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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)
  • HEADLINE WRITERS EXTOL DOW 13,000 0 comments
    Feb 28, 2012 7:50 PM | about stocks: SPY, IWM, QQQ, AAPL, XLK, MSFT, IGV, MU, JPM, KBE, XLF, XLY, XRT, XLB, ITB, IYR, IEF, UUP, FXE, GLD, GDX, SLV, JJC, DJP, USL, XLE, DBA, JJG, MOO, EFA, EEM, EWJ, EWG, EWZ, ILF, EPI, GXC

    Headline writers are busy spinning the Dow breaking above 13,000. It's a neat headline but as Ace Greenberg was fond of saying: "It's just a number." But this is the number Main Street and the media follow and obsess over most. The more cynical expression has always been; "The Dow is just window dressing for the tourists." After all the index is just 30 "price weighted" large companies whereas the S&P 500 gives you a better overall picture of market strength.

    Economic data wasn't great but bulls managed to cherry-pick the news they liked and ran with it most of the day. Durable Goods sank (-4% vs -.7% expected and prior 3.2%); Case-Shiller Home Price Index (-.5% vs -.4% expected and prior -.7% previous); GS Weekly Store Sales (-1.0% vs previous 3.00%) and lastly, Consumer Confidence (70.8 vs 64 expected and previous 61.1) was what bulls grasped. The latter took the Retail ETF (NYSEARCA:XRT) much higher and now the sector is trading at 20 X earnings or a 40% premium to the overall market. I don't know about you, but earnings from the sector have been quite mixed.

    <READ MORE>

    Themes: MARKET REVIEW Stocks: SPY, IWM, QQQ, AAPL, XLK, MSFT, IGV, MU, JPM, KBE, XLF, XLY, XRT, XLB, ITB, IYR, IEF, UUP, FXE, GLD, GDX, SLV, JJC, DJP, USL, XLE, DBA, JJG, MOO, EFA, EEM, EWJ, EWG, EWZ, ILF, EPI, GXC
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