Watch Job Data for Impact: 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 10, 2010
BULLS KEEP MARKETS CLIMBING
It's clear which way trading desks want to take the tape--higher. Bullish news was hard to find Wednesday other than biotech and a lot of positive chatter with financials. Thursday and Friday's "real news" on Jobless Claims followed by Retail Sales and Michigan Consumer Sentiment will be featured. These should have an impact.
There seems to have been a bear raid on gold today. You can search far and wide for an explanation for selling but find only feeble attempts to rationalize the move. Some said it was an SEC Commissioner suggesting gold was in a bubble (as if that's any of their business) or others stating China wasn't keen on the metal. The dollar did little to account for heavy selling. So to me, it's an engineered event by those that can, unless other facts prove me wrong.
Volume remains on the light side even with a pick-up today. Breadth was positive once again per the WSJ.
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Markets continue their seemingly unrelenting rise. Sellers are easily crushed while volume remains relatively light as is news. But, Thursday Jobless Claims will be featured unless investors brush off a bad number. One thing is clear, estimates are quite negative (consensus around 450K) making a beat seem easier.
It's uncomfortable that markets are now both short and intermediate term overbought. At the same time the VIX is reflecting investor complacency.
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: MDY, MVV, IWM, TNA, XLY, XLI, IBB, UUP, DGP, UCO and XPP.
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.
