Stock Trader’s Almanac informs us that on the first trading day in September, S&P 500 has been up 12 of last 17 years and on the day after Labor Day, Dow Jones Industrial Average has been up 13 of last 17 years.
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Chairman Bernanke’s Jackson Hole speech was the catalyst that catapulted GLD above a descending triangle – a bullish move.
But the speech didn’t do that much for the crude oil. USO is still in a trading range indicating that global demand and by inference global economy is also stuck in neutral.
This is how major S&P sectors fared last week:
Consumer Discretionary was the best performing sector.
Heatlh Care was the second best.
Industrials sector was the worst performer but it is forming a symmetrical triangle. A break above the upper bound will be bullish.