Friday, July 08, 2005

Digging deeper into our beloved Dow Jones Industrial Index.

DJIA (Dow Jones Industrial Index) has bounced nicely off its yesterday abyss and is retracing about half of its plunge from June Peak. So out of curiosity, I decided to look at % of its component that is trading above its 50/200mva, a conventional way of confirming the health of the general markets.
+ prices are trading above, - prices are trading below
AA -50mva/-200mva
Aig +50mva/-200mva
AXP +50mva/+200mva
BA +50mva/+200mva
C -50mva/-200mva
CAT +50mva/+200mva
DD -50mva/-200mva
DIS -50mva/-200mva
GE -50mva/-200mva
GM +50mva/-200mva
HD +50mva/-200mva
HON -50mva/-200mva
HPQ +50mva/+200mva
IBM +50mva/-200mva
JNJ -50mva/-200mva
JPM -50mva/-200mva
KO -50mva/+200mva
MCD -50mva/-200mva
MMM -50mva/-200mva
MO -50mva/+200mva
MRK -50mva/-200mva
PFE -50mva/-200mva
PG -50mva/-200mva
SBC -50mva/-200mva
UTX -50mva/+200mva
VZ -50mva/-200mva
WMT +50mva/-200mva
XOM +50mva/+200mva

Here is the verdict: 11/30 above its 50day and 9 above its 200day. Only 6 are above both 50/200 day. Here's the facts, this is not an opinion. Decide for yourself if you think this is bullish or bearish.


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