Few changes occurred in either the indexes or sectors of the mark. If there was a trend this week, it was slightly upward. One anomaly should up and I’ll point it out below. We use BPI information to gives us a “10,000 meter” view of the market.
Index BPI: All major indexes are now under control of the offensive teams as the DJTA moved up 5% to 45%. This is noteworthy as the DJTA is a rather dormant index. While the broad NASDAQ moved up slightly, it was the NASDAQ 100 that carried the day as it is now positioned in over-bought territory. Anything 70% or higher is over-bought.
Sector BPI: The anomaly I previously referred to is the Industrial sector. Even though the percentage has not changed for three weeks, the sector shifted from offense to defense. Either something happened mid week or this is a data entry error. Technology moved sufficiently to take it into the over-bought zone, but that was not enough to hand the ball over to the offense.
I expected to see the Staples drop move the ball back to the defense, but apparently mid-week gyrations prevented this from happening. Overall, this is still a bullish market.