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ETF Rewind -- Five Up Days

Published 08/13/2012, 01:02 PM
Updated 07/09/2023, 06:31 AM

Week five of consecutive gains. Who would have guessed or predicted that run just a short while ago? Volatility continues to be quite low and conducive to further gains; however, price action is finally moving into short-term overbought territory. The S&P 500 (SPY) finished the week higher by a full +1.1%.
ETF Rewind
Summer Low Volume Rally
After a weak open on poor Chinese export data, the market slowly grinded higher. The dip buyers were eager to chase the small drop and we closed in the green again. The market is trading like January to March this year and feels like another QE-induced run even though none has been formally announced. The win streak is now at six days. Intraday back and fill type of action this week allowed the bulls to recharge. At some point we will get a bigger drop, but we are still riding the momentum higher.

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