Surely things will get lively once earnings start rolling out. But on this semi-holiday markets were pretty dull and I didn't know government workers traded this much.
It's almost futile to post much but here goes.
Gold hit a new high as the momentum trade keeps it well bid even though the dollar rallied a touch. The only story around was that gold bulls think the dollar will resume its decline soon.
Oil was higher than lower and most commodity markets sold-off after sharp rallies last week.
Volume was anemic and that's charitable. Breadth was mixed.
Continue to U.S. Sectors, Stocks & Bonds
Continue to Currency & Commodity Markets
Continue to Overseas Markets & ETFs
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.
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.
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
Yes, today's posting is as skimpy as was volume. No matter today's brevity as most action coming this week will come as earnings start to roll-out especially after the close tomorrow with Intel.
The VIX dropping below 20 for the first time since April while the Summation Index approaches overbought levels might be the first indication of a correction coming. Both these indicators were at levels then that led to a correction.
Let's see what happens. You can follow our pithy comments on
and become a fan of ETF Digest on
Disclaimer: Among other issues the ETF Digest maintains positions in: SPY, IWM, TNA, QQQQ, QLD, XLB, UYM, UDN, GLD, SLV, AGQ, DBA, EFA, DZK and EEM.
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