Nothing Doing

The markets meandered most of Monday in anticipation of the start of the earnings season. The major indexes gained a tad as the chart (courtesy of shows:

Alcoa reported slightly better than expected earnings after the close, which may give the market a boost on Tuesday.

In the bigger scheme of things, all three major indexes remain below their 200-day moving averages, which means we’re still in neutral territory. I like to see the S&P; 500 break above it, which would indicate a resurgence of bullishness. That would make me remove the short side of our current small hedge so that we can become outright long with a portion of our portfolios.

In the meantime, it’s a waiting game to see if there is enough starch in this earnings season to keep last year’s bull alive.

About Ulli Niemann

Ulli Niemann is the publisher of "The ETF Bully" and is a Registered Investment Advisor. Learn more
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