Good Evening,
The market finally took a small pause today reminding many traders that yes, it can still go down.
Stocks: The win streak is over
The day’s action left us with the following signals: C-Buy, S-Neutral, I-Buy, F-Buy. We are currently invested at 08/G, 92/F. Our allocation is now -3.96% on the year. Here are the latest posted results:
| 04/23/14 | |||||
| Fund | G Fund | F Fund | C Fund | S Fund | I Fund |
| Price | 14.3916 | 16.1682 | 24.3784 | 34.1199 | 25.9714 |
| $ Change | 0.0010 | 0.0360 | -0.0506 | -0.1856 | -0.0004 |
| % Change day | +0.01% | +0.22% | -0.21% | -0.54% | +0.00% |
| % Change week | +0.04% | +0.25% | +0.58% | +0.97% | +0.69% |
| % Change month | +0.15% | +0.64% | +0.28% | -1.33% | +0.83% |
| % Change year | +0.73% | +2.71% | +2.11% | +1.33% | +1.59% |
| L INC | L 2020 | L 2030 | L 2040 | L 2050 | |
| Price | 17.0052 | 22.1247 | 23.8515 | 25.2749 | 14.3237 |
| $ Change | -0.0039 | -0.0201 | -0.0302 | -0.0396 | -0.0259 |
| % Change day | -0.18% | -0.02% | -0.09% | -0.13% | -0.16% |
| % Change week | +0.61% | +0.18% | +0.38% | +0.48% | +0.55% |
| % Change month | +0.14% | +0.20% | +0.22% | +0.19% | +0.15% |
| % Change year | +1.85% | +1.12% | +1.51% | +1.67% | +1.78% |
The S&P 500 tested overhead resistance at close to 1890 yesterday and then dropped back a little more today as the market took a rest. I look for a retest of overhead resistance in the coming days, but I do not think it will be significantly breached. More than likely we will continue to trade sideways in the trading channel that’s been carved out between 1860 and 1890 with another test of the 1860 mark coming sometime in May. I still fail to see how this market can make any significant progress without a 10% or greater correction. Things should slow down as poor seasonality looms in the not to distant future increasing that chances that such a correction will take place. Until then, just look for more of the same.
That’s all for tonight. Have a great evening.
God bless,
Scott
