Only Staples, found in the sectors table, moved from defense to offense even though the percentage of bullish stocks remained the same. This sometimes happens as a result of movement during the week. Since this data is not monitored daily, percentage variations during the week are absent so we sometimes see these anomalies. All indexes are positive with exception of the Dow Jones Industrial Average. Since the DJIA is made up of large-cap stocks I expected to see this average move over to the offense this week. Instead at least one stock turned bearish.
Index BPI: Market strength showed up in both the NYSE and NASDAQ, our two primary indexes. Transportation also received a nice upward bounce. Is this the beginning of a major bull market?does not think so. Rather than make any predictions, I prefer to let the data speak for itself and right now this looks to be a strong market going forward.
Sector BPI: Few changes showed up this week. Most of the sectors are fairly valued and eight out of ten are bullish or under control of the offense. Frankly, I was surprised to see so many sectors hold the same percentage of bullish stocks as they did last week. This data is telling investors to stay the course. No need to panic or get euphoric. Stay alert and continue to use the Kipling spreadsheet.