This post is deliberately short but the essence of today was manipulation caused by engineered short-squeezes by trading desks and hedge funds. The markets are broken and the last 10-15 minutes of trading Friday made the case.
Next week things should become "normal", whatever passes for that these days. Economic data will flow and hopefully markets will respond logically. Earnings are about done so those are now out of the way.
My apologies for the rushed and abbreviated post but other events prevent us from being more comprehensive.Let's see what happens. You can follow our pithy comments on twitter and become a fan of ETF Digest on facebook. By Dave Fry, founder and publisher of ETF Digest and author of the best-selling book Create Your Own ETF Hedge Fund. Disclaimer: Among other issues the ETF Digest maintains positions in: MDY, IWM, QQQQ, UUP, GLD, BOM, DPK & FXP. The charts and comments are only the author's view of market activity and aren't recommendations to buy or sell any security. Market sectors and related ETFs are selected based on his opinion as to their importance in providing the viewer a comprehensive summary of market conditions for the featured period. Chart annotations aren't predictive of any future market action rather they only demonstrate the author's opinion as to a range of possibilities going forward. More detailed information, including actionable alerts, are available to subscribers at www.etfdigest.com .
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