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 9, 2010 BULLS NEED FRESH NEWS This market seems tired and in need of fresh fuel from bullish news to push it thru resistance. From where will it come? This is hard to say. On Tuesday there was sporadic bullish action with rumors the government will sell some of its toxic waste from financial companies like C, AIG and so forth. However, many market sectors seem heavy as they gasp for air at high altitude. In other words, we're overbought. Volume was again light while breadth remains positive. Continue to Major U.S. Markets
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I'd say the bull needs some fuel in the form of news and volume. You'll note how dramatically volume has fallen over the past few months. Monday's volume was akin to a half-day holiday trading period. Economic data will come Wednesday from Wholesale Inventories and well as energy supplies. In after hours trading Tuesday, biotech stocks are active with M&A activity for Facet Biotech being bought by Abbott and InterMune also strongly higher. Perhaps this is the type of news to bring out the animal spirits. Nevertheless, no matter how you view it, markets are overbought. 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: 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 .