Dave's Daily

By Dave Fry, founder and publisher of ETF Digest and author of the best-selling book Create Your Own ETF Hedge Fund.

March 4, 2010

FRIDAY'S UNEMPLOYMENT DATA ON TAP

Same store sales data was strong due to President's and Valentine's Day shopping.  Often mentioned in all reports was snow which didn't stop bored consumers from shopping.  It takes a lot to slow down our friend Chucky.  Brushed-off by the end of Thursday was poor Pending Home Sales data which was way below expectations at -7%.  This was blamed on snow but can you have it both ways?

Bulls were active in retail stocks buying good news while ignoring everything else.

Overall volume was light much lighter than usual meaning investors are tense before Friday's monthly employment report.  Breadth was once again positive.

Closing Comments

Thursday was a light volume day and this is a light content post since Friday will feature market moving unemployment news.  The Fed and others in officialdom have gone out of their way to prep everyone for a bad number due to weather...as in snow.  So this may already be baked into prices while a better number will bring bulls forward.

Retail sector stock prices both amaze and impress.  I bow to the tape.

Let's see what happens.  You can follow our pithy comments on twitter and become a fan of ETF Digest on facebook.

Disclaimer:  Among other issues the ETF Digest maintains positions in: MVV, TNA, QLD, UUP and DGP.

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 .

Disclaimer

Among other issues the ETF Digest maintains positions in: MDY, IWM, QQQQ, UDN, GLD, DBC, DBB, DBA, USL, EFA, EEM, EWZ and FXI.

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.