With little action away from the dollar and gold -- comments will be skimpy. So far, bulls are keeping things well-managed until Wednesday.
The challenge is to find just a handful of ETFs that best showcase the day, and that dear followers, is what I intend to do.
Jobless Claims rolled-in better than expected but let's get real; we're just running along more or less at the same level as the four week moving average.
Earnings still are flowing and most are (drum roll) beating expectations.
Volume was very low and breadth mixed.
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$WTIC & XLE
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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.
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.
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
Well, this was an easy post since Mr. Market gave little to write about aside from a few snappy little charts.
I'm anxious to see how many Apple fans tell me why we all need an iPad and slam my heretical views about any "pads" except perhaps where you live.
In after hours trading MSFT has reported (wait for it...) "stronger than expected"' earnings. (Oh, and writers are now coming up with a handy new phrase: "beat street views'". That's catchy, eh?) The stock is up 3% so that's good. My computer crashed the other day and I rented another which had Windows 7. I couldn't believe how difficult it was to use. Aren't they supposed to make things that are not only faster but easier to use? I'm so glad to be back on XP.
Don't get me wrong, we're long IGV (Software ETF) so I can't be disappointed in heavyweight MSFT.
Friday features fewer earnings but the Chicago PMI and Michigan Consumer Sentiment will be released. The big action is next week of course.
Let's see what happens. You can follow our pithy comments on
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Disclaimer: Among other issues the ETF Digest maintains positions in: SPY, QQQQ, QLD, IGV, FAZ, KBE, IYR, TBF, TBT, GLD, DBC, EFA and EEM.
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
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