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Sandy Forces QE Fatigue in Remission

Analysis of the Russell 2000 (827.84): The weekly chart shifts from negative to neutral with a close Friday above the five-week MMA at 825.74. My new monthly pivot is 807.15 with my annual pivot at 836.15. The Sept. 14 QE3 high is 868.50 with the all time high at 868.57 set on May 2, 2011.

Analysis of the Semiconductor Index or SOX (379.50): The weekly chart shifts from negative to neutral on a close Friday above the five-week MMA at 379.03. The 200-week simple moving average is 356.80 with my new monthly value level at 354.06 and the Sept. 14 high at 410.82.

Some sector ETFs could shift from negative to neutral at Friday's closes as "QE Fatigue" goes into remission:

  • Materials Select Sector SPDR (XLB) ($36.73) shifts from negative to neutral on a close Friday above the five-week modified moving average (MMA) at $36.63.
  • Industrial Select Sector SPDR (XLI) ($37.14) shifts from negative to neutral on a close Friday above the five-week MMA at $36.74.
  • Consumer Discretionary Sector SPDR (XLY) ($46.60) shifts from negative to neutral on a close Friday above the five-week MMA at $46.40.
  • Consumer Staples Sector SPDR (XLP) ($35.41) stays negative on a close Friday below the five-week MMA at $35.65.
  • Energy Select Sector SPDR (XLE) ($71.87) stays negative on a close Friday below the five-week MMA at $72.72.
  • Technology Select Sector SPDR (XLK) ($29.34) stays negative on a close Friday below the five-week MMA at $29.89.

    This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.
    Richard Suttmeier has an engineering degree from Georgia Tech and a master of science from Brooklyn Poly. He began his career in the financial services industry in 1972 trading U.S. Treasury securities in the primary dealer community. In 1981 he formed the Government Bond Department at LF Rothschild and helped establish that firm as a primary dealer in 1986. Richard began writing market research in 1984 and held positions as market strategist at firms such as Smith Barney, William R Hough, Joseph Stevens, and Rightside Advisors. He joined www.ValuEngine.com in 2008 producing newsletters covering the U.S. capital markets, and a universe of more than 7,000 stocks. Richard employs a "buy and trade" investment strategy and can be reached at RSuttmeier@Gmail.com.
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    SYM TRADE IT LAST %CHG
    XLP $46.97 1.36%
    XLE $64.68 0.92%
    XLI $51.04 2.22%
    XLY $74.62 2.11%
    XLB $42.64 1.43%

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    Chart of I:DJI
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    S&P 500 1,948.86 +35.01 1.83%
    NASDAQ 4,749.9790 +113.8740 2.46%

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