RAINY DAYS AND MONDAYS
How many times have I used this image? Every day like Monday.
After a sharp run higher it may be time to start taking some money off the table -- at least that's what some must be thinking. And conditions may stay a bit difficult with economic data peppering markets all week concluding with important employment data on Friday. Monday's data wasn't any worse than we've seen previously. Further earnings news will be trailing off. With markets overbought, it's not surprising to see selling on little news.
While Monday was the last day in the month of April, for many funds it's the start of a new month. That means they can take it easy out of the gate as performance pressures for portfolio managers ease.
No doubt we'll hear the "sell in May and go away" maxim now in earnest. For the past few years this has been the correct posture, but it definitely depended "when" in May you acted.
No matter; we had another attack from the weak hands people. The dollar was still relatively weak, but gold was off a little with streetTRACKS Gold Trust ETF (GLD) dropping even more than a little. The latter being a sign of more weak hands.
The hottest overseas markets also succumbed to some profit-taking.
How are these two for a tale of two different closed-end funds?
I really don't have much more to add as I'm under the weather like our friends in the image above.
The Van Eck Russia ETF was priced Monday and we're still working on getting the right historical data for it.
Disclaimer: Among other issues, the ETF Digest maintains long or short positions in: PowerShares DB US Dollar Index Bearish (UDN), streetTRACKS Gold Trust ETF (GLD), S&P 500 Index (SPY), MidCap SPDRs ETF (MDY), NASDAQ 100 Trust Shares ETF (QQQQ), iShares S&P Latin America 40 Index Fund (ILF), iShares MSCI EAFE Index Fund ETF (EFA), iShares MSCI Australia Index Fund (EWA), iShares Trust FTSE-Xinhua China 25 Index Fund (FXI), iPath MSCI India ETN (INP), Turkish Investment Fund Inc. (TKF) First Israel Fund Inc. (ISL).