Seeking Alpha
, ETF Digest (91 clicks)
Newsletter provider, portfolio strategy, ETF investing, long/short equity
Profile| Send Message|
( followers)  

"We regret yesterday's unprecedented events and are taking remedial actions to prevent their recurrence, but we have no reason to believe any investors were harmed."
~ Dow Jones statement

We're not in the PR business, and the above comment says neither is Dow Jones.

Meanwhile equity market volatility continues as Greenspan tries to clarify his comments, Treasury Secretary Paulson delivers some "happy talk," and investors are still trying hard to make sense of all the volatility. As to the latter, things haven't calmed down much.

D Fry Market Outlook 02 03 2007_001

D Fry Market Outlook 02 03 2007_002

D Fry Market Outlook 02 03 2007_003

D Fry Market Outlook 02 03 2007_004

D Fry Market Outlook 02 03 2007_005

D Fry Market Outlook 02 03 2007_006

D Fry Market Outlook 02 03 2007_007

D Fry Market Outlook 02 03 2007_008

D Fry Market Outlook 02 03 2007_009

D Fry Market Outlook 02 03 2007_010

And as we indicated Tuesday, gold investors are selling to offset losses in equity portfolios. A pretty good summary of this is contained in this Bloomberg news item. Does that mean it's a buying opportunity? You'd think so since it's just hot money investors bugging out. However, you could make that argument about a lot of markets this week.

D Fry Market Outlook 02 03 2007_011

The Asian Contagion 2007 Edition began with ineptitude by Chinese authorities and continued globally helped by our friends at the NYSE and DJ.

D Fry Market Outlook 02 03 2007_012

D Fry Market Outlook 02 03 2007_013

D Fry Market Outlook 02 03 2007_014

D Fry Market Outlook 02 03 2007_015

D Fry Market Outlook 02 03 2007_016

D Fry Market Outlook 02 03 2007_017

D Fry Market Outlook 02 03 2007_018

D Fry Market Outlook 02 03 2007_019

D Fry Market Outlook 02 03 2007_020

There are plenty of charts that could be posted, but you have a good idea of the general way of things. Over the past few months, markets moved steadily higher with most in lock-step with each other. The same is true today -- except in the opposite direction. How far will markets fall is anyone's "guess." But confidence is clearly shaken and not helped one bit by stupid and insulting statements from the inept DJ and NYSE.

Have a pleasant weekend.

Disclaimer: Among other issues, the ETF Digest maintains positions in: S&P 500 Index (SPY), NASDAQ 100 Trust Shares ETF (QQQQ), MidCap SPDRs ETF (MDY), iShares Russell 2000 Index ETF (IWM), PowerShares DB Energy Fund (DBE), streetTRACKS Gold Trust ETF (GLD) and iShares MSCI Japan Index ETF (EWJ).

Source: David Fry's Daily Market Outlook