Markets Still Consolidating: Dave's Daily

Mr. Market still wants to take some time to digest recent gains but also needs a spark to continue higher. This may take some good earnings and employment data which will begin in earnest in two weeks. Or, maybe like everyone else enjoying warm weather in northern climates, Mr. Market has Spring Fever.

Wednesday's only news was an uninspiring Existing Home Sales report (4.59M vs revised previous at 5.63M and expected 4.61M). Certainly mixed data can't be blamed on bad weather or interest rates.

As stocks either moved sideways or lower, bonds rebounded along with gold and crude oil (inventory data bullish). Other commodity markets were mixed to unchanged.

Leading equities lower were industrials (XLI) as Caterpillar (CAT) led the DJIA lower. Tech (XLK) and semiconductors (SOXX) still seemed positive overall although modestly so.

Volume was once again almost "holiday light" and breadth per the WSJ was decidedly mixed.

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SPY - The SPDR® S&P 500® ETF is a fund that, before expenses, generally corresponds to the price and yield performance of the S&P 500 Index. Our approach is designed to provide portfolios with low portfolio turnover, accurate tracking, and lower costs.
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IWM - The iShares Russell 2000 Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the small capitalization sector of the U.S. equity market as represented by the Russell 2000 Index. The index represents the approximately 2,000 smallest companies in the Russell 3000 Index.
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QQQ - PowerShares Capital Management LLC is passionate about our goal of delivering the highest quality investment management available through one of the more benefit-rich investment vehicles ever created, the exchange-traded fund.PowerShares QQQ¿, formerly known as "QQQ" or the "NASDAQ- 100 Index Tracking Stock®", is an exchange-traded fund based on the Nasdaq-100 Index®. The Fund will, under most circumstances, consists of all of stocks in the Index. The Index includes 100 of the largest domestic and international nonfinancial companies listed on the Nasdaq Stock Market based on market capitalization. The portfolio is rebalanced quarterly and reconstituted annually.
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