The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.

NEW YORK (

ETF Expert

) -- Conventional commentary yesterday described the trading as light and lackluster. Yet

S&P SPDR Gold

(GLD) - Get SPDR Gold Trust Report

climbed back above a critical trendline,

PowerShares Developed Market Ex US

(PXF) - Get Invesco FTSE RAFI Developed Markets ex-U.S. ETF Report

experienced 30 times the normal trading volume and

iShares DJ Transports

(IYT) - Get iShares Transportation Average ETF Report

notched a new 52-week high.

TheStreet Recommends

Beginning with the yellow metal, some surmised that the "risk-on" trade would result in a downtrend for S&P SPDR Gold. After all, GLD had risen a staggering 20% between the three months of late January and late April. Moreover, the share price had remained above a 50-day moving average for four months before succumbing in late June.

The "downtrend" didn't last very long, though. Yesterday, GLD rose back above its 50-day to close a mere -2.2% from all-time highs.

In spite of the euro losing ground to world currencies, in spite of a downgrade on Portuguese debt, not everyone is disgusted with non-U.S. developed-world equities. An institutional investor, or a few money managers, bought $38 million worth of PowerShares FTSE RAFI Developed World Ex U.S. on 30 times normal volume. The fund's assets under management swelled from roughly $285 million to $323 million -- a 13.3% increase in one trading session.

PowerShares FTSE RAFI Developed Markets Ex-U.S. tracks an index of the largest developed world stocks (excluding the U.S.) -- 1000 equities that score highly on fundamental measures (e.g., book value, income, sales and dividends). The fundamentally weighted portfolio is rebalanced on an annual basis. PXF remains roughly -5.5% below its April 29 multiyear high.

Perhaps most impressive, iShares DJ Transports actually registered a new multiyear high yesterday. Dow Theory proponents would likely declare that the bull market is back in gear, as transporters are hitting new highs before industrials; transporters should surge first because their profits rise as they move "stuff" from manufacturers to big industrial companies.

In other words, the move in IYT suggests that new highs for

SPDR Industrials

(XLI) - Get Industrial Select Sector SPDR Fund Report

or

Dow Industrials Diamonds

(DIA) - Get SPDR Dow Jones Industrial Average ETF Trust Report

is just around the bend. Granted, they may still be a few percentage points off a new peak right now. Still, a 10% jump over two weeks from the transporters is a rather strong sign of bullish momentum for the market at large.

Disclosure Statement: ETF Expert is a website that makes the world of ETFs easier to understand. Gary Gordon, Pacific Park Financial and/or its clients may hold positions in ETFs, mutual funds and investment assets mentioned. The commentary does not constitute individualized investment advice. The opinions offered are not personalized recommendations to buy, sell or hold securities. At times, issuers of exchange-traded products compensate Pacific Park Financial or its subsidiaries for advertising at the ETF Expert website. ETF Expert content is created independently of any advertising relationships. You may review additional ETF Expert at the site.