I guess the overheating economy in China means the government will tighten things up so much that they won't be buying gold or oil anymore. That comes straight from the "weak hands" department.
Sometimes I wonder what goes through the minds of some investors.
The U.S. stock market looked like it was in for a repeat of February's China-linked decline, but the bulls would have none of it -- fool me once, but not the second time man!
Meanwhile Chinese markets were rattled by above 11% growth rate. So they'll slow things down maybe to 10%. As Mae West was fond of saying: "Too much of a good thing is wonderful."
The only thing holding techs up are semis, which has been dead money for seven months. The rest of the sector is just moving sideways.
That's a relatively brief but broad look at a variety of markets worldwide that we're
pushing interested in.
I'm ending these daily commentaries this week feeling a little tired, so I apologize for the brevity.
The "weak hands" investors were featured players, along with determined bulls. One can only wonder how weak the underlying fundamentals are for crude oil if it can fall for such flimsy reasons like the Chinese will buy less energy -- as if! Gold too with the dollar still weak had no fundamental reason to decline. The other flimsy reason noted was that the euro was unsustainably high. That may be since I'm no euro fan, but it rose today nonetheless making the reasoning offered for its decline a stretch.
Have a great weekend.
Disclaimer: Among other issues, the ETF Digest maintains long or short positions in: S&P 500 Index (NYSEARCA:SPY), iShares Trust FTSE-Xinhua China 25 Index Fund (NYSEARCA:FXI), streetTRACKS Gold Trust ETF (NYSEARCA:GLD), PowerShares DB US Dollar Index Bearish (NYSEARCA:UDN), Euro Currency Trust ETF (NYSEARCA:FXE), CurrencyShares British Pound ETF (NYSEARCA:FXB), Rydex S&P Equal Weight Health Care ETF (NYSEARCA:RYH), Rydex S&P Equal Weight Consumer Discretionary ETF (NYSEARCA:RHS), iShares MSCI Emerging Markets ETF (NYSEARCA:EEM), iShares MSCI Australia Index Fund (NYSEARCA:EWA), iShares MSCI South Korea Index Fund ETF (NYSEARCA:EWY), iShares MSCI Netherlands (NYSEARCA:EWN), iShares S&P Europe 350 (NYSEARCA:IEV), iShares S&P Latin America 40 Index Fund (NYSEARCA:ILF) and First Israel Fund Inc. (NYSEMKT:ISL).