Weekly SmarTrend Stats for July 27
We had an incredible number of Uptrends last week with the market retaking 9000 on the Dow and reaching new highs for the year. Much of this on the back of better-than-expected earnings reports across all industries.
The ratio of Uptrends to Downtrends is approaching some extreme levels that we'll be watching closely. The great news is that about 90% of our Uptrends are now in the money. Much of a year's trading gains are made when markets make these bursts and so trading the Uptrends when the market is Uptrending (as predicted in our Morning Call) is key to having a good year. Even the few remaining Downtrends we have are, on average, slightly profitable.
Any predictions on the market's behavior this week?
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