In case you missed it, here’s a summary of the ETF topics and market commentaries I posted to my blog during the week ending on 6/30/2013.
The past week started out on very shaky ground as far as bullish momentum was concerned. The reason was the fallout from the Fed’s taper talk that pushed the S&P 500 down to the 1,573 level and below its widely followed 50-day moving average.
It sure looked like that this level was way too close for comfort, as a host of Fed governors subsequently took to the airwaves to “clarify” the Fed’s true intentions via several damage control speeches. For the time being that assist worked with the major indexes rallying for 3 days before giving back some of these gains on Friday.
Our Domestic Trend Tracking Index (TTI), which had briefly dipped into bearish territory on Monday, recovered as well and closed the week on the bullish side of the trend line; although very modestly. I believe this possible trend reversal may surface again after the 4th of July weekend.
Over past week, we covered the following: