Finding Relative Strength
By Arthur B. Hill - Thu 15-Nov-07 10:08 AM EST
Using the S&P 500 ETF (SPY) has a proxy, the market peaked in mid October and declined over the last five weeks. Counting the days, SPY peaked 25-days ago and was still trading at relatively high levels 20-days ago. My mission is to find out which ETFs held up the best over the last 20-25 days?The Breadth tables can be sorted by the 20-day simple moving average. This will quickly rank breadth performance over the last 20 days. By sorting top down on the breadth tables, the strongest ETFs over the last 20-days will be at the top and these will be deemed relatively strong. In other words, they are holding up the best.
The next two tables show the iShares sector ETFs for Price Breadth and the iShares industry group ETFs for Price Breadth. Price Breadth is based on the daily Advance-Decline statistics of the ETF components. For the sector ETFs, only the Utilities iShares (IDU) is in positive territory and holding up. For the industry group ETFs, only four are in positive territory over the last 20 days (Healthcare, Broker-Dealers, Aerospace-Defense and Oil & Gas Exploration and Production). Not a lot of ETFs held up during the last decline and the relative strength pickings are getting mighty slim.
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