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Dave’s Daily

MARKET COMMENT

Dave Fry at ETF Digest, March 30, 2009

I could have easily have posted “Reality Bites” again but I just did that early in the month and this image works well enough.

So, which will it be? Back to a dreaded trading range, another leg down, or just more profit-taking? It’s too soon to say.

Volume was light on the sell-off which is not a great sign for bears while breadth was highly negative.

Maybe we just went too far too fast and some profit-taking was in order. Sure Dave, but the news totally sucks. Yep, it sure does.

The president is flying to London with 500 plus staff on the taxpayers’ dime. That doesn’t set such a great example when there was plenty of bitching about auto execs (who he just fired) taking jets to DC for testimony. But, this administration has plenty of hubris.

The only good news is that volume was on the light side so maybe it’s just a weak Monday. The week is young and there’s plenty of corporate news and economic data for investors to chew on, especially the employment report on Friday.

Let’s see what happens.

Disclaimer: Among other issues the ETF Digest maintains positions in: SPY, MDY, IWM, QQQQ, XLF, XLI, XLY, GLD, DGP, DBP, DBB, DBC, USL, EFA, EEM and FXI.

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.

 

 


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