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Gung Hay Fat Choy

! There wasn't much action on Monday and frankly we may just churn about until the Fed does its thing on Wednesday. We'll have little bursts of enthusiasm or the opposite on earnings perhaps starting with Texas Instruments (TXN) tonight and Apple (AAPL) on Tuesday. Between now and Wednesday, economic data beyond Pending Home Sales Wednesday will be sparse.

The World Economic Forum is meeting in Switzerland and attendance by some has been reduced. Nevertheless, the elite ruling class and intellectuals theoretically have a goal of moving developed countries toward some undefined centrally planned

economic system to replace capitalism

. Meanwhile, Kentucky Senator Rand Paul was detained by TSA for refusing a pat down. And, in far-flung Wutan, China there are some protests over authorities seizing villagers' lands without compensation. Then there's the

"preppers"

movement who believe in societal collapse. I expect more, not less dissent from many quarters. Is this relevant to financial markets? Not today. But it was on my mind.

Late breaking news from the eurozone has eurozone finance ministers reject Greek PSI offer--euro falls versus the dollar after. The finance ministers want private holders to accept a coupon on exchanged bonds at less than 4%. Good luck with that!

Markets struggled for direction most of the day. European stocks were higher as the EU began a meeting. Greece couldn't meet Monday's deadline for a deal with private bond holder. But, investors liked the German idea of

boosting the rescue fund

which would buy more time and cost more ink. This caused a rally in the euro as too many are short the currency. Gold prices were higher as the dollar weakened. Oil prices climbed with the weakening dollar and more Iranian tension. Bond prices were somewhat weaker.

Volume was once again light and breadth per the WSJ was mixed overall.

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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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SOXX - The iShares PHLX SOX Semiconductor Sector Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of U.S.-listed semiconductor stocks as represented by the PHLX Semiconductor Sector Index ("the Index").

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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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KBE - The SPDR® KBW Bank ETF, before expenses, seeks to closely match the returns and characteristics of the KBW Bank Index. Our approach is designed to provide portfolios with low portfolio turnover, accurate tracking, and lower costs.

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

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

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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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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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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. The USDX® futures contract is designed to replicate the performance of being long the US Dollar against the following currencies: Euro, Japanese Yen, British Pound, Canadian Dollar, Swedish

Krona

and Swiss Franc.

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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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DJP - The

iPath

® Dow Jones-UBS Commodity Index Total

ReturnService

Mark ETN is linked to 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 commodities represented in the Dow Jones-UBS Commodity Index Total

ReturnService

Mark are rebalanced annually; however, the weightings fluctuate between

rebalancings

due to changes in market prices.

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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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EZU - The

iShares

MSCI EMU 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 Monetary Union (EMU) markets, as measured by the MSCI EMU 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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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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EWI - The iShares MSCI Italy 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 Italian market, as measured by the MSCI Italy 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

This commentary is shortened due to a lack of action more than anything else. We may not have much action aside from Apple's earnings on Tuesday before the Fed's policy announcement on Wednesday. So it may seem a dead calm for awhile.

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. Active Portfolios: No Positions. Our Lazy & Hedged Lazy Portfolios maintain the follow positions: XLK, XLU, XBI, QQQ, QLD, 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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This commentary comes from an independent investor or market observer as part of TheStreet guest contributor program. The views expressed are those of the author and do not necessarily represent the views of TheStreet or its management.

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.