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David Fry
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David Fry writes a subscription newsletter focused on technical analysis of exchange-traded funds, called ETF Digest (www.etfdigest.com). Dave founded the ETF Digest in 2001 and was among the very first to see the need for a publication that provided individual investors with information and... More
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ETF Digest
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The Best ETFs: U.S. Equities (A Companion Guide To Building Your ETF Portfolio)
  • BIG BANKS HIT 0 comments
    Dec 19, 2011 7:39 PM | about stocks: SPY, IWM, QQQ, BAC, MS, JPM, GS, KBE, KRE, XLF, T, IYZ, XLB, XHB, IEF, TLT, HYG, UUP, FXE, GLD, GDX, SLV, DJP, DBB, JJC, JJG, DBA, USO, UGA, UNG, FCG, XLE, EZU, EFA, EEM, EWJ, EWA, EWC, EWU, EWG, EWY, EWZ, RSX, EPI, FXI

    There are some really odd things occurring -- the eurozone naturally leads the list. Italy and Spain will contribute funds they don't have to the IMF, which then in turn will lend it back to them. That's something sillier than a Ponzi scheme. From the Telegraph: "Ministers confirmed today that, as part of a broader international effort to improve the adequacy of IMF resources, euro area Member States will provide EUR 150 billion of additional resources through bilateral loans to the Fund's General Resources Account. Burden-sharing among euro area Member States will be based on quota shares resulting from the 2010 quota reform.Germany will be responsible for €41.5 billion, France at €31.4 billion, andItaly will need to provide €23.5 billion and Spain another €15 billion."

    Meanwhile back in the U.S. Warren Buffett's foray into buying $5 billion of Bank of America (NYSE:BAC) shares leaves him down $1.5 billion. To quote Jackie Gleason: "A mere bag of shells." As BAC broke $5 a share Monday one must wonder, what's the next shoe to drop here? Bernanke and Geithner know, but they're not saying, but no doubt their burning up the phone lines getting more financial data from another TBTF organization. The action in BAC dragged the rest of the stock market sharply lower. Investors seeking safety have taken 2 year Treasury Bonds to .24%, 5 year to .50% and 10 year to 1.80%. 

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    Stocks: SPY, IWM, QQQ, BAC, MS, JPM, GS, KBE, KRE, XLF, T, IYZ, XLB, XHB, IEF, TLT, HYG, UUP, FXE, GLD, GDX, SLV, DJP, DBB, JJC, JJG, DBA, USO, UGA, UNG, FCG, XLE, EZU, EFA, EEM, EWJ, EWA, EWC, EWU, EWG, EWY, EWZ, RSX, EPI, FXI
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