Gloom Seems More Apparent: Dave's Daily

NEW YORK (ETF Digest) -- China continues to show economic contraction, German Factory Orders slumped, Spanish bond auctions were poorly received, RBS had to bag a bond auction and the hangover from the Fed's lack of QE continued to reverberate through markets in "hissy-fit" fashion. In the U.S. ADP employment data met expectations (209K vs 208K expected & prior 216K) while ISM Services Data missed slightly (56 vs 57 expected & prior 57.3) making for little encouragement overall.

It may be that bulls are reluctant to hold positions ahead of Friday's employment report with the release coming with markets closed. This seems odd. Further, if QE isn't required now maybe that's based on better fundamentals being in place. This is what bulls should spin in the coming week assuming employment data is solid.

Meanwhile stocks sold-off hard led lower by most sectors with the exception of bonds (IEF & TLT). The dollar (UUP) was strong, gold (GLD) quite weak as were most commodity (DBC, USO & DBB) markets.

Yahoo (YHOO) announced 2K layoffs forthcoming which had little impact on the shares. (Yes, it's a mean world alright.) Beyond YHOO there really is little feature as most sectors as you'll see in the charts took it on the chin Wednesday. Naturally, sectors with the highest inherent beta (volatility) experienced the largest declines like Europe (EWP & IEV) and financials (BAC & XLF).

Trading volume picked-up on selling once again as trailing stops were hit. Breadth per the WSJ was quite negative as we approach short-term oversold conditions.

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