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August 30, 2014 – Weekend Market Comment

August 30, 2014 – U.S. stocks rose on Friday, lifting the S&P 500 to another record finish, as investors welcomed a better-than-expected read on U.S. consumer confidence and bypassed geopolitical worries. The bullish sentiment continues to build; August started out as an ugly month, but will close out with real gains.

Trading in a 75-point range on either side of neutral, the Dow Jones Industrial Average rose 18.88 points, or 0.1 percent, to 17,098.45, gaining 0.6 percent for the week and 3.2 percent in August. Up 0.8 percent from a week ago and 3.8 percent for the month, the S&P 500 rose 6.63 points, or 0.3 percent, to 2003.37, with financials the best performing and industrials faring the worst of its 10 major industry groups. The Nasdaq gained 22.58 points, or 0.5 percent, to 4,580.27, up 0.9 percent for the week and 4.8 percent for August. For every stock that fell, more than two rose on the New York Stock Exchange, where almost 617 million shares traded. Composite volume neared 2.3 billion shares.

The real question is... is this the end of the run up with the S & P 500 at a new record or do we continue from here? Well for starters global news this week was less than happy, with Russia and Iraq dominating the headlines, still the market did not run and hide. To me that generally shows resilience and that the market is being run but what is known as "strong hands" -- in other words the pros are buying.  

The CBOE Volatility Index, a measure of investor uncertainty, dropped 0.6 percent to 11.98.

The Primary Sell has skirted the zero line and probably wants to turn up.

Another sign of good things going on is On Balance Volume in a up trend and following the market.


The Nasdaq Summation index is a lagging indicator but look positive


Just remember, Septembers is coming and the pros are getting back to their desks this can be a volatile as portfolios are adjusted and exchange volume increases. We also have another 911 anniversary to deal with. You can read more about ups and downs in September here.


I am going to be brief this week since I am just back from sailing in Desolation Sound




You can learn more about my indicators by visiting the CME4PIF school by clicking here.


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Yet another parabolic up week for the markets. Honestly folks valuations are really stretched here. The air is so thin at this altitude. Then again the markets can and do (on a short term basis) anything they want. Still I would expect a little pull-back in the next two weeks.


Lets see what is in the charts this week:

CLICK HERE: To see the 100 and 200 series charts



101 Bull Bear Bull market (dark green over red) and now the short term (light green) is up sharply. Also note the dark green 50 day average is in a firm uptrend. NOTICE THE SLOPE (second window), this could be part of a new long term uptrend.Bull market -- expect bullish outcomes…