Dave Fry’s ETF Digest, August 13, 2009
Today’s action is more impressive than yesterday’s given the stream of “worse than expected” news from retail sales and jobless claims. Those predicting the recession’s end evidently shrugged all this off as old news. The bulls have the momentum. They believe the Fed and powers that be will do anything and everything to reflate asset prices. That should end the discussion right there.
Volume backed off again to the lower levels being recorded previously. Breadth was positive and the rally still lives thanks to financial and material sectors.
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