The Week That Was For October 15th -22nd Trying To Bottom

by Geoff Garbacz | 10/22/2018 11:59 AM
The Week That Was For October 15th -22nd Trying To Bottom

The S&P 500 was higher one day and lower on four days this past week which is the second week in a row of such action.  Unfortunately, this action continues to remind investors of the declines in the first quarter that until two weeks had been removed from recent memory.

The advance/decline line was negative for three of the five days. Tuesday saw the first day for the advance/decline line to be above 3,000 since late February and it was the strongest breadth day for the year so far at 3,913.  Then on Thursday the advance/decline line closed at -3,182.

Our 10 day advance/decline model has been in cash since the close of September 11th. The S&P 500 is lower by -120.11 from -137.25 points a week ago.  

On a sector level, for the week more sectors were higher and in the green. The sector that rose the most was Conglomerates which rose  2.4% followed by Utilities that rose 2.0% and Consumer Goods up 1.0%. The laggards were Industrials falling -2.0% and Materials -1.70%.  

The larger market capitalization names are driving the sectors to positive returns. Small cap via the Russell 2000 lagged this past week dropping -0.30% versus the S&P 500 return of 0.02%. 

In terms of asset class returns for the week, the iShares Barclays 20 Year Treasury Bond ETF (TLT) lost -0.66%. Meanwhile, the United States Oil Fund (ETF) lost -2.65%.  Gold via SPDR Gold Shares ETF (GLD) gained 0.68% but did not close above the closing high of the week on $116.60 on Tuesday.

We have no open positions in Gold & Energy Options Trader but look to add this week.  There is one position in Options Index Trader that was established on two Fridays ago and we will look to either close or roll the trade later today as it expires on Friday. 

No positions were added to the Superstock Investor Morning Matters Portfolio this past week and it remains with cash of 42% and is up 3.52% for the year.

The U.S. Dollar via the Powershares DB Bullish Index ETF (UUP) fell by -0.28% for the past week. Europe via the iShares MSCI EAFE Index Fund ETF (EFA) lost -3.38% for the week.  Last, Emerging Markets via the iShares MSCI Emerging Index Fund ETF (EEM) fell -1.47% last week.

Among the top stock performers were Skechers (SKX) up +15.91% on earnings and NII Holdings (NIHD) up 20.91% which is a favorite of James Davidson who writes Strategic Investment for us and recommended at $5.46 and closed at $6.16 last week.

Top losers for the week were United Rentals (URI) down -15.06% and CTRIP Comm Intl (CTRP) lower by -15.58%.

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