Market Bulls to Keep Pumping: Dave's Daily
Dave's Daily
By Dave Fry, founder and publisher of
and author of the best-selling book
Create Your Own ETF Hedge Fund.
March 29, 2010
QUIET RALLY FOR STOCKS
We're entering an important religious week and volume is decidedly light. No doubt many people are taking spring breaks and holidays at far-flung beach areas. With the quarter drawing to a close it's a perfect opportunity for bulls to ramp things up for appearances and bonus money. Who can blame them?
Monday featured a strong rally in energy markets which dragged other commodity markets along. Some claimed a dollar decline helped but those losses were minimal all things considered. But there was news that OPEC members are starting to drill investments once again. This is a signal to bulls that economic growth and demand is on the horizon.
The news flow was hardly evident although personal consumption spending increased while earnings were flat. That's not exactly the mix you want but bulls spun the former well.
Volume was as low as we've seen this year for a full trading day. Breadth was quite positive.
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Continue to Concluding Remarks
It seems little in the way of bad news will slow down bulls from their appointed task--pump it up until Wednesday when the quarter ends and performance fees are paid. After is unemployment data on Friday and that could change everything--or not.
Tomorrow is more about Consumer Confidence but based on the tape, consumers are feeling great!
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: RSP, MDY, IWM, QQQQ, XLB, XLF, KBE, KRE, XLY, IYR, XLI, TBT, UUP, EUO, USL, EFA, EWA, EWC and EPI.
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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Dave Fry is founder and publisher of
, 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.
