Stocks have had a monumental week, with the S&P 500 set for its biggest weekly gain of the year, but Apple disappointment and jobs data could chase some buyers away. RTM Capital Advisors’ chief investment officer and portfolio manager, Mark Ritchie II, says investors should stay alert to a few signals that may tell them whether the market gains they are seeing are built on solid ground.
First, he wants to see if the rally is 'initially met with distribution or selling. If you look since the highs of late July, August...we have not had more than a couple of days rally that has not been met with distribution,' he said. If lots of sellers show up, 'investors will know there’s still supply out there in the market and any buying that subsequently came in was probably more of a short-covering type nature,' he said.
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