The S&P 500 was higher one day and lower on four days this past week. Unfortunately, this action reminded investors of the declines in the first quarter that until this week had been removed from recent memory.
The advance/decline line was negative for four of the five days as well and on Thursday had its second worst day of the year, next to February 5th, with a finish of -4,625. Some would call this a washout day.
Our 10 day advance/decline model has been in cash since the close of September 11th. The S&P 500 is lower by -137.25 points since that date.
On a sector level, for the week all sectors were lower with nothing in the green. The sector that fell the least was Conglomerates which fell -1.2% followed by Utilities that dropped -1.8%. The laggards were Industrials falling -6.5% and FInancials -5.10%. Technology was almost as ugly.
The larger market capitalization names are driving the sectors to positive returns. Small cap via the Russell 2000 lagged this past week dropping -5.23% versus the S&P 500 return of -4.10%.
In terms of asset class returns for the week, the iShares Barclays 20 Year Treasury Bond ETF (TLT) gained 1.27%. Meanwhile, the United States Oil Fund (ETF) lost -3.63%. Gold via SPDR Gold Shares ETF (GLD) gained 1.24% but did not close above the closing high of the week on $116.04 on Thursday.
We have no open positions in Gold & Energy Options Trader and one position in Options Index Trader that was established on Friday.
Last week a gain of 20.40% was taken in GLD Calls and a small gain in USO Puts of 0.11%. No positions were added to the Superstock Investor Morning Matters Portfolio this past week and it remains with cash of 42%.
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 Esterline (ESL) up +30.31% which is being taken over and Revlon (REV) up 21.27%.
Top losers for the week were Square (SQ) down -21.40%, Fluor (FLR) lower by -20.45% and Blackbaub (BLKD) -20.80%.