Market Summary

Continued selling caused the Long-Term (Weekly) Sentiment to turn bearish on January 28 when the SPY closed below 109. Last Friday's low of 104.58 takes price back to where it was on November 4, 2009 and down 10.59 points (or 9.17%) from the January 14 high of 115.14. Friday's candlestick formed a hammer pattern which often signifies a short term bottom. We may get a rally in the market for a few days however the trend has clearly become more bearish. Click on image to enlarge.

For the week the natural gas ETF UNG did the best up 7.41% followed by the $US dollar ETF UUP up 0.85% and all other indexes for the week were in the red. For year-to-date (YTD) the Oil Sector Index is up the most up 11.62% followed by the $US dollar ETF UUP up 3.18% and again all other indexes are in the red. The YTD loser is the China index FXI down -12.91%. Click on table to enlarge.