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It's a short week, but one jam-packed with market moving news. We had more merger news (is this starting get routine?), oil prices sold-off, consumers were feeling more chipper, and the Chinese government, after the Shanghai Index set another high, raised the stock stamp tax from .1% to .3% in an effort to dampen speculation.

Volume was light as befits the first day after a long weekend. But, sandwiched between ADP employment data Wednesday and the all-important jobs number Friday loom Personal Income, Consumer Spending, and Core Personal Consumption Expenditure [PCE]. Buckle-up!

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The week isn't long and posting a lot of intra-week charts may be a futile exercise. Patience throughout the week is probably what's required. By Friday we'll know more about "what's next" for U.S. markets.
D Fry Market Outlook 30 05 2007
China is a different deal, and despite the modest sell-off in iShares Trust FTSE-Xinhua China 25 Index Fund (NYSEARCA:FXI) it remains to be seen how retail Chinese investors will react to government efforts to slow them down. Again, 1 million new retail accounts per week is an incredible statistic even for a country the size of China. We'll see how they react since they're inexperienced.

Disclaimer: Among other issues, the ETF Digest maintains long or short positions in: CurrencyShares Japanese Yen Trust (NYSEARCA:FXY), CurrencyShares British Pound ETF (NYSEARCA:FXB), iShares Trust FTSE-Xinhua China 25 Index Fund (FXI), iShares MSCI Hong Kong (NYSEARCA:EWH), and streetTRACKS Gold Trust ETF (NYSEARCA:GLD).

Source: David Fry's Market Outlook for Wednesday