After last week’s Sector Detector article in which I talked about the “relentlessly strong September” making the market quite overbought from a technical standpoint, it looked like the market was going to waterfall into a healthy correction on Thursday. But alas, the bulls pulled a rabbit out of their hat and closed the week with a flourish. Read more about Sector Detector: Is That a Glimmer of Optimism?
A relentlessly strong September is making the market quite overbought from a technical standpoint. So much for September being historically the worst month of the year for stocks. But it now appears to be at a crossroads. And Sabrient's quantitative SectorCast rankings are even more defensive this week. Read more about Sector Detector: Market at a Crossroads
Bulls put up a valiant offensive in the last 20 minutes of trading on Tuesday to push the Dow Jones Industrial Average (DJX) back above the 10,000 level as the month of August came to a close. For the last six days of August, bears either succeeded or gamely tried to penetrate this psychologically important level intraday only to be repelled by the bulls. Read more about Sector Detector: Weak Market Finds Support