MARKET COMMENT October 20, 2009 TAKING A BREAK It was a pretty strange day.
Source: http://etfdigest.com/daveDaily.php?id=931Posted on Tuesday, October 20th, 2009 | In Exchange Traded Funds
MARKET COMMENT
October 20, 2009
TAKING A BREAK
It was a pretty strange day. Logic would argue for a big rally following earnings from Apple, Texas Instruments and Caterpillar; but no, instead investors focused on weaker than expected housing data and sold. It’s like I said at the end of last night’s commentary: “that’s why they play the game.”
As this is written, the “better than expected” earnings are rolling in from the likes of Yahoo and SanDisk. Both stocks are bid higher in after hours trading.
And volume is repeating the previous pattern of being heavier (although today’s volume was hardly “heavy”) on selling than buying. Breadth was negative.
A pause? Well why not. Earnings are still coming in and with markets much overbought interim nervousness remains. Barring any serious news I’d thought we’d have a big up day but investors ran the other way because of slack housing news which seemed a little odd.
How about Jesse’s Café Americain really knocking the cover off the ball with excellent investigative journalism regarding the “color of money” in government courtesy of Wall Street. It’s enough to make you sick.
If you want to see the rest just go to his website.
That’s it for me. More earnings on tap.
Let’s see what happens and you can follow our pithy comments on twitter.
Disclaimer: Among other issues the ETF Digest maintains positions in: SPY, RSP, VTI, MDY, IWM, XLB, XLY, UDN, DBC, USL, XLE, BDD, EFA, EEM and EWC.
The charts and comments are only the author’s view of market activity and aren’t recommendations to buy or sell any security. Market sectors and related ETFs are selected based on his opinion as to their importance in providing the viewer a comprehensive summary of market conditions for the featured period. Chart annotations aren’t predictive of any future market action rather they only demonstrate the author’s opinion as to a range of possibilities going forward. More detailed information, including actionable alerts, are available to subscribers at www.etfdigest.com.
Last 5 posts by David Fry
- MARKET COMMENT October 22, 2009 DRIVE-THRU SOUP KITCHEN 2009 So, what the hell was yesterday about anyway? - October 22nd, 2009
- MARKET COMMENT October 13, 2009 EARNINGS WORRY WARTS I just have a spooky feeling but then I always do. - October 13th, 2009
- MARKET COMMENT October 8, 2009 GETTING SOME ALTITUDE SICKNESS YET? - October 8th, 2009
- MARKET COMMENT October 2, 2009 REALITY BITES BULLS Economic reality is meeting bullish enthusiasm and the results are disappointing and upsetting. - October 2nd, 2009
- MARKET COMMENT October 1, 2009 NOT A PROMISING START When did everything get so predictable? - October 1st, 2009
author, Caterpillar, david fry, ETF Digest;, Exchange Traded Funds, Sandisk, SPY, Texas Instruments, the ETF Digest, wall street, www.etfdigest.com, Yahoo
 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. |
No recommendations, either expressed or implied, are being made to buy, sell, hold or short any of the mentioned stocks. No legal, tax or accounting advice is expressed or implied. Always contact your attorney, CPA, or tax advisor before acting on any legal or tax issues. StraightStocks.com is not responsible for the content, products, or services of any of the advertisers on this site. StraightStocks.com receives compensation from advertisers on this blog. Services and products referred to herein are trademarks, registered trademarks, servicemarks, and/or registered servicemarks of their respective trademark or servicemark owners.