Momentum Monday – Mortgage Rates Matter And Inching Back to 200-Day Moving Averages
As a reminder, Marketsmith (by Investor’s Business Daily) is now a sponsor of the weekly show. All the charts you have been seeing in the videos and will continue to see are from Marketsmith. They are offering my readers a three week trial for $19.95. Click this link if you would like to try it out.
Good morning. It is nice to see 30 year mortgage rates back below 5 percent. They ticked up near 6 percent and 13 year highs a few weeks back.
The S&P and Nasdaq 100 are still well below their 200 day moving averages but moving up and on a mission to touch them it seems from below.
I am rooting for us to capture the 200-day moving averages. The first ‘growth’ index to do that is biotech, but it was also the first and hardest hit tech index on the way down.
The good news is that people are still out there buying technology stocks…In June it looked like that would never happen again. So many technology stocks have rallied 50 percent and are still well below their 200-day moving averages so I would not be surprised to see a continued rally but would also expect some chop and some blowups.
As always, Ivanhoff and I got together for Momentum Monday to tour the markets looking for momentum. You can watch/listen to the video here. I have also embedded the video below on my blog:
Here are Ivanhoff’s thoughts:
The typical bear market (Read more...)