Weekend Review and Watchlist

Overview

The bull market is now over a year old. July is coming to an end, and the S&P is on course to put another higher high and higher low in place on the monthly chart. It's now also approaching 250 days since the last 5% pullback, h/t @WillieDelwiche

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It was a fairly dull week for the major indices, with the S&P and NASDAQ barely changed. The outliers were the Dow, which pushed on to fresh all time highs, and the Transports, which sank below its 10-wk MA to test its 40-week.

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Breadth is at new highs, and bearish sentiment fell to multi-month lows, although on the AAII survey bullish sentiment also fell. Most market participants on the survey are neutral.

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Sector Analysis

The leading S&P Sector SPDRs are Technology, Consumer Discretionary, Materials, Financials, and Real Estate, although all finished off their best levels.

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They're followed by Healthcare, and Utilities which are also all above their MAs. At the bottom end we have Industrials below their 20-day MA, Staples below their 50-day, and Energy, still below its 200-day, but much improved from previous weeks.

Away from the 10 Sector SPDRs, two charts worthy of note are $BOTZ, the AI and Robotics ETF which continues to make new highs, and the Gold Miners ETF $GDX, which sports a pattern that will have some technicians I know having orgasms over the potential for a major move higher. We shall see.


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Alpha Capture Portfolio

A quiet week, with our model portfolio -0.30% vs -0.02% for the S&P. We have one exit signal this weekend, to leave us with 8 positions, 4.5% open risk, and 27% cash.

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Watchlist

A fairly broad mix this week, but it's still healthcare and technology that dominate the list for our timeframe, despite their mixed fortunes in the market this week.

Here's a sample from the full list of 25 names:-

$LNC

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$COL

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$RGLD

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$TSO

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$ONCE

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$MRCY

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$EQIX

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$MOMO

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Posted to Alpha Capture on Jul 29, 2017 — 1:07 AM

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