Despite yesterday’s strong rebound, the S&P 500 is still down by -1.64% from last week’s HV Cutline report. This is reflected by the number of ETFs above the trend line, which have dropped to 14 (last week 16), while 74 ETFs hover below it, which means they’re still stuck in bear market territory.
To repeat, the High Volume ETF Cutline report includes all ETFs above and below the cutline (trend line). To clarify, High Volume (HV) ETFs are defined as those with an average daily volume of $10 million or higher.
These ETFs are generated from my selected list of some 90 that I use in my advisor practice. It cuts out the “noise,” which simply means it eliminates those ETFs that I would never buy because of their volume limitations.
Take a look at the most recent table:
Please note that funds/ETFs represented with -100.00% means that current data was not available at the time I prepared the report.
We still have the same ETFs, which have been the leaders for some time, occupying the top spots. That includes GLD, TLT, and now GDX, while FXF has dropped due to the Swiss having engaged in currency manipulation.
I still believe it’s too early to make any new commitments, as it is uncertain whether the bulls will continue their run of yesterday, or if the time has come for the bears to again engage in some chest pounding.
If you are a new reader and missed the original Cutline report, which also featured some “how to use” information, please review it here.
Disclosure: Holdings in GLD, TLT