You cannot short this market on a bet, since there's an ongoing supportive bid. This is manifested by buyouts [Sallie Mae and Double Click Monday] and massive amounts of liquidity. The G-7 failure to address the weak yen over the weekend means the "yen carry trade" is fully operational, stoking even more fuel for buying.
Greenspan was also out reeling-in his previous recession possibility comments suggesting that global growth will cushion any decline in the U.S. economy. Oh, and by the way, he said the subprime mortgage issue was no big deal either.
Announced earnings from companies like Citigroup and Eli Lilly beat "lowered expectations," which equals an upside earnings surprise to bulls.
So all things deemed positive means we rally.
Keeping our eye on more markets that count, and some just ignored "for now" -- we'll just keep on posting them anyway.
Let's go overseas for more thrills than domestically.
How about a little this and that?
That's enough of your global investment tour for one day. The markets are powerful and shouldn't be messed with on the short side. [Tell me about it!] An invisible hand? Well, given all the cash boiling under the surface looking for a home -- it's there.
But things can change on a dime as we witnessed just five to six weeks ago. How quickly we forget when we're on a roll.
This is enough chatter today given the tragedy that took place in Virginia.
Disclaimer: Among other issues, the ETF Digest maintains long or short positions in: streetTRACKS KBW Bank (KBE), Rydex S&P Equal Weight Health Care ETF (RYH), streetTRACKS SPDR Homebuilders ETF (XHB), PowerShares DB US Dollar Index Bearish (UDN), streetTRACKS Gold Trust ETF (GLD), PowerShares DB Precious Metals Fund (DBP), PowerShares DB Energy Fund (DBE), PowerShares DB Commodity Index Tracking Fund (DBC), PowerShares DB Base Metals Fund (DBB), S&P 500 Index (SPY), MidCap SPDRs ETF (MDY), iShares Russell 2000 Index ETF (IWM), iShares NASDAQ Biotechnology Index ETF (IBB), First Trust DJ Internet Index ETF (FDN), iShares Goldman Sachs Software Index Fund (IGV), iShares MSCI EAFE Index Fund ETF (EFA), iShares MSCI Emerging Markets ETF (EEM), iShares S&P Latin America 40 Index Fund (ILF), iShares S&P Europe 350 (IEV), iShares MSCI Japan Index ETF (EWJ), iShares Trust FTSE-Xinhua China 25 Index Fund (FXI), iShares MSCI Australia Index Fund (EWA), iShares MSCI South Korea Index Fund ETF (EWY), iShares MSCI Germany Index Fund (EWG), iShares MSCI Netherlands (EWN), First Israel Fund Inc. (ISL) and Turkish Investment Fund Inc. (TKF).