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Things looked grim early as stocks were sold given current worries from the eurozone. But, the Fed conducted two rounds of

POMO

totaling $9.3 billion. This provided the fuel allowing the 2:15 PM Buy Program Express to leave the station on time reversing early large losses in excess of 140 points. And, of course it's the end of the month, so we have some window dressing to do. We've seen this movie before eh? 

Ireland received a $113 billion bailout, and according to economist

Nouriel Roubini,

Portugal is next and Spain's needs are "too big to bail out."

With little earnings news and no perp-walks from insider trading miscreants today, Fed money trumps any other worries it seems.

Volume was heavier than previous days with most coming on the downside early. Once that selling was spent, a light volume move higher was in order. Breadth was negative.

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Continue to U.S. Sectors, Stocks & Bonds

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Apple offers a temporary perhaps of some sideways movement with a weekly DeMark 9.

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Continue to Currency & Commodity Markets

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Continue to Overseas Markets & ETFs

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The

NYMO

is a market breadth indicator that is based on the difference between the number of advancing and declining issues on the NYSE. When readings are +60/-60 markets are extended short-term.

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The

McClellan Summation Index

is a long-term version of the McClellan Oscillator. It is a market breadth indicator, and interpretation is similar to that of the McClellan Oscillator, except that it is more suited to major trends. I believe readings of +1000/-1000 reveal markets as much extended.

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The

VIX

is a widely used measure of market risk and is often referred to as the "investor fear gauge". Our own interpretation is highlighted in the chart above. The VIX measures the level of put option activity over a 30-day period. Greater buying of put options (protection) causes the index to rise.

Continue to Concluding Remarks

The situation with Ireland just seems like just another "drip, drip, drip" of the eurozone crisis that seems unending. Another issue is that authorities are misleading markets with band aids instead of surgery and stitches.

The wiki-leaks are damaging but demonstrate something even more important -- the government is too big and unmanageable. This is true no matter the administration, whether past or present. It's only a matter of time when incompetence and a lack of manageability is peeled away. Instead of admitting the problems of governance, Hillary Clinton calls it a "global attack." Were the consequences not so great this comment would be laughable.

The next leak is promised to include a large bank. This should be interesting.

In the meantime, markets continue along in a fragile and accident prone manner. Bernanke offers his support with money from heaven, but that's the only thing holding things up.

Tuesday will feature the Chicago PMI and Consumer Confidence.

Let's see what happens. You can follow our pithy comments on

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Disclaimer: Among other issues the ETF Digest maintains positions in: SPY, MDY, IWM, TZA, QQQQ, XLI, TBF, GLD, DBA, EWA, EWJ, and EWC.

The charts and comments are only the author's view of market activity and aren't recommendations to buy or sell any security.  Market sectors and related ETFs are selected based on his opinion as to their importance in providing the viewer a comprehensive summary of market conditions for the featured period.  Chart annotations aren't predictive of any future market action rather they only demonstrate the author's opinion as to a range of possibilities going forward. More detailed information, including actionable alerts, are available to subscribers at

www.etfdigest.com

.

Dave Fry is founder and publisher of

ETF Digest

, Dave's Daily blog and the best-selling book author of

Create Your Own ETF Hedge Fund, A DIY Strategy for Private Wealth Management

, published by Wiley Finance in 2008. A detailed bio is here:

Dave Fry.