New on the site is a recommended resources page which lists out the brokers both myself and Mike use alongside a list of the investment services we subscribe to and recommended books to read. Check it out and send me an email if you think there is a resource I should try out.
Today America’s AAA debt rating outlook was downgraded by the Standard & Poor’s to negative from stable. While not a surprise… to anyone… the market nonetheless gapped at the open and finished the day in the red. This puts the major indices back under their important 50 day moving averages and in position for further price declines.
I have been expressing recently that cash is a good place to be until we can see some confirmed strength. My views remain the same. I would like to see a move on the NASDAQ through atleast 2770 before starting to put cash back to work. Charts below.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Up | Up | Up |
| Intermediate | (-) Down | (-) Down | Up |
| Short-term | Down | Down | Down |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I’m simply using the indices’ relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
