The major averages closed mixed today and with exception of the DOW (up 0.76%) the other averages closed near the flat line as OPEX came to a close.
There was only one economic report today and that was existing home sales, which hit an annualized rate of 4.61 million units. That was above estimates of 4.55 million units.
Here's today's charts:
NAMO and NYMO remain
1/20/12 The rally continued as the Dow gained another 46-points yesterday. That's 16 positive days in the last 20, or 4 down days in the last 4-weeks as we head into the thick of the 4th quarter earnings season. For the TSP, the C-fund was up 0.50% yesterday, the S-fund gained 0.59%, the I-fund added 0.68%, and the F-fund (bonds) lost 0.20%.
TSP Talk Sentiment Survey results for the week of 1/23/12- 1/27/12 Buy: The TSP Talk Sentiment Survey came in at 49% bulls, 42% bears, for a bulls to bears ratio of 1.20 to 1. That is a fresh buy signal in a bull market which means the system will remain 100% S Fund for the week of 1/23/12 - 1/27/12. Bull market rules are in affect the week of 1/09/12: See latest survey results To discuss or comment on the Sentiment Survey, go to Sentiment Survey
I don't have time to do my usual blog tonight, but I did take a look at the charts. All seven signals remain in buy conditions and as a whole they continue to look bullish. That means the system remains in a buy condition.
I'll post my regular blog tomorrow.
I often mention open gaps in my commentary and once in a while I get a question about them.
While screening some stocks this morning I found a couple of good examples of gaps on the chart of Sears Holdings (SHLD).
Like a magnet, open gaps are serious potential targets to be filled. And once they do get filled, that can be an area of strong resistance like we saw here in late October (or support depending on the direction of the open gap.)