[Courtesy, Pritchett Cartoons.com]
A reader asks, “Will there be a stick save, Dave?” My response, “The bears scored an empty netter!”
Just how bad and messy are markets? Data is late and what there is seems way off, especially so with NYSE “up/down volume”. Some financial websites are running late, like MarketWatch and Yahoo/Finance.
There’s no sense in repeating the financial problems plaguing markets. In our archives, you may review daily posts where our views are featured and discussed. Clearly, these negative issues [subprime contagion being the leading trouble maker] are surfacing with greater frequency lately.
Globally, previously so-called bullet-proof markets need flak jackets.
It was an ugly day and most financial websites couldn’t keep up with the tape. Tomorrow could be uglier since stocks may gap open lower before bulls and dip buyers [dips buying?] try to mount a counter-attack.
We noted previously that it didn’t seem likely that just a few stocks could keep market indexes rising, especially as smart money was doing some heavy selling as indicated by poor breadth data.
The chickens have come home to roost as far as fundamental news is concerned. The subprime issue, long argued by officialdom as “contained,” was long boiling under the surface like magma waiting to erupt. All this “happy talk” from them and bulls can’t contain an eruption.
But the week’s not over. Let’s see if bulls can pull off a comeback. Remember, we’re approaching the month-end window dressing period.
Have a pleasant weekend.
Disclaimer: Among other issues the ETF Digest maintains long or short positions in: S&P 500 Index (NYSEARCA:SPY), NASDAQ 100 Trust Shares ETF (QQQQ), Financial Select Sector SPDR ETF (NYSEARCA:XLF), streetTRACKS KBW Bank (NYSEARCA:KBE), iShares Dow Jones US Real Estate ETF (NYSEARCA:IYR), PowerShares DB US Dollar Index Bearish (NYSEARCA:UDN), streetTRACKS Gold Trust ETF (NYSEARCA:GLD), PowerShares DB Energy Fund (NYSEARCA:DBE), iShares MSCI Emerging Markets ETF (NYSEARCA:EEM), iShares MSCI Brazil Index ETF (NYSEARCA:EWZ), Market Vector Russia ETF Trust (NYSEARCA:RSX), 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 Australia Index Fund (NYSEARCA:EWA) and iShares MSCI United Kingdom (NYSEARCA:EWU).