The news overall was negative but that only offered bulls a speed bump it seems. Late in the day program trading and the algos (HFTs) took over to drive prices substantially higher off the lows.
Beyond JPM, the eurozone downgrades and Consumer Sentiment the big news was what was contained in the short video from Trim Tabs. Retail investors have fled and are hiding in checking accounts and if not there than in bonds. This is a serious issue for markets and anyone involved with them. It's not just a lack of confidence but trust in markets has been lost. Once this is gone, it's hard to win back.
Please enjoy your long weekend!
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. Active Portfolios: No Positions. Our Lazy & Hedged Lazy Portfolios maintain the follow positions: XBI, QQQ, QLD, KRE, XLY, XLI, VT, MGV, BND, BSV, VGT, VWO, VNO, IAU, DJCI, DJP, VMBS, VIG, ILF, EWA, IEV, EWC, EWJ, EWG, & EWU. 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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