My gut feeling is that this was a flat week for the U.S. Equities market. Below is the Bullish Percent Indicator data that tests my intuition.
Index BPI: Looking over the broad indexes, I was wrong as all major indexes showed significant gains and we end the week with all seven in the camp of offense. While there is plenty of overlap among these major indexes, there is no doubt this was a positive week for equity stocks. Check the delta differences in the percentage gains compared to last week.
We are definitely off the high levels one observes back in January and early February of this year.
Sector BPI: Breaking the equities market down into sectors, we see a different picture as there are shifts taking place within the U.S. Stock Market. Energy took a huge jump as did Technology. Staples and Financials moved from offense over to defense while Telecom remain fixed at 62.5% bullish.
Portfolios that are broadly diversified turn in respectable performances in this type of market. We will gain a better picture of how well our portfolios performed when the performance data is published for the different ITA portfolios.