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 31, 2010 BULLS WIN FIRST QUARTER There wasn't any furious kick or sprint to the finish line Wednesday. In fact, the effort to succeed over the past week or so was weak but determined. ADP private employment data was much worse than expected while manufacturing data, while still growing, was also beneath expectations and the Chicago PMI came in short as well. Nevertheless, stocks rang up average returns of around 4% for the quarter. Just when you think it's all behind us a new quarter will begin with more data this holiday shortened week so buckle-up for the ride ahead. Volume was again light although heavier once again on selling which repeats the previous pattern. Breadth was negative. Continue to Major U.S. Markets
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The quarter ends with good returns in a well-managed last two weeks. Volume remains anemic but liquidity for Da Boyz still remains in place. After the close Wednesday earnings news hit with Micron's being well-received but Research in Motion disappointed with revenues and deliveries. While this week feels over, that's hardly the case. No doubt Thursday will be slow as we head to Friday's holiday but Jobless Claims will be on tap and Friday the unemployment data will be released. I wonder if they can sneak a bad number by us while we're not looking? 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: VTI, RSP, MDY, IWM, QQQQ, XLF, XLY, XLB, XLI, IYR, TBT, UUP, EUO, YCS, BDD, EFA 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 www.etfdigest.com .