MARKET COMMENT
Dave Fry’s ETF Digest, July 10, 2009
Investors need a fill-up no matter if they’re bulls or bears. So all we can do is get them earnings and economic data to push things one way or another. Today’s crummy Consumer Confidence data didn’t faze bulls too much or impress bears particularly. With volume summertime light it will be easy for trading desks to have their way with unsuspecting tourists. So be careful out there.
As stated, volume is light and breadth continues to breakdown at least on the NYSE versus the NASDAQ which continues to perform better.
Most July’s recently haven’t been kind to markets. Virtually all were followed by good performance in August. It’s a strange occurrence to note frankly. But that’s been the theme and this July is starting rough and down that same path.
Investors are looking for good news from both earnings and economic data. Thus far they haven’t gotten it and markets have reacted accordingly. Absent these, it will be a challenge to hold things together until the fall.
Via our friend Jesse from Jesse’s Café Americain is this article quite critical of China’s near future regarding inflation and civil unrest. You might find it an eye opener.
I guess we put up enough charts to make up for yesterday.
Have a great weekend.
Disclaimer: Among other issues the ETF Digest maintains positions in: MDY, IWM, QQQQ, BWX, LQD, GLD, DBC, USL, DBB, EFA, EEM, EWA 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. More detailed information, including actionable alerts, are available to subscribers at www.etfdigest.com.
