Seeking Alpha

David Fry's  Instablog

David Fry
Send Message
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
My company:
ETF Digest
My blog:
Dave's Daily
My book:
The Best ETFs: U.S. Equities (A Companion Guide To Building Your ETF Portfolio)
  • FED DISAPPOINTS BULLS 1 comment
    Apr 3, 2012 10:04 PM | about stocks: SPY, IWM, QQQ, AAPL, GOOG, XLK, RYT, FDN, MS, C, XLF, XRT, XLY, IYT, XBI, ITB, IYR, IEF, TLT, UUP, FXE, GLD, GDX, SLV, JJC, USO, UGA, XLE, JJG, EFA, EEM, EWJ, EWY, EWC, EWT, EWG, EWZ, RSX, EPI, GXC

    Fed minutes were released at 2 PM and disappointed those bulls looking for more QE and/or stimulus. Not finding any, they sold. But in the last half hour of trading, dip buyers were once again present halving the losses from the announcement. Those "stick saves' are something to behold!

    Factory Orders (1.3% vs 1.5% exp & prior -1.00%) were positive but a mild disappointment overall.

    The dollar (NYSEARCA:UUP) rallied on the lack of further stimulus; bonds (IEF & TLT) were weak as were commodities (USO, GLD & DBC).

    Stocks fell sharply, then as indicated, recovered led higher by...wait for it, Apple (NASDAQ:AAPL) as an analyst from Topeka Securities (seriously?) raised the stock's price forecast to $1,000 within 12 months. (It echoes of Qualcomm predictions circa 1999 but Apple may be a different case, right?) If the stock were to rise anything like that, imagine the current weighting effect it would have on indices like the NASDAQ 100 (NASDAQ:QQQ) and SPDR Technology ETF (NYSEARCA:XLK). Anyway, the shares rose an additional $10 once again masking underlying overall market weakness. The latter was led by financials (XLK), banks (BAC, MS & C) and most other major sectors (XLI & XLB). Consumer Discretionary and Retail (XLY & XRT) continue to buck any selling trends.

    <READ MORE>

    Themes: Market Review, ETF, ETFs Stocks: SPY, IWM, QQQ, AAPL, GOOG, XLK, RYT, FDN, MS, C, XLF, XRT, XLY, IYT, XBI, ITB, IYR, IEF, TLT, UUP, FXE, GLD, GDX, SLV, JJC, USO, UGA, XLE, JJG, EFA, EEM, EWJ, EWY, EWC, EWT, EWG, EWZ, RSX, EPI, GXC
Back To David Fry's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (1)
Track new comments
  • untrusting investor
    , contributor
    Comments (9932) | Send Message
     
    Not a single goalie in the NHL can hold a candle to markets in terms of success with stick saves. The NHL needs to hire some of those primary dealers and market makers if they really want to win the Stanley Cup for years in a row. Or maybe they just need to hire Banana Ben as the league commissioner when he leaves the Fed.
    4 Apr 2012, 12:00 AM Reply Like
Full index of posts »
Latest Followers

StockTalks

More »

Latest Comments


Posts by Themes
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.