The S&P 500 was higher one day and lower on four days this past week which is the third week in a row of such action which is rather amazing and hard to fathom. This action continues to remind investors of the declines in the first quarter that until three weeks had been removed from recent memory.
The advance/decline line was negative four of the five days as well. Thursday was the only day for the advance/decline line to be positive. Our 10 day advance/decline model has been in cash since the close of September 11th which has been a great call. The S&P 500 is now lower by -229.77 from -120.11 points a week ago. Ouch!!!
On a sector level, for the week only Conglomerates was in the green up a whopping 0.1%. The laggards were all others with Industrials down -5.1% and Materials -5.31%. Technology stocks were not much better dropping -3.70%.
The smaller market capitalization names barely beat large cap returns this week but a win is a win. Small cap via the Russell 2000 lagged this past week dropping -3.78% versus the S&P 500 -3.98%.
In terms of asset class returns for the week, the iShares Barclays 20 Year Treasury Bond ETF (TLT) rose 1.13%. Meanwhile, the iShares iBoxx High Yield Corporate Bond Fund ETF (HYG) fell -0.77% which is expected as it drops when stocks fall.
Meanwhile, the United States Oil Fund (ETF) lost -2.62%. Gold via SPDR Gold Shares ETF (GLD) gained 0.64% but did not close above the closing high of the week on $117.65 today.
We had one open position in Gold & Energy Options Trader and closed out for a gain of 14.28%, puts on natural gas. There were no new positions in Options Index Trader as we decided to sit out the insane volatility.
No positions were added to the Superstock Investor Morning Matters Portfolio this past week and it remains with cash of 42% and is up 0.60% for the year.
The U.S. Dollar via the Powershares DB Bullish Index ETF (UUP) rose by 0.69% for the past week. Europe via the iShares MSCI EAFE Index Fund ETF (EFA) lost -3.67% for the week. Last, Emerging Markets via the iShares MSCI Emerging Index Fund ETF (EEM) fell -2.57% last week.
Among the top stock performers were Tesla (TSLA) up +27.27% on earnings and K2 Holdings (LRN) up 27.28%. Tesla Chairman Elon Musk may have the last laugh on short sellers.
Where do you start with the top losers for the week, as there were too many to mention? The only good thing about this week is that it is over.