MARKET COMMENT
Courtesy of Dave Fry’s ETF Digest, October 26, 2009
NO STICK SAVE TODAY
It’s a “yo-yo” market which may be just part of a topping process many bears expect. There was no “stick save” today and just about every asset class lost ground save the much oversold dollar. Once again we started higher abetted by much bullish enthusiasm for better days ahead only to see things undone by sellers and rumors. The latter was S&P would downgrade two banks that sent investors to the exits. Why anyone still listens to these guys is beyond me given the dreadful job they did with financials in the first place. But, I guess bulls don’t have much in the way of officialdom to hang their hats on nowadays. Just look at the Dick Bove nonsense last week!
Read Dave’s full article here. >>
