Dave's Daily

By Dave Fry, founder and publisher of ETF Digest.

January 14, 2010

THE IRONY OF MARKETS

Poor Jobless Claims and Retail Sales data were just a minor speed bump early Thursday as bulls quickly brushed them off as "move along, nothing to see here" data.  Further, bulls liked the build in business inventories and collectively said, "Let's go with that one".  Since the overall news was neutral to negative maybe it also means interest rates will remain low and the punchbowl stays with us as well.  Besides there's Intel's earnings report and most are optimistically focused on it.     

The tragedy in Haiti means massive rebuilding which should push materials like lumber and copper prices much higher.

Volume was anemic as investors are tense before Intel's report as much as they would for a Fed meeting.  Breadth was unremarkable as noted by this WSJ summary.

Continue to Major US Markets

Continue to Major US Markets

 

Continue to US Sectors & Bonds

Continue to Currency & Commodity Sectors

Continue to Overseas Markets

Continue to Concluding Remarks

Obviously investors were tense in waiting for INTC.  The earnings beat substantially and the stock rose nearly 3% in after-hours trading; however, given the fact the stock had run so much higher previously some news selling took place.  Below is the NASDAQ after-hours summary.

The above is the summary for just a few stocks but you get the idea.

Friday will feature the useless CPI data, Empire Manufacturing Survey, Capacity Utilization, Industrial Production and the Michigan Consumer Sentiment data.  The last four will be more closely watched.

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

 

Disclaimer:  Among other issues the ETF Digest maintains positions in: VTI, XLI, UXI, XLY, XLU, DVY, FAS, GLD, DBC, XME and EFA.

 

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 .

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.

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