NEW YORK (

ETF Digest

) -- Fed minutes were released at 2 PM and disappointed those bulls looking for more QE and/or stimulus. Not finding any, they sold. But in the last half hour of trading, dip buyers were once again present halving the losses from the announcement. Those "stick saves' are something to behold!

Factory Orders (1.3% vs 1.5% exp & prior -1.00%) were positive but a mild disappointment overall.

The dollar (UUP) rallied on the lack of further stimulus; bonds (IEF & TLT) were weak as were commodities (USO, GLD & DBC).

Stocks fell sharply, then as indicated, recovered led higher by...wait for it, Apple (AAPL) as an analyst from Topeka Securities (seriously?) raised the stock's price forecast to $1,000 within 12 months. (It echoes of Qualcomm predictions circa 1999 but Apple may be a different case, right?) If the stock were to rise anything like that, imagine the current weighting effect it would have on indices like the NASDAQ 100 (QQQ) and SPDR Technology ETF (XLK). Anyway, the shares rose an additional $10 once again masking underlying overall market weakness. The latter was led by financials (XLK), banks (BAC, MS & C) and most other major sectors (XLI & XLB). Consumer Discretionary and Retail (XLY & XRT) continue to buck any selling trends.

Volume was heavier Tuesday with most coming on selling no doubt due to stops being hit. Breadth per the WSJ was negative.

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SPY - The SPDR® S&P 500® ETF is a fund that, before expenses, generally corresponds to the price and yield performance of the S&P 500 Index. Our approach is designed to provide portfolios with low portfolio turnover, accurate tracking, and lower costs.

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IWM - The

iShares

Russell 2000 Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the small capitalization sector of the U.S. equity market as represented by the Russell 2000 Index. The index represents the approximately 2,000 smallest companies in the Russell 3000 Index.

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QQQ -

PowerShares

Capital Management LLC is passionate about our goal of delivering the highest quality investment management available through one of the more benefit-rich investment vehicles ever created, the exchange-traded

fund. PowerShares

QQQ¿, formerly known as "QQQ" or the "NASDAQ- 100 Index Tracking Stock®", is an exchange-traded fund based on the Nasdaq-100 Index®. The Fund will, under most circumstances, consists of all of stocks in the Index. The Index includes 100 of the largest domestic and international nonfinancial companies listed on the

Nasdaq

Stock Market based on market capitalization. The portfolio is rebalanced quarterly and reconstituted annually.

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Continue to U.S. Sector, Stocks & Bond ETFs

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XLK - The Technology Select Sector SPDR® Fund, before expenses, seeks to closely match the returns and characteristics of the Technology Select Sector Index (ticker: IXT). Our approach is designed to provide portfolios with low portfolio turnover, accurate tracking, and lower costs.

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RYT - Seeks to replicate as closely as possible, before expenses, the performance of the S&P Equal Weight Index Information Technology.

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FDN

-  The

First Trust Dow Jones Internet

IndexSM

Fund is an exchange-traded index fund. The investment objective of the fund is to replicate as closely as possible, before fees and expenses, the price and yield of the Dow Jones Internet

IndexSM

. For a stock to be included in the selection universe for the index, a company must generate at least 50% of its annual sales/revenues from the Internet.

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XLF - The Financial Select Sector SPDR® Fund, before expenses, seeks to closely match the returns and characteristics of the Financial Select Sector Index. Our approach is designed to provide portfolios with low portfolio turnover, accurate tracking, and lower costs.

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XRT - The SPDR® S&P® Retail ETF seeks to replicate as closely as possible, before expenses, the total return performance of the S&P Retail Select Industry® Index. Our approach is designed to provide portfolios with low portfolio turnover, accurate tracking, and lower costs.

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XLY - The Consumer Discretionary Select Sector SPDR® Fund, before expenses, seeks to closely match the returns and characteristics of the Consumer Discretionary Select Sector Index. Our approach is designed to provide portfolios with low portfolio turnover, accurate tracking, and lower costs.

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IYT - The iShares Dow Jones Transportation Average Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of Dow Jones Transportation Average Index.

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XBI - The SPDR® S&P® Biotech ETF, before expenses, seeks to closely match the returns and characteristics of the S&P Biotechnology Select

IndustryTM

Index. Our approach is designed to provide portfolios with low portfolio turnover, accurate tracking, and lower costs.

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ITB - The iShares Dow Jones U.S. Home Construction Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Dow Jones U.S. Select Home Construction Index.

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IYR - The

iShares

Dow Jones U.S. Real Estate Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, to the performance of the real estate sector of the U.S. equity market, as represented by the Dow Jones U.S. Real Estate Index.

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IEF - The

iShares

Barclays 7-10 Year Treasury Bond Fund seeks to approximate the total rate of return of the intermediate-term sector of the United States Treasury market as defined by the Barclays Capital U.S. 7-10 Year Treasury Bond Index.

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TLT - The

iShares

Barclays 20+ Year Treasury Bond Fund seeks to approximate the total rate of return of the long-term sector of the United States Treasury market as defined by the Barclays Capital U.S. 20+ Year Treasury Bond Index.

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Continue to Currency & Commodity Market ETFs

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UUP - The

PowerShares

DB US Dollar Bullish Fund (Symbol: UUP) is based on the Deutsche Bank Long US Dollar Index (USDX®) Futures Index¿ (DB Long USD Futures Index). The Index, which is managed by DB Commodity Services LLC, is a rules-based index composed solely of long USDX® futures contracts.

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FXE -

CurrencyShares

Euro Trust is designed to track the price of the euro net of Trust expenses, which are expected to be paid from interest earned on the deposited

euros

.

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GLD - The objective of the SPDR® Gold Trust¿ is for the Shares to reflect the performance of the price of gold bullion, less the Trust's expenses.

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GDX - The Gold Miners ETF seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the NYSE

Arca

Gold Miners Index. The Index provides exposure to publicly traded companies worldwide involved primarily in the mining for gold, representing a diversified blend of small-, mid- and large- capitalization stocks. As such, the Fund is subject to the risks of investing in this sector.

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SLV - The objective of the

iShares

Silver Trust is for the value of the shares of the

iShares

Silver Trust to reflect, at any given time, the price of silver owned by the

iShares

Silver Trust at that time, less the

iShares

Silver Trust's expenses and liabilities.

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JJC - The Dow Jones-UBS Copper

Subindex

Total

ReturnService

Mark is a sub-index of the Dow Jones-UBS Commodity Index Total

ReturnService

Mark and reflects the returns that are potentially available through an unleveraged investment in the futures contracts on physical commodities comprising the index plus the rate of interest that could be earned on cash collateral invested in specified Treasury Bills.

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USO - The United States Oil Fund, LP ("USO") is a domestic exchange traded security designed to track the movements of light, sweet crude oil ("West Texas Intermediate").

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UGA - The United States Gasoline Fund LP (UGA) is an exchange traded security that is designed to track in percentage terms the movements of gasoline prices.

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XLE - The Energy Select Sector SPDR® Fund, before expenses, seeks to closely match the returns and characteristics of the Energy Select Sector Index. Our approach is designed to provide portfolios with low portfolio turnover, accurate tracking, and lower costs.

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JJG - The Dow Jones-UBS Grains

Subindex

Total

ReturnService

Mark is a sub-index of the Dow Jones-UBS Commodity Index Total

ReturnService

Mark and reflects the returns that are potentially available through an unleveraged investment in the futures contracts on physical commodities comprising the Index plus the rate of interest that could be earned on cash collateral invested in specified Treasury Bills. The Index is currently composed of three futures contracts on grains traded on U.S. exchanges.

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Continue to Overseas Sectors & ETFs

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EFA - The

iShares

MSCI EAFE Index Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of publicly traded securities in the European, Australasian and Far Eastern markets, as measured by the MSCI EAFE Index.

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EEM - The

iShares

MSCI Emerging Markets Index Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of publicly traded securities in emerging markets, as represented by the MSCI Emerging Markets Index.

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EWJ - The

iShares

MSCI Japan Index Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of publicly traded securities in the Japanese market, as measured by the MSCI Japan Index.

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EWY - The

iShares

MSCI South Korea Index Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of publicly traded securities in the South Korean market, as measured by the MSCI Korea Index.

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EWC - The

iShares

MSCI Canada Index Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of publicly traded securities in the Canadian market, as measured by the MSCI Canada Index.

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EWT - The iShares MSCI Taiwan Index Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of publicly traded securities in the Taiwanese market, as measured by the MSCI Taiwan Index.

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EWG - The iShares MSCI Germany Index Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of publicly traded securities in the German market, as measured by the MSCI Germany Index.

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EWZ - The

iShares

MSCI Brazil Index Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of publicly traded securities in the Brazilian market, as measured by the MSCI Brazil Index.

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RSX - The Russia ETF seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the

DAXglobal

® Russia+ Index. The Index provides exposure to publicly traded companies that are domiciled in Russia, and traded in Russia and/or on leading global exchanges. As such, the Fund is subject to the risks of investing in this country.

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EPI -

WisdomTree

India Earnings Fund seeks investment results that correspond to the price and yield performance, before fees and expenses, of the

WisdomTree

India Earnings Index.

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GXC - The SPDR® S&P® China ETF, before expenses, seeks to closely match the returns and characteristics of the total return performance of the S&P China BMI Index. Our approach is designed to provide portfolios with low portfolio turnover, accurate tracking, and lower costs.

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The

NYMO

is a market breadth indicator that is based on the difference between the number of advancing and declining issues on the NYSE. When readings are +60/-60 markets are extended short-term.

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The

McClellan Summation Index

is a long-term version of the McClellan Oscillator. It is a market breadth indicator, and interpretation is similar to that of the McClellan Oscillator, except that it is more suited to major trends. I believe readings of +1000/-1000 reveal markets as much extended.

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The

VIX

is a widely used measure of market risk and is often referred to as the "investor fear gauge". Our own interpretation is highlighted in the chart above. The VIX measures the level of put option activity over a 30-day period. Greater buying of put options (protection) causes the index to rise.

Continue to Concluding Remarks

Wednesday brings the ADP employment report and the ISM Services sector.

It's odd they'll release the monthly employment report on Good Friday isn't it?

Let's see what happens.

Disclaimer: The ETF Digest maintains active ETF trading portfolio and a wide selection of ETFs away from portfolios in an independent listing. Current positions if any are embedded within charts: Lazy & Hedged Lazy Portfolios maintain the follow positions: VT, MGV, BND, BSV, VGT, VWO, VNO, IAU, DJCI, DJP, VMBS, VIG, ILF, EWA, IEV, EWC, EWJ, EWG, & EWU.

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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