Appropriately named eating house in Amsterdam.
Bullish Percent Indicators
It has been several weeks since I last reported on Bullish Percent Indicators (BPI). There was little to report as few changes occurred in either the indexes or sectors of the equities market. That changed this week as the majority of sectors moved from offense to defense. In other words, there has been a 3% change in the number of bullish stocks since last week.
Two major indexes (S&P 100 and DJIA) flipped positions this week. The S&P 100 moved from 86% bullish down to 79% bullish. This means that seven stocks within the S&P 100 turned bearish this week.
The two primary indexes I watch (NYSE and NASDAQ) are still slightly below the over-bought zone. One can conclude the broad equities market is still over-bought as seen by all the red cell percentages on the left side of the table.
When I began updating the sectors I thought there was a chance to see a full turnover from offense to defense. Only the last three sectors are positive and Telecom and Utilities don’t change that much from week to week. It looks like investors moved to Utilities to reduce risk and increase income.
Conclusion: This past week was a weak one for equity securities.