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Our podcast/video interview with the EMM (Emerging Markets Monitor) should be posted sometime this evening or early tomorrow morning for your listening pleasure. These are smart folks and have done a good job in providing thoughtful analysis regarding global markets. You should listen despite some inferior sound quality.

Two articles caught my attention these past few days. The first describes how FNM and FRE are starting to provide 125% mortgage loans. Isn’t this type of activity what got us in trouble in the first place? The next is an amusing expose from the WSJ (subscription required) outlining the inner workings of our friends at the Federal Reserve. You can see clearly from it who’s running the show there and on Wall Street.

We’ve kept a large cash reserve (70% more or less) for some time now. It’s a defensive posture clearly and reflects our lack of confidence in the mixed signals markets are presenting technically. When this is the situation sometimes it’s best to stand aside until things become clear.

For those of you long the markets in general, Mr. Market didn’t give us a happy send off to our country’s birthday. But, let’s see what happens next.

Disclaimer: Among other issues the ETF Digest maintains positions in: MDY, IWM, QQQQ, DBC, USL, XLE, DBB, EWZ and FXI.

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

Source: Commodities, Global Markets