There’s still an opportunity for two more days of propping for those who need it and can do it.
Among interesting stories today was one from the New York Magazine ripping financial blogs in general and Zero Hedge specifically. It’s another attempt by the old media to denigrate the new media. The article focused more on the bloggers' background versus the breadth and depth of content published by Zero Hedge and others. The response from the blog was “The Incredible Lightness of Reporters” to which I say touché! Further, Zero Hedge released a previously hidden 1975 memo from former Fed chairman Arthur Burns to then President Ford regarding gold which is a must read.
We start getting more volume tomorrow as Yom Kippur ends and real economic data versus wishful thinking are released including retail sales data, home prices and consumer confidence.
This was a light commentary but I suspect whatever spin bulls can give reports they will. After all, there’s bonus money on the line.
We’ll see what happens next but in the meantime you can follow us on twitter.
Disclaimer: Among other issues the ETF Digest maintains positions in: VTI, XLB, XLF, IBB, IEF, TLT, LQD, DBC, GLD, EFA and EEM.
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.