NEW YORK ( ETF Digest) -- Fed minutes were released at 2 PM and disappointed those bulls looking for more QE and/or stimulus. Not finding any, they sold. But in the last half hour of trading, dip buyers were once again present halving the losses from the announcement. Those "stick saves' are something to behold! Factory Orders (1.3% vs 1.5% exp & prior -1.00%) were positive but a mild disappointment overall. The dollar (UUP) rallied on the lack of further stimulus; bonds (IEF & TLT) were weak as were commodities (USO, GLD & DBC). Stocks fell sharply, then as indicated, recovered led higher by...wait for it, Apple (AAPL) as an analyst from Topeka Securities (seriously?) raised the stock's price forecast to $1,000 within 12 months. (It echoes of Qualcomm predictions circa 1999 but Apple may be a different case, right?) If the stock were to rise anything like that, imagine the current weighting effect it would have on indices like the NASDAQ 100 (QQQ) and SPDR Technology ETF (XLK). Anyway, the shares rose an additional $10 once again masking underlying overall market weakness. The latter was led by financials (XLK), banks (BAC, MS & C) and most other major sectors (XLI & XLB). Consumer Discretionary and Retail (XLY & XRT) continue to buck any selling trends. Volume was heavier Tuesday with most coming on selling no doubt due to stops being hit. Breadth per the WSJ was negative. Chat with us on twitter and facebook. 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.
See more details 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.
See more details 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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