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.

February 11, 2010

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GREECE IS THE WORD

Thursday markets started weak until "someone" sensed an opportunity to push things higher with some strategic buy programs.  There wasn't much in the way of news to account for it since most news regarding Greece wasn't well received given scant details. 

Jobless Claims were better than expected (lower) but those were announced well before the market opened and some negative adjustments were made that typically go unnoticed.  Further, Chinese inflation data was also better than expected indicating the government may ease up on tightening measures.

Earnings news was good overall and analysts were busy with company upgrades like MMM and PALM.  The latter was raised to "hold" vs "sell" whatever that means.

Volume was lighter than recent trading which continues the trend of light volume on rallies vs heavier selling on down days.  Nevertheless, breadth was quite positive.

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The so-called rescue statement for Greece didn't contain much in the way of details.  But, markets assumed things will be taken care of and that sets a precedent for the other PIGS in need.  It all seems logical but inflationary at the same time.  Most of these socialist governments can't withstand civil unrest from their own employees.  So you should expect some violence as budget cuts must be made.

Meanwhile in Iran all the big talk about a "punch" in the West's face seemed unimpressive.  The pro-government rallies were impressive while dissent was limited.  The announcements and threats made by Ahmadinejad today were carefully watched by Israel who must wonder about their next move.

Stock markets rallied Thursday as program trades kicked in absent any real significant news.  But, it doesn't matter, now does it?

Friday will feature Retail Sales data which should be up on higher gas prices.  Once you ex-out convenience store data you'll note the real number and if it's good, so be it.

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: UUP

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

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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.