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Was this an overbought “sell the news” market? A key reversal day? We certainly won’t know if this was just a one-off day, but we didn’t see any dip buyers anywhere today. All I can say is markets have been much overbought and were due for a correction. But, it would be surprising, with the quarter only a few trading days away, if bullish portfolio managers would allow any substantial correction. October is another matter.

Tomorrow we get back to normal news like Jobless Claims and Home Sales, not to mention earnings news.

We’ll be back tomorrow and follow us on twitter here.

Disclaimer: Among other issues the ETF Digest maintains positions in: VTI, XLB, IYR, UDN, FXF, GLD, DBC, DBB, EFA, EEM, EWC and EWZ.

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.

Source: Thursday Outlook: Commodities, Global Markets