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Stocks ended the quarter with a whimper. Bulls were able to "stick" a good return and portfolio managers will earn their bonuses.

Most news surrounded rising commodity prices (grains and energy--you know, the stuff we don't measure and are supposed to ignore), a

negative inflation outlook

from WMT and the Buffett compliance breakdown.

Meanwhile Minneapolis Fed President

Narayana Kocherlakota

cautioned interest rates will be higher by the end of the year. He's far off team talking points it seems--or, is he?

Nevertheless, all eyes are focused on Non-farm Payrolls report set for Friday.

Volume again was ultra-light as it's been all week so those that can prop it had a field day. Per the WSJ breadth remains positive. This will push the $NYMO (see end of posting) close to short-term overbought conditions.

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Continue to U.S. Sectors, Stocks & Bonds

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Continue to Currency & Commodity Markets

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Continue to Overseas Sectors & 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

Given what's going on with food and energy, the Fed should be very worried. Some jawboning is taking place and you can count on more of this as Fed Gov. Dudley makes a speech. Bernanke is also scheduled to commence his quarterly news conferences. If there are some intelligent reporters there (away from the National Inquirer or something) maybe some intelligent questions will be asked.

But, no matter, you can rest assured Bernanke will use this opportunity to jawbone markets his way and defend his policies. I would imagine focus groups are convened and working around the clock on good "talking points". Why should politicians only have those, right?

On tap Friday is the always much anticipated unemployment report.

Let's see what happens.

Disclaimer: Among other issues the ETF Digest maintains positions in: FXI, EPI, TLT, GAZ, FCG, GLD, SLV, VT, MGV, BND, BSV, VGT, VWO, VNO, IAU, DJCI, DJP, VMBS, VIG, ILF, EWA, IEV, EWC, EWJ, EWG, EWU, BWD, GXG, THD, AFK, BRAQ, CHIQ, TUR, & VNM

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

.

This commentary comes from an independent investor or market observer as part of TheStreet guest contributor program. The views expressed are those of the author and do not necessarily represent the views of TheStreet or its management.

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.