MARKET COMMENT May 13, 2009 Retail sales and foreclosure filings were, ahem, worse than expected.
Source: http://etfdigest.com/daveDaily.php?id=805Posted on Wednesday, May 13th, 2009 | In Exchange Traded Funds, Market Commentary
MARKET COMMENT
May 13, 2009
Retail sales and foreclosure filings were, ahem, “worse than expected”. Markets have been looking toppy and moving around on light volume as indicated in previous postings. But dip buyers have been persistent even when the news was bad but spun as “better than expected”. Not so today.
Breadth was decidedly negative but volume remains modest.
Dave’s Daily turns to daily charts since occasionally, like now, they’re significant. You can see clearly how many markets have responded to the 200 day Moving Averages. Sometimes these act as resistance and then support if surpassed.
Markets often end a run in an ugly manner and this may be what’s taking place now. It’s really hard to know but clearly the news hasn’t supported this major rally despite stress tests, green shoots and other happy talk. For a trend follower, the news must follow the trend. That’s the fuel any trend needs whether bearish or bullish. I don’t see the supportive news. The markets are getting oversold and Da Boyz could step in at any time to push things back up. They have a lot at stake in that regard.
Finally, I won’t be publishing tomorrow as my wife will be undergoing surgery tomorrow and I’ll be at the hospital all day.
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 About David Fry (http://etfdigest.com)
Dave Fry has devoted over 35 years to the business of trading and portfolio management. His registration as an arbitrator with both the National Association of Securities Dealers (NASD) and the National Futures Association (NFA) attests to his extensive experience and spotless compliance record. Dave founded the ETF Digest in 2001 and was among the very first to see the need for a publication that provided individual investors with information and advice on ETF investing. Dave is a frequent commentator on ETFs and other issues important to individual investors, and his perspectives are featured in financial news sources such as the Wall Street Journal, MarketWatch, Investor’s Business Daily, Smart Money, Dow Jones Newswire, National Business Review, MSN Money, Yahoo! Finance, Bankrate.com, Emerging Markets Monitor, IndexUniverse.com, and ETF Investor. |
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