Market Overview - Thursday, May 4
The Short-Term
Too many new 52-week lows, and they weren't all Energy-related stocks.
The bullish percents are mixed. The NYSE is quite negative, but the Nasdaq is holding well.
The stock market is not on a solid foundation when Junk Bonds are heading lower. Then again, (note to self) you can't panic every time JNK takes a dip. I am keeping an eye on this.
Currencies, Commodities
I have run out of time. I will take a look at this tomorrow.
The Leader List
Health Care joined the leaders. Mexico, Russia, Brazil, Materials, Energy and the other commodity-related ETFs were all very weak today as the price of oil finally let go to the downside.
The Health Care looks good, but I am more inclined to buy on a pullback.
Outlook
The long-term outlook is positive, but it is time to start getting cautious again.
The medium-term trend is down as of March 21.
The short-term trend is up as of April-20, but looking for signs of the next short-term top.
Disclaimer: I am not a registered investment advisor. My comments above reflect my view of the market, ...
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