Monday, July 20, 2015

7/20/15 Some climatic charts

I consider the Nasdaq composite climatic and the Nadsaq 100 more so.  Same with the S&P100.  Went up too far too fast.  Not quite so the S&P500.  Definitely not the NYSE composite.  The declines have exceeded advances by 2 to 1 for the last two days while the 500 increased a little.
The 500 failed to close above its previous new high.  I don’t like the 500 at over 21 PE on twelve months trailing earnings especially that Q1 GAAP earnings declined. 

If the S&P 500 does go to a new high it doesn’t necessarily mean a breakout either.

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