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MARKET COMMENT

Dave Fry’s ETF Digest, August 28, 2009

Investors continue to sell relatively good news, the opposite of previous actions. The market and investors are tired. It’s probably just that simple. With conditions still overbought on a long-term basis some sideways to down action can be beneficial.

Intel provided an initial lift and Dell was also strong early after positive results and comments from both firms. That was the good news easily dismissed later as traders headed for the exits early. They left a few sentries guarding the F-10 keys on their HAL 9000s and then headed to the Hamptons or elsewhere. The custom has been to take an extended end of summer holiday week before Labor Day but we’ll see if that’s the case in 2009.

Sure, the negative focus was on the Consumer Sentiment but, hey, they beat forecasts but not by enough. It gets silly sometimes since disappointing was the reading for August (65.7), which beat consensus estimates, but was below July’s (66). Talk about picky! Making matters even sillier are those believing positive things about the consumer to begin with! To add to the confusion, XLY (Consumer Discretionary ETF) closed higher on the day by a penny.

Volume was ultra-light which shouldn’t surprise for a Friday on the last week of August. Breadth was interesting given the split on share A/D for the NASDAQ vs volume A/D which I would read as action favoring just the biggest names in tech. 

Full Market Comment here >>.
 

 
 

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