This week made it tough to find winners. Companies and economic reports were pretty consistent in declaring that the U.S. consumer is toast. Retail sales were off sharply, Best Buy and other retailers reduced their outlooks (even Wal-Mart did!). Intel also reduced their near-term outlook and analysts rushed to reduce estimates on all the companies in the PC food chain. Circuit City declared bankruptcy. Jobless numbers crossed the threshold over 500,000. Markets sold off this week, rallied strongly on Thursday in the face of the worst news and then sold off again on Friday.
Against this uncertain and crazy backdrop, we see the number of signals in either direction dwindling. Here is the breakdown for this week:
- based on daily data, we have 12 BUY signals and 3 SELL signals
- based on weekly data, we have 9 BUY signals and 8 SELL signals