Markets Take Separate Paths: Dave's Daily

NEW YORK (ETF Digest) -- The more conservative price-weighted Dow Jones Industrial Average (DIA) rallied led mostly by higher priced constituents (IBM, CAT, MMM, KO, DD and etc.) Tech and the S&P took a different path with the former led lower by Apple and the latter with just about everything else.

The early Retail Sales report (.8% vs .3% consensus & 1% previous) was well-received early as even ex-auto & gasoline sales data was fine. However, the Empire State Mfg Survey (6.7 vs 18 consensus & 20.21 previous was a large negative miss. That was followed quickly by Home Market Index (25 vs 29 consensus & prior 28) which was another disappointment. Apple (AAPL) continues to see selling for the fifth straight day as downside momentum builds. This added to the negative sentiment.

The selling taking place in Apple began with concerns about the eBook publishing troubles. Some analysts wondered next whether many Apple owners would be as willing as previously to upgrade to new products given higher costs and new connectivity plans required for iPhones and iPads. For me, seeing the outsized level of call options being bought by investors reflects too much bullish speculation, meaning a correction would be likely.

The dollar continued to weaken on both euro repatriation thinking and a report that China was allowing banks to short sell dollars. Argentina seized 51% of YPF (majority owned oil & gas producer owned by Spain's Repsol) in true communist third world style. (As if Spain didn't have enough problems at home.)

Gold prices were lower while bond prices rallied once again reducing yields.

The deadline to fund an IRA and etc. is Tuesday April 17, 2012 for the 2011 deduction is my understanding. This will lead to a spike in some volume as individuals wait until the last moment to make their funding contribution. Sure enough, volume was higher than recent trading days most likely abetted by contributions which get invested quickly.

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