An interrupted trading week: interrupted by our American Thanksgiving tradition, some spit spat between N/S Korea as well as continued concerns about sovereign debt. The broad market index was down .61% with quite a bit of push and tug in the underlying sectors. Here's the sector summary (click all images to make larger):
Let's take a look at the weekly chart of the total stock market index:
I want to point out the the lower part of the chart where I've consolidated two indicators (that show up on the detail charts). The purple dashed line shows the performance of this index for the time period shown (Jan 07- current). The broad market is still 20% below those highs. It is a cogent reminder that "not-losing" is the key to winning.
The market is gathering energy through this consolidation for a move. I don't mind being marginally committed (a/k/a standing aside) to see which way that might be. If the N/S Korean conflict and the sovereign debt issues get cleared, the move is likely to be up. If not, a pullback will be in store.
I've prepared a chart book for you which you can access here. It is a large file, so please be patient with the download.