Dave's Daily: Rainy Days & Mondays

Dave's Daily

By Dave Fry, founder and publisher of ETF Digest and author of the best-selling book Create Your Own ETF Hedge Fund.

February 8, 2010

RAINY DAYS AND MONDAYS

Stocks started Monday with some strength which was a follow-through from Friday's big time closing ramp.  Perhaps whoever was involved in that was able to unload those positions to the unsuspecting.  The bottom line as the day wore on was a lack of bullish conviction.  And, into the close DOW 10,000 failed to hold meant no "stick save" Monday and nothing to base one on anyway. 

Investors became a little skittish when a story (trial balloon?) was floated in the WSJ that Bernanke was looking for a way to raise interest rates toward the end of the year. 

Volume was above average for the past few months but lighter than during current volatility.  Breadth today was decidedly negative and we're once again short-term oversold.

Continue to Major U.S. Markets