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We should get some dip buying with the McClellan Oscillator this “short-term” oversold. But it would be temporary perhaps. The daily SPY chart near the top shows clearly previous dip buying during this last leg higher from July. So why should anything change?

Perhaps we should watch more closely the massive Treasury auction results this week which began today and end Thursday. A poorly received auction will have negative consequences on other markets certainly.

Earnings are just about over so investors can only follow ongoing economic data. The Four Horsemen continue to move in their own world but are much overbought. Many portfolio managers want to show them as long positions. Ever present at this time are tape painters wishing to prop prices into the monthly close. Pumping stocks to peg month-end values and fees is illegal but rarely prosecuted.

Let’s see what happens and you can follow our pithy comments on twitter.

Disclaimer: Among other issues the ETF Digest maintains positions in: SPY, VTI, RSP, TZA, XLY, UDN, GLD, DBC, USL, XLE, BDD, DAG, EFA, EEM, EWC, FXI and XPP.

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: Tuesday Outlook: Commodities, Global Markets