<< Return to page 1 - Liquidity + BS = Positive Quarter
What impressed me today was the absence of serious selling in major indexes, particularly XLY, given the crummy Consumer Confidence data. This tells me bears are basically missing. Volume was rather light and no doubt everyone awaits Thursday’s big employment data before the long holiday weekend.
The tape painters did a good job protecting their positions and propping markets to earn respectable bonuses. It can be an unseemly business and it’s never been more so than currently.
I may not publish tomorrow deferring instead to our podcast interview with Emerging Markets Monitor (London) and the employment data on Thursday. This will be our first since friend and co-host Greg Newton passed away. It sure won’t be the same without him but we press on.
If something significant happens I’ll be back tomorrow same time, same bat channel. In the meantime, let’s see what happens.
Disclaimer: Among other issues the ETF Digest maintains positions in MDY, IWM, QQQQ, QLD, IBB, XLU, DBV, DBC, DBB, XLE, EEM, EFA, EWJ, EWZ, FXI and TUR.
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.
