MARKET COMMENT
Dave Fry’s ETF Digest, August 12, 2009
What did I miss from yesterday? Down a hundred, up a hundred—that’s about it.
Were there really any surprises from the Fed today? Okay, they’re going to stop buying bonds and I could say “me too!” But, that said, this was an inevitable event. So, bears would argue we’re just trolling along the bottom economically and while earnings and economic data have been uniformly “better than expected” much lowered estimates. Looking ahead things aren’t great since there really aren’t any new jobs, aside from government, being created.
Bulls need some new stimulus themselves to take the rally to another level. I don’t see this yet.
Volume was good today but as you can see by the 5 minute chart in SPY routinely posted below most of it came a little before and then after the Fed announcement. The action was two-way in nature although breadth was positive but not a 90/10 day by any means.
Entire Market Comment here.
