By Dave Fry, founder and publisher of
and author of the best-selling book
February 17, 2010
Housing Starts and Industrial Production were better than expected while everything else was in line. The FOMC minutes just revealed a growing desire to unload some mortgage-backed securities the Fed has purchased. Want some?
Earnings came in with Deere and Whole Foods reporting better than expected results. It seems analysts can't get this right or have been blatantly low-balling estimates.
The dollar rallied today but commodities didn't drop as would be expected. Perhaps there's something better about US economic prospects versus Europe.
Volume was again light which isn't unusual just before options expirations. Breadth was again positive.
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Markets continue along higher on relatively light volume. It's not unusual in days preceding options expiration for volume to be light. The tail end of earnings continues to roll-in with most comfortably beating estimates.
The situation in Greece has been postponed for a month so perhaps the crisis has bought some time if nothing else. But that hasn't stopped German Prime Minister Merkel from warning of a possible bank scandal involving Goldman Sachs and Greece. She doesn't sound pleased by
Thursday will feature closely watched Jobless Claims, Leading Indicators, Philly Fed Survey and probably more important this week crude oil inventories.
Let's see what happens and you can follow our pithy comments on
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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
Dave Fry is founder and publisher of
, Dave's Daily blog and the best-selling book author of
, published by Wiley Finance in 2008. A detailed bio is here: