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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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The Best ETFs: U.S. Equities (A Companion Guide To Building Your ETF Portfolio)
  • MARKETS LOSE SOME ALTITUDE 0 comments
    Mar 28, 2012 7:40 PM | about stocks: SPY, IWM, QQQ, AAPL, XLK, AA, CAT, XLI, XLY, BAC, XLF, LEN, ITB, IEF, TLT, UUP, FXE, GLD, GDX, SLV, JJC, DBC, DJP, USO, UGA, XLE, JJG, DBA, MOO, EFA, EEM, EWJ, EWA, EWC, EWG, EWQ, EWH, EWZ, RSX, EPI, FXI

    Bernanke's ABC TV performance Tuesday was unremarkable saying little to stimulate QE bulls. (It sort of reminded me of a Jackie Kennedy White House tour - yeah, I'm that old.)

    Wednesday's Durable Goods Orders missed (2.2% vs 3% expected & prior -4%: ex-transportation 1.6% vs expected 1.5% & prior -3.2%) and didn't thrill bulls. Inside the numbers inventories remain high and sales, particularly of electronic goods, was disappointing.

    Oil inventories showed a large and unexpected build with over 7M bbls vs 2.5M expected. France (they won't be the last to do this in a political year) indicated they might be willing to release oil from their strategic reserve. Not mentioned is whether France, or any country, has the refining capacity to handle increased supplies. I doubt it. Nevertheless, supplies and the French news drove crude prices (USO) lower along with the energy sector (XLE).

    Stocks overall declined led by losses in materials (AA & XLB) and industrials (CAT & XLI). Meanwhile financials (BAC & XLF) continued to rise, if only slightly. Widely held market darling Apple (AAPL) thumbed its nose at selling while rising slightly as did homebuilders (LEN & ITB). So, we have the odd pairings of Apple, Bank of America and Lennar stronger on the day. This is sector rotation of a different kind.

    <READ MORE>

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