NEW YORK (ETF Digest) -- The set-up for the day began with last night's spectacular earnings news from Apple (AAPL) and continued with Ben's news conference. In it he forecast a lower unemployment rate by the (cough) election and if that didn't happen he'd launch another round of QE. Inflation doesn't exist and weather is what drove economy higher early in the quarter and lower recently. You need not know anything else.

Durable Goods Orders (-4.2% vs -1.5% expected & prior 1.9%) sank to the lowest level since (gulp) 2009. But Ben would probably attribute this to the weather I guess since markets didn't care. The transportation component plunged a monthly 12.5 percent in March after rising 1.8 percent the month before. Subcomponent weakness was led by a 47.6 percent plunge in new orders for nondefense aircraft (Boeing orders). Defense aircraft increased 15.5 percent while motor vehicles edged up 0.1 percent.

The focus was on Apple and Ben which both produced a tsunami for tech to surf on and the rest of the market just sort of tagged along. And the Facebook IPO is just around the corner. And interesting

article from Time magazine

reflects how frustrating hot IPOs can be with a quote from yours truly.

News from the eurozone was positive for some corporate earnings and stocks rallied there with Apple as well. Eurozone political news was quickly pushed to the background.

"As you were", was a common command for soldiers and this was sort of the feeling on

e gets from recent market action. Apple is more than just okay and Ben is both optimistic and ready to print if necessary. So let's just go back a few weeks than shall we?

Gold (GLD) was lower early but just as Ben uttered the QE threat/promise the metal rallied immediately. Bonds (IEF) and the dollar (UUP) were weaker in price and commodity (DBC) markets were also stronger with Ben's QE comments.

Earnings are generally beating much lowered estimates which is par for the course. Did you know during the 2008 bear market nearly 50% of earnings reports beat estimates. This game continues.

Volume was modest especially given the dynamic news background. Breadth per the WSJ was positive.

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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.

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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.

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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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Continue to U.S. Sector, Stocks & Bond ETFs

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XLK - The Technology Select Sector SPDR® Fund, before expenses, seeks to closely match the returns and characteristics of the Technology Select Sector Index (ticker: IXT). Our approach is designed to provide portfolios with low portfolio turnover, accurate tracking, and lower costs.

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SOXX - The iShares PHLX SOX Semiconductor Sector Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of U.S.-listed semiconductor stocks as represented by the PHLX Semiconductor Sector Index ("the Index").

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FDN - The First Trust Dow Jones Internet

IndexSM

Fund is an exchange-traded index fund. The investment objective of the fund is to replicate as closely as possible, before fees and expenses, the price and yield of the Dow Jones Internet

IndexSM

. For a stock to be included in the selection universe for the index, a company must generate at least 50% of its annual sales/revenues from the Internet.

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XLI - The Industrial Select Sector SPDR® Fund, before expenses, seeks to closely match the returns and characteristics of the Industrial Select Sector Index. Our approach is designed to provide portfolios with low portfolio turnover, accurate tracking, and lower costs.

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IYR - The

iShares

Dow Jones U.S. Real Estate Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, to the performance of the real estate sector of the U.S. equity market, as represented by the Dow Jones U.S. Real Estate Index.

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XBI - The SPDR® S&P® Biotech ETF, before expenses, seeks to closely match the returns and characteristics of the S&P Biotechnology Select

IndustryTM

Index. Our approach is designed to provide portfolios with low portfolio turnover, accurate tracking, and lower costs.

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XLY - The Consumer Discretionary Select Sector SPDR® Fund, before expenses, seeks to closely match the returns and characteristics of the Consumer Discretionary Select Sector Index. Our approach is designed to provide portfolios with low portfolio turnover, accurate tracking, and lower costs.

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XLF - The Financial Select Sector SPDR® Fund, before expenses, seeks to closely match the returns and characteristics of the Financial Select Sector Index. Our approach is designed to provide portfolios with low portfolio turnover, accurate tracking, and lower costs.

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CVY - The "Fund" seeks investment results that correspond generally to the performance, before the Fund's fees and expenses, of an equity index called the Zacks Multi-Asset Income Index (the "Zacks Multi-Asset Income Index" or "Index"). The Fund expects to use a sampling approach in seeking to achieve its objective. Sampling means that Guggenheim Advisors, LLC (the "Investment Adviser") uses quantitative analysis to select stocks from the Index universe to obtain a representative sample of stocks that resemble the Index in terms of key risk factors, performance attributes and other characteristics. However, the Fund may use replication to achieve its objective if practicable.

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IEF - The

iShares

Barclays 7-10 Year Treasury Bond Fund seeks to approximate the total rate of return of the intermediate-term sector of the United States Treasury market as defined by the Barclays Capital U.S. 7-10 Year Treasury Bond Index.

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Continue to Currency & Commodity Market ETFs

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UUP - The

PowerShares

DB US Dollar Bullish Fund (Symbol: UUP) is based on the Deutsche Bank Long US Dollar Index (USDX®) Futures Index¿ (DB Long USD Futures Index). The Index, which is managed by DB Commodity Services LLC, is a rules-based index composed solely of long USDX® futures contracts. The USDX® futures contract is designed to replicate the performance of being long the US Dollar against the following currencies: Euro, Japanese Yen, British Pound, Canadian Dollar, Swedish

Krona

and Swiss Franc.

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FXE -

CurrencyShares

Euro Trust is designed to track the price of the euro net of Trust expenses, which are expected to be paid from interest earned on the deposited

euros

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FXB - CurrencyShares British Pound Sterling Trust is designed to track the price of the British Pound Sterling net of Trust expenses, which are expected to be paid from interest earned on the deposited British Pound

Sterlings

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GLD - The objective of the SPDR® Gold Trust¿ is for the Shares to reflect the performance of the price of gold bullion, less the Trust's expenses.

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GDX - The Gold Miners ETF seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the NYSE

Arca

Gold Miners Index. The Index provides exposure to publicly traded companies worldwide involved primarily in the mining for gold, representing a diversified blend of small-, mid- and large- capitalization stocks. As such, the Fund is subject to the risks of investing in this sector.

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SLV - The objective of the

iShares

Silver Trust is for the value of the shares of the

iShares

Silver Trust to reflect, at any given time, the price of silver owned by the

iShares

Silver Trust at that time, less the

iShares

Silver Trust's expenses and liabilities.

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JJC - The Dow Jones-UBS Copper

Subindex

Total

ReturnService

Mark is a sub-index of the Dow Jones-UBS Commodity Index Total

ReturnService

Mark and reflects the returns that are potentially available through an unleveraged investment in the futures contracts on physical commodities comprising the index plus the rate of interest that could be earned on cash collateral invested in specified Treasury Bills.

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DBC - The PowerShares DB Commodity Index Tracking Fund (Fund) is based on the Deutsche Bank Liquid Commodity Index -- Optimum Yield Diversified Excess Return¿ (Index) and managed by DB Commodity Services LLC. The Index is a rules-based index composed of futures contracts on 14 of the most heavily-traded and important physical commodities in the world. You cannot invest directly in an index. Ordinary brokerage commissions apply.

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USO - The United States Oil Fund, LP ("USO") is a domestic exchange traded security designed to track the movements of light, sweet crude oil ("West Texas Intermediate").

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UGA - The United States Gasoline Fund LP (UGA) is an exchange traded security that is designed to track in percentage terms the movements of gasoline prices.

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XLE - The Energy Select Sector SPDR® Fund, before expenses, seeks to closely match the returns and characteristics of the Energy Select Sector Index. Our approach is designed to provide portfolios with low portfolio turnover, accurate tracking, and lower costs.

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DBA - The

PowerShares

DB Agriculture Fund is based on the Deutsche Bank Liquid Commodity Index Diversified Agriculture Excess Return¿ and managed by DB Commodity Services LLC. The Index is a rules-based index composed of futures contracts on some of the most liquid and widely traded agricultural commodities. The Index is intended to reflect the performance of the agricultural sector. You cannot invest directly in the Index. Ordinary brokerage commissions apply.

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JJG - The Dow Jones-UBS Grains

Subindex

Total

ReturnService

Mark is a sub-index of the Dow Jones-UBS Commodity Index Total

ReturnService

Mark and reflects the returns that are potentially available through an unleveraged investment in the futures contracts on physical commodities comprising the Index plus the rate of interest that could be earned on cash collateral invested in specified Treasury Bills. The Index is currently composed of three futures contracts on grains traded on U.S. exchanges.

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Continue to Overseas Sectors & ETFs

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EFA - The

iShares

MSCI EAFE Index Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of publicly traded securities in the European, Australasian and Far Eastern markets, as measured by the MSCI EAFE Index.

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IEV - The iShares S&P Europe 350 Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of 350 stocks providing geographic and economic diversity over 10 market sectors, as represented by the Standard & Poor's Europe 350 Index.

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EEM - The

iShares

MSCI Emerging Markets Index Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of publicly traded securities in emerging markets, as represented by the MSCI Emerging Markets Index.

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EWJ - The

iShares

MSCI Japan Index Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of publicly traded securities in the Japanese market, as measured by the MSCI Japan Index.

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EWA - The

iShares

MSCI Australia Index Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of publicly traded securities in the Australian market, as represented by the MSCI Australia Index.

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EWG - The

iShares

MSCI Germany Index Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of publicly traded securities in the German market, as measured by the MSCI Germany Index.

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EWU - The

iShares

MSCI United Kingdom Index Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of publicly traded securities in the British market, as measured by the MSCI United Kingdom Index.

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EWY - The

iShares

MSCI South Korea Index Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of publicly traded securities in the South Korean market, as measured by the MSCI Korea Index.

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VNM - The Vietnam ETF seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Market Vectors Vietnam Index. The Index provides exposure to publicly traded companies that, predominantly, are domiciled and primarily listed in Vietnam and which generate at least 50% of their revenues from Vietnam. The Index also includes non-Vietnamese companies

that generate

, or are expected to generate, at least 50% of their revenues from Vietnam, or that demonstrate a significant and/or dominant position in the Vietnamese market and are expected to grow. As such, the Fund is subject to the risks of investing in this country.

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THD - The iShares MSCI Thailand Investable Market Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Thailand Investable Market Index.

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ENZL - The iShares MSCI New Zealand Investable Market Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI New Zealand Investable Market Index.

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EWZ - The

iShares

MSCI Brazil Index Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of publicly traded securities in the Brazilian market, as measured by the MSCI Brazil Index.

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RSX - The Russia ETF seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the

DAXglobal

® Russia+ Index. The Index provides exposure to publicly traded companies that are domiciled in Russia, and traded in Russia and/or on leading global exchanges. As such, the Fund is subject to the risks of investing in this country.

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EPI -

WisdomTree

India Earnings Fund seeks investment results that correspond to the price and yield performance, before fees and expenses, of the

WisdomTree

India Earnings Index.

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FXI - The

iShares

FTSE China 25 Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the FTSE China 25 Index.

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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

Another interesting Big Wednesday for investors as Ben surfs-in with his iPad and more "happy talk" designed to please. Basically he forecast higher economic growth and a lower unemployment rate awaits us. He didn't mention current poor economic data and passed it off as weather related. And, he made little mention that his unemployment projections are based primarily on people falling off the rolls. If his projections don't pan out (before the election) then he's keeping his mega-Kinkos at the ready.

Apple is a great company and has almost become as big as the internet itself.

It seems like we've just seen indexes move back a week or two. Apart from Apple, earnings news is just okay beating estimates but that's what they always do. Thursday it's back to Jobless Claims (consensus guess @ 375K) and Pending Home Sales (consensus guess @ 1%).

Let's see what happens.

Disclaimer: The ETF Digest maintains active ETF trading portfolio and a wide selection of ETFs away from portfolios in an independent listing. Current positions if any are embedded within charts: Lazy & Hedged Lazy Portfolios maintain the follow positions: VT, MGV, BND, BSV, VGT, VWO, VNO, IAU, DJCI, DJP, VMBS, VIG, ILF, EWA, IEV, EWC, EWJ, EWG, & EWU.

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

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