Courtesy of John Nyaradi
The big news today was that domestic markets shrugged off the crisis in Egypt while oil prices didn’t and hit two year highs.
West Texas Intermediate rose +2.69% to $91.90 while Brent Crude passed $100 for the first time since 2008. To put this in perspective, Brent Crude was $70 as recently as five months ago, a gain of approximately 40%.
At home, Exxon blew away earnings estimates while the Chicago PMI came in at 68.8, a 20 year high and exceeding expectations.
As we’ve been discussing, we can expect significant volatility this week as the crisis in Egypt unfolds and important economic reports roll in. This week promises to be an epic battle between the bulls and the bears set against a background of global unrest.
Daily Moves for Major ETFs:
Dow Jones Industrials: (NYSEArca: DIA) +0.49%
Russell 2000: (NYSEArca: IWM) +0.70%
NASDAQ 100: (NasdaqGM: QQQQ) +0.48%
S&P 500 Index: (NYSEArca: SPY) +0.77%
MSCI Emerging Markets:(NYSEArca: EEM) +1.06%
MSCI China (NYSEArca: FXI) +1.24%
Gold (NYSEArca: GLD) -0.31%
7-10 Year Treasuries: (NYSEArca: IEF) -0.39%
20+ Year Treasuries: (NYSEArca: TLT) -0.76%
VIX: (NYSEArca: VXX) -2.54%
U.S. Dollar (NYSE:Arca: UUP) -0.58%
Disclosure: No positions held in any ETFs or stocks mentioned. Wall Street Sector Selector actively trades a wide range of exchange traded funds and positions can change at any time.
Click here to learn more about John’s book and for a free membership to Wall Street Sector Selector
