There was little corporate news Tuesday. We got the initial bounce but bulls were waiting for Bernanke to give hints of more QE beyond June's expiration. As Goldman Sachs later stated, the Fed's in a "zone of inaction". That was a letdown for bulls.
No market has never rallied much with financials this weak and there must be another shoe to drop from this sector.
Markets were short-term oversold and not so much now judging by the NYMO.
Wednesday is the Beige Book which should just add more on economic conditions.Let's see what happens. Disclaimer: The ETF Digest maintains active ETF trading portfolio and a wide selection of ETFs away from portfolios in an independent listing. Current positions if any are embedded within charts. Our Lazy & Hedged Lazy Portfolios maintain the follow positions: VT, MGV, BND, BSV, VGT, VWO, VNO, IAU, DJCI, DJP, VMBS, VIG, ILF, EWA, IEV, EWC, EWJ, EWG, EWU, BWD, GXG, THD, AFK, BRAQ, CHIQ, TUR, & VNM. 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 .