot be sustained. The only ones who will benefit, and are benefiting from today’s rally will be the currency traders; they always move the stock market; they and those who are invested in credit default swaps as these move sovereign debt and banking stocks.

For a complete analysis and charts of today's activity, one can use the link provided.

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