The NYSE composite is riding right along the center line, neither bullish nor bearish. The price relative line is continuing a reversal of a long trend, and we may see a major change in the market soon. Changing from what to waht, I don;t kn ow, but I do think we are in for a big change.
|Ticker||Relative Strength Index (14)|
Here are the sector ranked by RSI. XLB has vaulted into first place after being at or near the bottom for months, a sign of big rotation in the markets. In the next few months, we may see some major tur arounds in some really beaten up stocks.
A big change appears to be coming, but with the market in essentially a sideways trend, it is impossible to know which way we will change. I do expect to see some big rotation soon, and will be looking at some of the beaten up areas of the market (mining stocks come to mind), for some opportunities to exploit it.
I will have the new highs update shortly.