David Fry's Market Outlook for Tuesday

The NASDAQ and Small-Caps had their turn, while the DJIA took a break. This is encouraging for bulls IF it holds.

While we're on energy, let's look at PowerShares DB Energy Fund (DBE) which provides commodity exposure to crude oil, heating oil, gasoline and small weighting in natural gas.

All this takes us to gold and the dollar. Last week we noted a puny 1/4% rise in Bucky while gold fell 2%. This week Bucky continues to rise while gold held its ground. Just evening things up?

Then there are our friends overseas.

Let's look around at a few single-country ETFs.

Aside from worries about what China may or may not do to slow their white hot economy, most markets just seem to be alternating leadership from week-to-week or month-to-month. It's still a bull market until it isn't.

The charts above are "weekly" charts, and the most recent period just reflects today's action at the start of a week. Action should slow dramatically by Friday with the coming holiday weekend.

Disclaimer: Among other issues, the ETF Digest maintains long or short positions in: iShares Russell 2000 Index ETF (IWM), NASDAQ 100 Trust Shares ETF (QQQQ), MidCap SPDRs ETF (MDY), S&P 500 Index (SPY), First Trust DJ Internet Index ETF (FDN), iShares Goldman Sachs Software Index Fund (IGV), Rydex S&P Equal Weight Consumer Discretionary ETF (RCD), streetTRACKS KBW Bank (KBE), Rydex S&P Equal Weight Energy (RYE), PowerShares DB Energy Fund (DBE), streetTRACKS Gold Trust ETF (GLD), PowerShares DB Commodity Index Tracking Fund (DBC), iShares MSCI EAFE Index Fund ETF (EFA), iShares MSCI Emerging Markets ETF (EEM), iShares S&P Europe 350 (IEV), iShares S&P Latin America 40 Index Fund (ILF), iShares MSCI Australia Index Fund (EWA), iShares MSCI Germany Index Fund (EWG), iShares MSCI Canada Index ETF (EWC), iShares MSCI South Korea Index Fund ETF (EWY), iShares Trust FTSE-Xinhua China 25 Index Fund (FXI), iShares MSCI Hong Kong (EWH), and iPath MSCI India ETN (INP).