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Investors Wait for the Fed: Dave's Daily

There's little to comment regarding Monday's market action. Investors have absorbed the Greek default (by any other name, it's still a default) for now anyway. And, not that you care, but new Greek bonds issued to those lucky private holders are already being heavily discounted. In fact, as issued the yields were already steep at 18% but they've already dropped to yield roughly 25%.

What bulls have mixed feelings about are the ongoing reductions in GDP estimates from many economists with most cutting forward view to 1.5% to 1.8%. On the other hand lower GDP growth can be bullish if more QE is the result. Eventually even the latter will be seen as negative if doing this fails to produce better results. Remember, the Fed's balance sheet is now in the trillions and the government has provided additional stimulus in the trillions as well. So far the results of all this is meager economic growth, still high unemployment, a weaker dollar and enormous fiscal deficits. 

Volume will dry-up in advance of tomorrow afternoon's Fed announcement. But the media will assemble the usual suspects (talking heads) to entertain us with what to expect and "pre-parsing" (is that a word?) what it all might mean.

Nevertheless, this posting features what ETFs and associated stocks were most active on this quiet Monday. Let's begin with Oracle (ORCL) and linked directly to (IGV), as Jefferies & Co analyst Ross MacMillan downgraded the stock. Apple (AAPL) linked to both (XLK and QQQ) continued to climb after the company reported delays in new orders because current inventory was sold-out. So, I'd say the new device is a success initially. It just may be consumers in this sector are just programmed to buy the latest thing period. Elsewhere in tech, the semiconductor sector (SOXX, INTC) was weaker.

Gold (GLD) and crude oil (USO) were weaker while the dollar and bonds were relatively unchanged.

Volume was once again "holiday light" and breadth per the WSJ was negative overall.

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SPY - The SPDR® S&P 500® ETF is a fund that, before expenses, generally corresponds to the price and yield performance of the S&P 500 Index. Our approach is designed to provide portfolios with low portfolio turnover, accurate tracking, and lower costs.
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IWM - The iShares Russell 2000 Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the small capitalization sector of the U.S. equity market as represented by the Russell 2000 Index. The index represents the approximately 2,000 smallest companies in the Russell 3000 Index.
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QQQ - PowerShares Capital Management LLC is passionate about our goal of delivering the highest quality investment management available through one of the more benefit-rich investment vehicles ever created, the exchange-traded fund.PowerShares QQQ¿, formerly known as "QQQ" or the "NASDAQ- 100 Index Tracking Stock®", is an exchange-traded fund based on the Nasdaq-100 Index®. The Fund will, under most circumstances, consists of all of stocks in the Index.
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