Waiting for Big Wednesday: Dave's Daily

NEW YORK ( ETF Digest) -- S&P Case-Shiller HPI was as expected which wasn't good and New Home Sales were worse (328K vs 353K previously) and Consumer Confidence fell (69.2 vs 69.5) slightly. All things considered nothing to even write about frankly.

Euro stocks were higher Tuesday because, well, they were. Perhaps there's some hope from some that Sarkozy will pull an alliance together with the right wing and win--just a thought.

Basically we're on Big Wednesday watch as Apple (AAPL) will report after the bell and the financial media will be all over the report. (Apple earns $12.60 vs $10.06 estimates and margins at 47% vs 42% estimates pushing stock back to near $600 in late trading) and the FOMC will make whatever announcement they can to breathe life into bulls. Taken together, a Big Wednesday is a given.

So, there really isn't much to comment about Tuesday's action since we're like those surfer dudes waiting for the waves to build and roll in.

What action took place in markets up to the close was geared around investors squaring up before Wednesday. The dollar (UUP) was flat, bonds (IEF) were weaker and most commodities (DBC, USO & GLD) were also flat overall.

Volume was anemic while breadth per the WSJ was positive.

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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 - 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. See more details

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