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D Fry Market Outlook 26 04 2007
D Fry Market Outlook 26 04 2007_001

Despite all wisdom to the contrary, don't fight the tape man! That should end the commentary for today. We pay our respects and move on. Maybe I could find something else to rant about? No -- enough already!

Let's just post some charts quietly so as not to disturb El Toro.

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As I sensed Tuesday night, there was movement from previously hot international markets to U.S. tech stocks. As "sensory perception" goes that was no big deal since tech actually lagged just about everything else stamped USA. Without knowing all the data yet, this was probably another bullish 90/90 day. [Bows humbly.]

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And let's look at some U.S. sectors beyond tech.

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Lost in the stampede were some markets and news that weren't encouraging. But these can seemingly be ignored for now.

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Is there any time [or computer memory] left to cover some global markets? You betcha!

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Some single-country ETFs follow briefly.

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I think that's as many charts as we've ever posted -- wow! There's a "global" stock market rally occurring, abetted by tremendous amounts of liquidity -- this doesn't smack of genius right? Global markets are rotating around with one period [days-weeks] featuring Europe, then Asia/Pacific, Latin America and back to the U.S. and repeat. It's probably a safe bet to say you need exposure everywhere to participate effectively.

Disclaimer: Among other issues, the ETF Digest maintains long or short positions in: S&P 500 Index (NYSEARCA:SPY), MidCap SPDRs ETF (NYSEARCA:MDY), NASDAQ 100 Trust Shares ETF (QQQQ), iShares Russell 2000 Index ETF (NYSEARCA:IWM), iShares S&P 500 Value Index ETF (NYSEARCA:IVE), Vanguard Total Stock Market VIPERs (NYSEARCA:VTI), iShares Goldman Sachs Technology Index Fund (NYSEARCA:IGM), First Trust DJ Internet Index ETF (NYSEARCA:FDN), PowerShares Dynamic Semiconductor (NYSEARCA:PSI), PowerShares Dynamic Software (NYSEARCA:PSJ), PowerShares Dynamic Biotech & Genome (NYSEARCA:PBE), Rydex S&P Equal Weight Consumer Discretionary ETF (NYSEARCA:RHS), Rydex S&P 500 Equal Weight (NYSEARCA:RSP), Rydex S&P Equal Weight Materials (NYSEARCA:RTM), Rydex S&P Equal Weight Health Care ETF (NYSEARCA:RYH), Rydex S&P Equal Weight Tech (NYSEARCA:RYT), Rydex S&P Equal Weight Industrial ETF (NYSEARCA:RGI), Rydex S&P Equal Weight Energy (NYSEARCA:RYE), iShares Dow Jones Select Dividend ETF (NYSEARCA:DVY), Utilities SPDR ETF (NYSEARCA:XLU), PowerShares DB US Dollar Index Bearish (NYSEARCA:UDN), streetTRACKS Gold Trust ETF (NYSEARCA:GLD), PowerShares DB Base Metals Fund (NYSEARCA:DBB), PowerShares DB Energy Fund (NYSEARCA:DBE), PowerShares DB Commodity Index Tracking Fund (NYSEARCA:DBC), iShares MSCI EAFE Index Fund ETF (NYSEARCA:EFA), iShares MSCI Emerging Markets ETF (NYSEARCA:EEM), iShares S&P Latin America 40 Index Fund (NYSEARCA:ILF), iShares MSCI Pacific Ex-Japan Index Fund (NYSEARCA:EPP), iShares MSCI Germany Index Fund (NYSEARCA:EWG), iShares MSCI Netherlands (NYSEARCA:EWN), iShares MSCI Austria Index Fund (NYSEARCA:EWO), iShares MSCI Brazil Index ETF (NYSEARCA:EWZ), iShares MSCI Canada Index ETF (NYSEARCA:EWC), iShares MSCI Australia Index Fund (NYSEARCA:EWA), iPath MSCI India ETN (NYSEARCA:INP), iShares Trust FTSE-Xinhua China 25 Index Fund (NYSEARCA:FXI), iShares MSCI South Korea Index Fund ETF (NYSEARCA:EWY), iShares MSCI Japan Index ETF (NYSEARCA:EWJ), Turkish Investment Fund Inc. (NYSE:TKF) First Israel Fund Inc. (NYSEMKT:ISL).

Source: David Fry's Market Outlook for Thursday