The Stock Market is Climbing the Wall of Worry

Multiple sectors have made new 52-week highs last week. However, the new highs occurred on low volume and, as we mentioned earlier, not very decisively. We highlight below a few of Fidelity’s select sector and international funds, which have reached new highs.

Clearly, investors are awaiting the resolution of the fiscal cliff negotiations and any negative news coming out of Washington can jeopardize the rally. On the other hand, some investment areas are becoming increasingly bullish and may provide leadership, should the traditional December rally occur.

Fidelity funds making new 52-week highs:

Fidelity Select Consumer Staples Fund (FDFAX, last change: 0.24%)

Fidelity Select Consumer Staples Fund (FDFAX, last change: 0.24%)

Fidelity Select Air Transportation Fund (FSAIX, last change: -0.15%)

Fidelity Select Air Transportation Fund (FSAIX, last change: -0.15%)

Fidelity China Region Fund (FHKCX, last change: 0.88%)

Fidelity China Region Fund (FHKCX, last change: 0.88%)

Fidelity Europe Fund (FIEUX, last change: 0.16%)

Fidelity Europe Fund (FIEUX, last change: 0.16%)

Buy/sell signals and technical analysis screens are available at FidelitySignal.com

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