Editor's Note: 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. Fry has devoted over 35 years to the business of trading and portfolio management. Check back each morning for the latest installment of Dave's Daily to get a unique ETF market overview.
December 16, 2009
FROM BEE GEE WANNABE TO MAN OF THE YEAR
Away from commodity markets it was a rather dull Fed day. I wonder if Ben sometimes wishes he was still kind of a disco sort of guy. Is that cooler than being Time's Man of the Year?
Anyway, the Fed didn't say much to surprise investors and markets were sold into the close.
Other news today was the CPI coming in about as expected and Housing Starts were also as expected with the exception of greater permits being issued given warm November weather.
Elsewhere Greece had its credit rating cut and more downgrades are possible about the globe.
Volume picked-up some which is typical for a Fed Day but it was still on the light side. Breadth was positive overall.
That's it for today's rather dull Fed Day. Based on the action in commodities it appears traders believe Bernanke & Co have given them a green light to bid up the sector. Rock on Ben!
It is impressive that sectors like MDY, IWM and RSP are doing well since it may mean the rally is broadening. On the other hand, it may just be a sign of some year-end window dressing. All this is on light volume naturally.
Tomorrow is Jobless Claims, Philly Fed Survey and Leading Indicators. The big wheel keeps on turning.
Let's see what happens and you can follow our pithy comments on
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