Market Summary for 1/23/2008

Markets:

The markets sprung back a bit and it held through the day. Since there was a wild swing from negative to positive, a lot of P&F changes will happen after the next close as those that created Os yesteday will end up reversing up today.


The Markets are on sell signals in Os still.

NASDAQ BP: 16%
NYSE BP: 17%

Stock Movement Summary:

Created X: 229 O: 821
New Signals: Buy - 126, Sell - 63
New Reversals: Up - 1017, Down - 126
Broke Double Tops/Bottoms: Tops - 10, Bottoms - 49

As you can see from these odds, the momentum has definitely swung back to positive. Watch for more reversals to Xs after today's close.

Sector Performance Yesterday
S&P Equal Weight: +3.15%

Best Sectors:
Real Estate: +7.09%
Savings & Loans: +6.15%
Restaurants: +5.54%

Worst Sectors:
Oil: -0.73%
Internet: -1.36%
Precious Metals: -2.16%

Sector Signals: (All sectors are on a P&F BP sell signal except Precious Metals)
No New Signals
Building, Textiles / Apparel, Gaming, Transports / Non Air, Retailing, Wall Street, Leisure, Restaurants, Savings & Loans, Real Estate all reversed back into Xs yesterday.

New Stock Signals
Bearish Catapult: ARJ
Bearish Catapult: NOA
Bearish Catapult: OKS - A lot of support here at 57-58, but not much more until 48, watch to see if it continues slide