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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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  • Risk on as Markets Rally 0 comments
    Jan 3, 2012 7:30 PM | about stocks: SPY, IWM, QQQ, RMBS, MU, INTC, SMH, SOXX, MS, JPM, GS, XLF, XBI, IBB, IEF, TLT, HYG, CVY, UUP, FXE, GLD, GDX, SLV, DJP, JJC, DBA, JJG, MOO, USO, UGA, XLE, EFA, EZU, EWJ, EWG, EWI, EWY, EWC, EWZ, RSX, EPI, FXI

    The unique thing about the first day of trading for 2012 is that it's almost a carbon copy of 2011 for the S&P 500 Index--2011 (1271.87) and 2012 (1277.06). Better data caused a 1.55% rally in the index Tuesday first from the ISM Mfg Survey (53.9 vs 53.45 expected and 52.7 previous) and later from a notably friendly Fed Minutes report. European stocks rallied as the European PMI rose (46.9 vs 46.4 previous) which isn't that encouraging really. Swiss Manufacturing rose (50.7 versus 44.8) But things were better in Asia as manufacturing in Singapore rose 6.5% and manufacturing growth in Australia, China and India also improved.

    Negative news regarding eurozone woes were silent, at least for now, but they'll be back to haunt us sometime in the first quarter. After all, the world's largest economies still face a $7.6 trillion tab for 2012.

    Some, if not many in the financial media, put a lot of stock in the "January Barometer" and "First 5 Trading Days on January" but these are about as reliable as the Super Bowl indicator. This is also an election year and it will be ugly to watch.

    Leading the way higher Tuesday were financial stocks (XLF), energy (XLE) and technology (XLK). Many financial stocks will report earnings over the next two weeks.

    Gold and silver reversed course and rallied sharply higher as the dollar was weaker. Some of the selling in both metals may have been due to the unloading of large positions to meet hedge fund redemptions not to mention some nations selling to raise cash as noted HERE.

    <READ MORE>
    Stocks: SPY, IWM, QQQ, RMBS, MU, INTC, SMH, SOXX, MS, JPM, GS, XLF, XBI, IBB, IEF, TLT, HYG, CVY, UUP, FXE, GLD, GDX, SLV, DJP, JJC, DBA, JJG, MOO, USO, UGA, XLE, EFA, EZU, EWJ, EWG, EWI, EWY, EWC, EWZ, RSX, EPI, FXI
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