Market Limps Into May: Dave's Daily
NEW YORK ( ETF Digest) -- Stocks were lower led lower by tech as Apple (AAPL) shares saw sharp selling after the NY Times noted how it and other tech giants use loopholes to avoid taxes. You shocked? I should think not. Banks (KBE) and Materials (XLB) were also weaker on the session.
This should be an eventful week for markets as we close April but then are bombarded by some heavy duty economic indicators. Monday featured the Chicago PMI came in cold (56.2 vs 60.8 expected & prior 62.2); Dallas Fed Survey showed economic weakness; and, Personal Income & Spending was a touch better than expected (.Income 4% vs. .3% expected while Spending .3% vs.4% previous). Tuesday is the important ISM Survey, which should confirm weakness, while employment data (ADP Report Wednesday; Jobless Claims Thursday; and, the all-important Payrolls Report Friday) will then be much featured.
Earnings news will continue throughout much of May and those reports can enhance either buying or selling.
Let's not forget the election in France this Sunday which may create issues in the always worrisome eurozone.Gold (GLD) and the dollar (UUP) was flat overall while bonds (IEF) were only marginally higher. Volume was once again pathetically light which on a down day may be a good thing for a change. I suppose many investors are hiding while awaiting the key reports cited previously. Breadth per the WSJ was negative. Join the conversation on twitter and facebook. 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.
See more details DIA - Dow Diamonds seeks to provide investment results that, before expenses, generally correspond to the price and yield performance of the Dow Jones Industrial AverageSM.
See more details 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.
See more details 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. The Index includes 100 of the largest domestic and international nonfinancial companies listed on the Nasdaq Stock Market based on market capitalization. The portfolio is rebalanced quarterly and reconstituted annually.
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