Dave's Daily: The Beat Goes On

December 23, 2009

I don't think anything is capable of stopping bulls from pushing markets higher right now.

All the news today was negative. New Home Sales down 11% vs. up 9% expected; Personal Income & Spending below expectations; Consumer Sentiment less than expected; and, Mortgage Applications down. With all that you'd think some selling might hit the tape, but no.

The market momentum, even though played by a few large investors, just overwhelms anything negative. The only positive spin was a rise in commodity prices courtesy of a lower dollar today. Is that good?

Volume was light but breadth positive especially on the NASDAQ.

That may do it for me this week. There may be a brief post tomorrow depending on the action and data. If not we'll visit you again here on Monday and in the meantime enjoy your holiday safely.

Let's see what happens and you can follow our pithy comments on twitter. 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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