General Stock Market Commentary - Monday, March 9

Below is the spreadsheet that I use to find the best performing sectors of the market.

 

QQQ has pulled back to its break out level which is now support. With the market so oversold, I like the chances that it holds here.

 

Utilities may have also pulled back to support.

 

The Gold Miners have carved out an interesting price pattern. They have basically moved sideways for a number of months. I like the chances that these stocks are going higher based on this pattern.

 

This chart of this retail ETF looks a lot better than I expected.

 

Stick with the leaders.

Outlook Summary

Looking for signs of the next short-term uptrend.

• The long-term outlook is don't know as of Feb-28 (downgrade from positive Jan-11).
• Sentiment favors higher prices as of Feb-07.
• The short-term trend is down as of Feb-21.  
• The medium-term trend for Treasury bonds is up as of Jan-25 (prices higher, yields lower).