Dave's Daily: Dull Fed Day - TheStreet

Dave's Daily: Dull Fed Day

Away from commodity markets it was a rather dull Fed day. The central bank didn't say much to surprise investors and markets were sold into the close.
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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

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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.

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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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Disclaimer:  Among other issues the ETF Digest maintains positions in:

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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