David Fry

Thursday Outlook: Commodities, Global Markets

FJ PENNEY, I write this column to give you, as the footnote states:

The charts and comments are only the author’s view of market activity and aren’t recommendations to buy or sell any security. Market sectors and related ETFs are selected based on his opinion as to their importance in providing the viewer a comprehensive summary of market conditions for the featured period. Chart annotations aren’t predictive of any future market action rather they only demonstrate the author’s opinion as to a range of possibilities going forward. More detailed information, including actionable alerts, are available to subscribers at etfdigest.com.

There is no intention to make predictions since as ETF Digest Sacred Cow IX (a quote from economist Edgar Fielder) "If you must forcast, forecast often".

Getting the rally we're having today is hardly a surprise given how oversold things had become on the McClellan Oscillator. It's pretty accurate (meaning not perfect) in making these calls from the levels of yesterday.