Currently, there are just five stocks in the S&P 500 trading above their 50-day moving averages. This is easily the lowest level seen during the current bear market, and it's on par with the lowest levels registered ever. After all, the indicator can't go below zero.
Below we list the five stocks in the S&P 500 that are trading above their 50-days. A bank, a securities exchange, a soup maker, a data storage firm, and a tobacco company -- what else does this economy need, right?
A whopping seven of the ten S&P 500 sectors have no stocks trading above their 50-day moving averages (Industrials, Energy, Consumer Discretionary, Health Care, Materials, Telecom and Utilities). If we're ever going to have a rally again, it's due to come soon.
As of now, BBT and CPB dropped below 50DMA.
Posted by: falcon | October 09, 2008 at 10:25 AM
Plus, both SNDK and UST have recently been acquired at large premiums, so now, in light of the comment above by Falcon, it may be one, or none as far as stocks trading above the 50 Day MA....
Posted by: SINGER | October 10, 2008 at 01:08 AM