There is a disconnect this week between the broad indexes and the individual sectors. Checking the bullish percentages of the various indexes, it was a quiet week for U.S. Equities. The same cannot be said for the sectors as five of the ten moved from the defense side over to the offensive camp.
Index BPI: The largest percentage change showed up in the Dow Jones Transportation Average (DJTA) as it moved from 50% bullish stocks up to 60%. All other indexes moved slightly or remained static. I call this a flat week for the market.
Sector BPI: Energy took another beating this week and one can only speculate how long it will be until this sector rebounds. It looks like the Energy money found homes in Discretionary, Staples, Health, Technology, and Telecom.
The Bullish Percent Indicators are not used to manage portfolios. Instead, these Point and Figure (PnF) statistics are presented to give an overview of what the market is doing from week to week. There are still a number of places where this market is over-valued. Any index or sector in the red zone showing 70% or higher in bullish stocks is considered over-valued.