ECB head Mario Draghi set the tone for markets early. It was hoped he would not only lower interest rates, (which he did) but more importantly to bulls would be buying vast sums of euro bonds as a bailout (which he did not). Stock markets went straight down from there.

Reporters have been given press passes which will remain good through the weekend for any eurozone announcement. This should indicate a long weekend for hopeful investors.

Rumors and/or trial balloons continue to swirl regarding a variety of solutions. One was that the ESM bailout fund would be given a banking license which might include a large euro Kinko franchise. As quickly as that rose, it was shot down. Other planted stories were well outlined by the WSJ here.

After Draghi's press conference, the euro went south as did gold due to the euro. But some might be the news via the Deutsche Boerse that the BIS, BOE and Fed were in the market selling it.

Stocks fell sharply across the board wiping out the week's hard won gains. Financials took the worst hit which is understandable given bank exposure and eurozone disarray.

With the dollar higher commodities were sold hard while bonds rallied on safe-haven flight.

Lost in the shuffle were good Jobless Claims which came in at a 9 month low despite consistent upward revisions to previous reports.

Let's not forget it's not just the eurozone that is battling debt problems, the U.S. has plenty of its own as noted in the chart below.

Volume rose as stop losses were hit and investors moved to the sidelines. Breadth per the WSJ was quite negative.

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Continue to U.S. Sector, Stocks & Bond ETFs

Continue to Currency & Commodity Market ETFs

Continue to Overseas Sectors & ETFs

The NYMO is a market breadth indicator that is based on the difference between the number of advancing and declining issues on the NYSE. When readings are +60/-60 markets are extended short-term.

The McClellan Summation Index is a long-term version of the McClellan Oscillator. It is a market breadth indicator, and interpretation is similar to that of the McClellan Oscillator, except that it is more suited to major trends. I believe readings of +1000/-1000 reveal markets as much extended.

The VIX is a widely used measure of market risk and is often referred to as the "investor fear gauge". Our own interpretation is highlighted in the chart above. The VIX measures the level of put option activity over a 30-day period. Greater buying of put options (protection) causes the index to rise.

Continue to Concluding Remarks

The post is shortened since every sector is highly correlated and trending in the same direction away from bonds. There is much drama and news to come from the euro zone but it's hard to know politically what they can really work out. The more time passes the less credibility trial balloons and band aids have. It's very troubling.

After the bell Texas Instruments (TXN) once again lowered its guidance amid soft demand expectations.

I think we just have to wait things out and see what Europe comes up with. They're desperate, stubborn but in political disarray.

Let's see what happens.

Disclaimer: The ETF Digest maintains active ETF trading portfolio and a wide selection of ETFs away from portfolios in an independent listing. Current positions if any are embedded within charts. Our Lazy & Hedged Lazy Portfolios maintain the follow positions: SSO, DIG, FAS, UYM, VT, MGV, BND, BSV, VGT, VWO, VNO, IAU, DJCI, DJP, VMBS, VIG, ILF, EWA, IEV, EWC, EWJ, EWG, EWU, EWD, GXG, THD, AFK, BRAQ, CHIQ, TUR, & VNM.


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 .

This commentary comes from an independent investor or market observer as part of TheStreet guest contributor program. The views expressed are those of the author and do not necessarily represent the views of TheStreet or its management.

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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