Dave's Daily: Battle of the Titans - TheStreet

Dave's Daily: Battle of the Titans

Market and ETF expert Dave Fry says it was a battle for attention between Apple's Steve Jobs with his iPad announcement and Fed Chairman Ben Bernanke ahead of his confirmation vote.
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Dave's Daily

By Dave Fry, founder and publisher of

ETF Digest

and author of the best-selling book

Create Your Own ETF Hedge Fund.

January 27, 2010

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BATTLE OF THE TITANS

Who got the most attention today iJobs (aka Apple's Steve Jobs) or iBen? (aka Fed Chairman Ben Bernanke). The media was gaga over the new iPad especially when they learned the "starting" price would be "only" $499.  However, it's later known this is without a 3G wireless connection and a data plan with AT&T.  iBen on the other hand got some props from those parsing Fed language discovering a shred of positive news--there will be growth in the spring--just kidding.  No, the language stated economic growth would be "moderate" vs previously stated as "weak".

Markets rallied after the Fed announcement and the idea the iPad would be inexpensive

.  It didn't take much to get some buy programs going with markets short-term oversold.  In the short memory department poor New Homes sales data was poorly received.

Volume once again was heavier than recently but actually common for a Fed day.  Breadth was flat on the NYSE but positive on the NASDAQ.

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Continue to Major US Markets

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Continue to Major US Market Sectors & Bonds

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Continue to Currency & Commodity Markets

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Continue to Overseas Markets

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Continue to Concluding Remarks

For a change Wednesday's Fed announcement was rather uneventful although some forensic types try to ferret out nuance and hidden meanings from the statement.  This stuff is silly most of the time.  The Apple iPad announcement seemed to garner as much or more media attention as did the Fed.  But the Fed doesn't advertise so...

Thursday brings more data like Durable Goods orders.  In that regard is this interesting chart of how these orders have been apportioned courtesy of Jesse's Café Americain.

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In after hours trading Wednesday good earnings were reported by Netflix but evidently Qualcomm laid an egg as noted by MarketWatch below:

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It looks like we're starting to get some separation among global markets in terms of performance as the dollar rallies, commodities and overseas markets fall.  We'll have to wait and see if this is a developing trend or not.

Let's see what happens and you can follow our pithy comments on

twitter

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Disclaimer:  Among other issues the ETF Digest maintains positions in: GLD and EWJ.

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.