MARKET COMMENT September 4, 2008 Mr.
Source: http://etfdigest.com/daveDaily.php?id=663Posted on Thursday, September 4th, 2008 | In Exchange Traded Funds
Mr. Market stopped in for a few belts and came out one nasty bear and beat bulls mercilessly.
Sure, there was a lot of news that would drive most to drink like poor employment data, dismal retail sales, negative comments by housing guru Robert Shiller, warnings of a financial tsunami by Bond Daddy Bill Gross and a poor report by networking giant Ciena.
Reality is tough to accept sometimes especially when talking heads in the media are chirping at you every day that “the bottom is in” and to “buy stocks with both hands”. Yesterday media clown in chief, Jim Crammer stated: “rallies are real but sell-offs phony”. He’s busy trying to find that tape to destroy it.
Volume increased during the phony [?] sell-off and breadth was as negative as expected.
That wraps it up for us this week other than our usual Friday night podcast. The idea that the Treasury [you and me] need to take over trillions in mortgage securities is an amazing notion. Nevertheless, you can’t dismiss the idea since no doubt the matter is being studied.
I’m gonna go find that bar and have a few belts myself.
All things considered, have a great weekend!
Disclaimer: Among other issues the ETF Digest maintains long or short positions in: UWM, IWM, QQQQ, QLD, IVE, XLY, IEF, TLT, UUP, FXE, DRR, GLD, DBC, DEE, EFA, EFU, EEM, EEV, and FXI.
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 20, 2009 TAKING A BREAK It was a pretty strange day. - October 20th, 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
bill gross, Ciena, dismal retail sales, Exchange Traded Funds, Jim Crammer, Robert Shiller
 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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