David Fry's Daily Market Outlook

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Includes: DBC, EEM, IEF, PBW, SPY, TRF, XLE
by: David Fry

DFry Market Outlook 17-11-2006
Milton Friedman

Nobel Prize-winner economist Milton Friedman died last night at the age of 94. As a young man I had the distinct honor of knowing him briefly in 1972 while he was on sabbatical in Honolulu. He was kind enough to share his thoughts with and answer some questions from me on two separate memorable occasions. Thereafter, I continued to be impressed by his principled and consistent approach to economics, politics and the human condition. Today, more than ever, those steadfast characteristics will be missed.

Markets today featured some interesting action as major U.S. indexes scored gains while market internal action was mixed.

DFry Market Outlook 17-11-2006

DFry Market Outlook 17-11-2006

DFry Market Outlook 17-11-2006

Energy markets were lower today led by high natural gas supply data.

DFry Market Outlook 17-11-2006

DFry Market Outlook 17-11-2006

DFry Market Outlook 17-11-2006

Gold markets lower all week.

DFry Market Outlook 17-11-2006

Copper prices lower this week with another test of $3.00 looming. End-users must be making adjustments and/or signs of economic weakness. [Note: StockCharts doesn’t provide appropriate data for copper contracts.]

DFry Market Outlook 17-11-2006

DFry Market Outlook 17-11-2006

Treasury bond prices lower despite lower inflation data from the CPI [Consumer Price Index] as foreign money-flow to US assets were lower.

DFry Market Outlook 17-11-2006

Commodity-based indexes [which include many extended Emerging Markets] were notable laggards with many closing on session lows.

DFry Market Outlook 17-11-2006

DFry Market Outlook 17-11-2006

DFry Market Outlook 17-11-2006

DFry Market Outlook 17-11-2006

DFry Market Outlook 17-11-2006

Options for November expire tomorrow and lately these events have been relatively unremarkable. Overbought Emerging Markets needed to correct and today many did -- sort of. Maybe it’s time for them to finally take a rest. It’s always more fun to turn on the quote machine everyday and see your stock or ETF going in the right direction isn’t it? This can’t happen all the time.

Have a pleasant evening!

Disclaimer: The ETF Digest maintains positions in: S&P 500 Index (NYSEARCA:SPY), NASDAQ 100 Trust Shares ETF (QQQQ), streetTRACKS Gold Trust ETF (NYSEARCA:GLD), iShares Lehman 7-10 Yr Treasury Bond ETF (NYSEARCA:IEF), PowerShares WilderHill Clean Energy ETF (NYSEARCA:PBW), India Fund Inc. (NYSE:IFN), iShares S&P Latin America 40 Index (NYSEARCA:ILF), iShares MSCI Emerging Markets ETF (NYSEARCA:EEM) and Templeton Russia & Eastern Europe Fund CEF (NYSE:TRF).