PZI - News and Analysis from Seeking Alpha 'PZI' Tag RSS Syndication from SeekingAlpha.com SeekingAlpha.com http://seekingalpha.com/symbol/pzi Why ETFs Are a Good Way of Getting Small-Cap Exposure http://seekingalpha.com/article/151494-why-etfs-are-a-good-way-of-getting-small-cap-exposure?source=feed 151494 Small cap stocks and companies can get overlooked by investors, as their large-cap counterparts may block the view. But good things come in small packages and ETFs are a great tool to help get good small-cap exposure.

Despite the some of the criticisms lobbed at small caps, such as that they’re high-risk or lack quality, they have many good points. By definition, a small cap company has a market capitalization of $250 million to $2 billion. Those with a market cap below $250 million are referred to as micro-caps.

]]> Mon, 27 Jul 2009 07:26:32 -0400 Tom Lydon Tom Lydon (ETF Trends) submits:

Small cap stocks and companies can get overlooked by investors, as their large-cap counterparts may block the view. But good things come in small packages and ETFs are a great tool to help get good small-cap exposure.

Despite the some of the criticisms lobbed at small caps, such as that they’re high-risk or lack quality, they have many good points. By definition, a small cap company has a market capitalization of $250 million to $2 billion. Those with a market cap below $250 million are referred to as micro-caps.


Complete Story »]]> FDM IWC PZI Tom Lydon 5 ETFs with Single-Digit P/Es that Trade Near 'Book Value' http://seekingalpha.com/article/118357-5-etfs-with-single-digit-p-es-that-trade-near-book-value?source=feed 118357

Right now, if you pay particularly close attention to data, there are a number of ETFs that might pop up on your "bargain-hunter" screen. For example, let's say that you like the idea of fundamental value for the longer-term. Then you might survey the landscape for ETFs that trade with low P/Es AND low P/Bs.

But first, let's take a look at P/Es, P/Bs and what the "combined info" may or may not tell us. For individual stocks, a low P/E may represent a company where the share price (P) is trading much lower than it "should" relative to what the company is earning per share (E). Different industries often command different P/E averages. For example, people have often paid a higher price for expected growth industries like technology, while paying less for consumer staples companies.

]]> Wed, 04 Feb 2009 05:06:35 -0500 Gary Gordon Gary Gordon submits:

Right now, if you pay particularly close attention to data, there are a number of ETFs that might pop up on your "bargain-hunter" screen. For example, let's say that you like the idea of fundamental value for the longer-term. Then you might survey the landscape for ETFs that trade with low P/Es AND low P/Bs.

But first, let's take a look at P/Es, P/Bs and what the "combined info" may or may not tell us. For individual stocks, a low P/E may represent a company where the share price (P) is trading much lower than it "should" relative to what the company is earning per share (E). Different industries often command different P/E averages. For example, people have often paid a higher price for expected growth industries like technology, while paying less for consumer staples companies.


Complete Story »]]> DFJ EWH GWX PZI SCZ Gary Gordon Is This Rally a Sign of the January Effect? http://seekingalpha.com/article/113432-is-this-rally-a-sign-of-the-january-effect?source=feed 113432 As US equities market have rallied since the beginning of 2009 -- the S&P is up 3.03% at the time of this writing since the start of the year -- many traders and investors have begun to ask a key question: is this rally a sign of the January Effect?

What is the January Effect?

]]> Tue, 06 Jan 2009 08:03:19 -0500 Simit Patel Simit Patel submits:

As US equities market have rallied since the beginning of 2009 -- the S&P is up 3.03% at the time of this writing since the start of the year -- many traders and investors have begun to ask a key question: is this rally a sign of the January Effect?

What is the January Effect?


Complete Story »]]> DIA DOG FDM IWC PZI QQQQ SH SPY VTI Simit Patel Five Actionable Ideas for 2009 http://seekingalpha.com/article/112922-five-actionable-ideas-for-2009?source=feed 112922 I thought I would summarize a few ideas I've mentioned on World Beta over the past few months as potential trading ideas based on some simple quant research:

1. Follow a simple tactical asset allocation model. With returns near flat, the model performed admirably in 2008 - look for an update to the white paper with out-of-sample numbers sometime in late January. The model is currently 100% in cash/bonds.

]]> Fri, 02 Jan 2009 02:28:40 -0500 Mebane Faber Mebane Faber submits:

I thought I would summarize a few ideas I've mentioned on World Beta over the past few months as potential trading ideas based on some simple quant research:

1. Follow a simple tactical asset allocation model. With returns near flat, the model performed admirably in 2008 - look for an update to the white paper with out-of-sample numbers sometime in late January. The model is currently 100% in cash/bonds.


Complete Story »]]> AMT AMX FDM IWC MA PCLN PZI QCOM SBAC SD SPY TDG V VTI XTO Mebane Faber Taking Advantage of the January Effect http://seekingalpha.com/article/112247-taking-advantage-of-the-january-effect?source=feed 112247 There a few ways to take advantage of the January effect this year:

Small & Micro-Cap ETFs
The simplest would be to buy small cap stocks or ETFs before the year end and hold until they have a pop. Since the definition of “small-cap” has been continuously revised up over the past few years, it might be a good idea to look at “micro-cap” stocks. Here are a few ETFs:

]]> Thu, 25 Dec 2008 00:08:45 -0500 Babak There a few ways to take advantage of the January effect this year:

Small & Micro-Cap ETFs
The simplest would be to buy small cap stocks or ETFs before the year end and hold until they have a pop. Since the definition of “small-cap” has been continuously revised up over the past few years, it might be a good idea to look at “micro-cap” stocks. Here are a few ETFs:


Complete Story »]]> DSC FDM IJR IWC IWM JKJ PJM PWO PZI PZJ VB Babak The January Effect in Small Caps: Screens http://seekingalpha.com/article/110556-the-january-effect-in-small-caps-screens?source=feed 110556 Here is a follow up to the article I wrote on the January Effect in small caps. It found the effect especially pronounced following a terrible year in stocks. The bottom quartile of stocks returned roughly 18% in the January following the worst 10 years for the S&P since 1927, with no down years.

The easiest method to take advantage of this effect is to go long a microcap ETF (IWC, PZI), or for the more risk averse, go long a microcap ETF and short a large cap ETF (VTI, SPY).]]> Sun, 14 Dec 2008 05:31:11 -0500 Mebane Faber Mebane Faber submits:
Here is a follow up to the article I wrote on the January Effect in small caps. It found the effect especially pronounced following a terrible year in stocks. The bottom quartile of stocks returned roughly 18% in the January following the worst 10 years for the S&P since 1927, with no down years.

The easiest method to take advantage of this effect is to go long a microcap ETF (IWC, PZI), or for the more risk averse, go long a microcap ETF and short a large cap ETF (VTI, SPY).

Complete Story »]]> AMPL ANO BGP CAR CHTP CMLS CROX ETM GBE IDT IWC MCGC PRS PZI RAME SIL SIRF SNIC SPSN SPY SRZ SSCC TRMA VTI Mebane Faber The January Effect: Small Caps Outperform After Really Bad Years http://seekingalpha.com/article/110331-the-january-effect-small-caps-outperform-after-really-bad-years?source=feed 110331 2008 is shaping up to be a terrible year for stocks with most indices down around 40%. It doesn’t do any good to worry about what has happened, but a better question is: what can I do now?
While our flagship model is a very simple trendfollowing system, I spend a lot of time thinking about other systems based on structural or behavioral phenomena. One well documented effect is the historical outperformance for small cap stocks in January. A simple system of holding the smallest 20% of stocks every January since 1927 results in returns of around 10% a year (and that is without sitting in cash the remaining 11 months of the year which would add an additional 3.5% per annum to returns). That dwarfs the 1.5% return for the largest 10% of stocks in January.
Below is a table of the smallest 10% and 20% of stocks vs. the largest 10% and 20% of stocks in January. (I am using the French Fama data.) Note, if you employed a market neutral strategy (long the small caps and short the large caps -denoted “hedged“ in the table), the returns would still be very respectable with zero market exposure. The table excludes the approximate 3.5% per annum cash return in the remaining 11 months.

The below chart adds in cash returns to compare investing in the January small cap strategy vs. investing in the S&P 500 total return. Note how consistent the returns have been for almost a century.

I usually have a hard time getting comfortable with strategies such as this as there needs to be a structural reason for the strategy working. Tax loss selling is a legitimate one as investors sell their losers at the end of the year to capture capital gains losses (and there should be plenty this year).
Another potential problem is data mining. Will the strategy hold up out-of-sample and has the strategy deteriorated over time? Buying the bottom 20% of stocks in January results in nearly 90% up years. 16 of the past 17 years have been positive with average returns of 9.6%. Even better, the strategy would have recorded up years during some of the worst years in the market; 1930: up 18.66%. 1931: up 23.32%. 2001: up 31.7%. 2002: up 4.8%. The worst January for the strategy would have been around -6%.

Another knock on the strategy is that it would be difficult to implement due to the bid-ask spread in small caps. This may have been true historically, but now there are plenty of small cap and micro cap ETFs available the investor can use to implement the trading. The average firm at the bottom decile is about $120 million, but if you back out to the bottom quartile it is a more reasonable $200 million.

What about investing in small cap stocks in January following a terrible year in stocks? In this case I examined all of the years back to 1927, took the 10 worst years in stocks, and examined how small caps (bottom 20% by market cap) performed the following January. The average performance for the S&P 500 the year prior was -21.22%.

]]> Thu, 11 Dec 2008 13:29:53 -0500 Mebane Faber Mebane Faber submits:
2008 is shaping up to be a terrible year for stocks with most indices down around 40%. It doesn’t do any good to worry about what has happened, but a better question is: what can I do now?
While our flagship model is a very simple trendfollowing system, I spend a lot of time thinking about other systems based on structural or behavioral phenomena. One well documented effect is the historical outperformance for small cap stocks in January. A simple system of holding the smallest 20% of stocks every January since 1927 results in returns of around 10% a year (and that is without sitting in cash the remaining 11 months of the year which would add an additional 3.5% per annum to returns). That dwarfs the 1.5% return for the largest 10% of stocks in January.
Below is a table of the smallest 10% and 20% of stocks vs. the largest 10% and 20% of stocks in January. (I am using the French Fama data.) Note, if you employed a market neutral strategy (long the small caps and short the large caps -denoted “hedged“ in the table), the returns would still be very respectable with zero market exposure. The table excludes the approximate 3.5% per annum cash return in the remaining 11 months.

The below chart adds in cash returns to compare investing in the January small cap strategy vs. investing in the S&P 500 total return. Note how consistent the returns have been for almost a century.

I usually have a hard time getting comfortable with strategies such as this as there needs to be a structural reason for the strategy working. Tax loss selling is a legitimate one as investors sell their losers at the end of the year to capture capital gains losses (and there should be plenty this year).
Another potential problem is data mining. Will the strategy hold up out-of-sample and has the strategy deteriorated over time? Buying the bottom 20% of stocks in January results in nearly 90% up years. 16 of the past 17 years have been positive with average returns of 9.6%. Even better, the strategy would have recorded up years during some of the worst years in the market; 1930: up 18.66%. 1931: up 23.32%. 2001: up 31.7%. 2002: up 4.8%. The worst January for the strategy would have been around -6%.

Another knock on the strategy is that it would be difficult to implement due to the bid-ask spread in small caps. This may have been true historically, but now there are plenty of small cap and micro cap ETFs available the investor can use to implement the trading. The average firm at the bottom decile is about $120 million, but if you back out to the bottom quartile it is a more reasonable $200 million.

What about investing in small cap stocks in January following a terrible year in stocks? In this case I examined all of the years back to 1927, took the 10 worst years in stocks, and examined how small caps (bottom 20% by market cap) performed the following January. The average performance for the S&P 500 the year prior was -21.22%.


Complete Story »]]> FDM IWC PZI SPY VTI Mebane Faber ETF Update: Leveraged and Inverse ETFs, Short ETFs, Microcaps http://seekingalpha.com/article/88191-etf-update-leveraged-and-inverse-etfs-short-etfs-microcaps?source=feed 88191 Europe to Follow U.S. Trends in Leveraged and Inverse ETFs

Leveraged and inverse ETFs are two sectors in the U.S. ETF market that have experienced a boom over the past couple of years.

According to a report on “ETF Liquidity Trends” filed by Deutsche Bank on July 22, inverse (short) and leveraged ETFs generated the third- and sixth-highest turnover levels respectively.

]]> Thu, 31 Jul 2008 04:19:20 -0400 Tom Lydon Tom Lydon (ETF Trends) submits:

Europe to Follow U.S. Trends in Leveraged and Inverse ETFs

Leveraged and inverse ETFs are two sectors in the U.S. ETF market that have experienced a boom over the past couple of years.

According to a report on “ETF Liquidity Trends” filed by Deutsche Bank on July 22, inverse (short) and leveraged ETFs generated the third- and sixth-highest turnover levels respectively.


Complete Story »]]> DDM DIG FDM IWC PZI RHM RRZ RSU SKF SMN UYG Tom Lydon ETF Update: MicroCaps Bringing Up the Rear, SmallCap Emerging Market ETFs http://seekingalpha.com/article/78738-etf-update-microcaps-bringing-up-the-rear-smallcap-emerging-market-etfs?source=feed 78738 Micro-Cap ETFs Will Have Their Day (It's Just Not Today)

Lately, mid-cap ETFs have surged on ahead of all the other caps. Bringing up the rear are the microcaps.

Five years ago, that wasn't the case and microcaps, those companies with market capitalizations between $55 million and $500 million, were soaring to new heights. But Murray Coleman for Index Universe says that with the category in a slump, even an "adventurous contrarian" considering a microcap fund may find many choices among the latest ETFs.

]]> Sun, 25 May 2008 05:53:30 -0400 Tom Lydon Tom Lydon (ETF Trends) submits:

Micro-Cap ETFs Will Have Their Day (It's Just Not Today)

Lately, mid-cap ETFs have surged on ahead of all the other caps. Bringing up the rear are the microcaps.

Five years ago, that wasn't the case and microcaps, those companies with market capitalizations between $55 million and $500 million, were soaring to new heights. But Murray Coleman for Index Universe says that with the category in a slump, even an "adventurous contrarian" considering a microcap fund may find many choices among the latest ETFs.


Complete Story »]]> DGS EWX FDM GWX IFSM IWC PZI SCZ Tom Lydon Microcap Funds: Down but Not Out http://seekingalpha.com/article/78286-microcap-funds-down-but-not-out?source=feed 78286 By Murray Coleman

It was just five years ago that micro-cap stocks were soaring to new heights. But now, as big blue chip companies return to favor, the tiniest of the small-cap universe remain near the bottom of most stock fund categories.

]]> Wed, 21 May 2008 13:42:20 -0400 Index Universe IndexUniverse submits:

By Murray Coleman

It was just five years ago that micro-cap stocks were soaring to new heights. But now, as big blue chip companies return to favor, the tiniest of the small-cap universe remain near the bottom of most stock fund categories.


Complete Story »]]> FDM IWC PZI Index Universe Wednesday Outlook: The Bear Comes Out of Hibernation http://seekingalpha.com/article/59484-wednesday-outlook-the-bear-comes-out-of-hibernation?source=feed 59484 No “stick save” at the end for stock markets Tuesday.Photobucket The bear is coming out of hibernation but as usual, things can change rapidly in this environment… and naturally, “the week’s not over”.

Breadth was negative but probably not a 90/10 down day and volume was heavy. The latter continues trends of higher volume sell-offs and lower volume up days.

]]> Wed, 09 Jan 2008 03:54:36 -0500 David Fry David Fry (ETF Digest) submits:

No “stick save” at the end for stock markets Tuesday.Photobucket The bear is coming out of hibernation but as usual, things can change rapidly in this environment… and naturally, “the week’s not over”.

Breadth was negative but probably not a 90/10 down day and volume was heavy. The latter continues trends of higher volume sell-offs and lower volume up days.


Complete Story »]]> DBC GDX GLD IEF IWM IYR MDY PZI QQQQ RSP SPY USO XHB XLE XLF XLY David Fry China, Financials Settle Into Bear Market Territory http://seekingalpha.com/article/59375-china-financials-settle-into-bear-market-territory?source=feed 59375 If 2007 had to be summed up in a word, the two-syllable winner might be, "sub-prime." It single-handedly dragged down the entire financial segment of the U.S. stock market.

How far down? On Friday, the Financial Select Sector SPDR (XLF) closed 28% below its March 2007 peak.

]]> Tue, 08 Jan 2008 07:36:00 -0500 Gary Gordon Gary Gordon submits:

If 2007 had to be summed up in a word, the two-syllable winner might be, "sub-prime." It single-handedly dragged down the entire financial segment of the U.S. stock market.

How far down? On Friday, the Financial Select Sector SPDR (XLF) closed 28% below its March 2007 peak.


Complete Story »]]> FXI IWN PZI XLF Gary Gordon Good Riddance 2007: A Sloppy Year http://seekingalpha.com/article/58748-good-riddance-2007-a-sloppy-year?source=feed 58748

The big boys have left a few sentries behind to monitor and protect positions on this last trading day of the year. It seems they didn’t leave enough or give them much ammo, nevertheless the year ended with performance and bonuses still relatively intact.

Many would argue: good riddance 2007. I know I would. It would appear major indexes like the S&P 500 gained around 3.3% not included paltry dividends. You’d have been better off in cash. Tech sectors led with the NASDAQ 100 up approximately 18.6% but small cap sectors like the Russell 2000 dropped roughly 2.6%. Emerging Markets were the hottest indexes along with commodity sectors and related ETFs. Good stock pickers excelled as usual but their universe was led by a narrow bunch. In the meantime, fixed income sectors were, well, fixed income.

]]> Tue, 01 Jan 2008 07:38:45 -0500 David Fry David Fry (ETF Digest) submits:

The big boys have left a few sentries behind to monitor and protect positions on this last trading day of the year. It seems they didn’t leave enough or give them much ammo, nevertheless the year ended with performance and bonuses still relatively intact.

Many would argue: good riddance 2007. I know I would. It would appear major indexes like the S&P 500 gained around 3.3% not included paltry dividends. You’d have been better off in cash. Tech sectors led with the NASDAQ 100 up approximately 18.6% but small cap sectors like the Russell 2000 dropped roughly 2.6%. Emerging Markets were the hottest indexes along with commodity sectors and related ETFs. Good stock pickers excelled as usual but their universe was led by a narrow bunch. In the meantime, fixed income sectors were, well, fixed income.


Complete Story »]]> DIA MDY PZI QQEW QQQQ SPY David Fry Consistent Seasonality of Smallcaps and Microcaps http://seekingalpha.com/article/50295-consistent-seasonality-of-smallcaps-and-microcaps?source=feed 50295 Maybe we should just call this the yawn trading strategy? Pretty much all of the outperformance for small and microcaps comes in January. Here is a link to an earlier post from CrossingWallStreet on this effect.

I played around with the French Fama data for a while, and came up with the following statistics. From 1927 - 2007: The average return in January for the smallest decile (average market cap today is $134 million) was 11%. Add on ~ 4% for bond yields over that time period for sitting in cash the other 11 months, and that is a pretty nice average return of 15%.

]]> Thu, 18 Oct 2007 02:42:10 -0400 Mebane Faber Mebane Faber submits:

Maybe we should just call this the yawn trading strategy? Pretty much all of the outperformance for small and microcaps comes in January. Here is a link to an earlier post from CrossingWallStreet on this effect.

I played around with the French Fama data for a while, and came up with the following statistics. From 1927 - 2007: The average return in January for the smallest decile (average market cap today is $134 million) was 11%. Add on ~ 4% for bond yields over that time period for sitting in cash the other 11 months, and that is a pretty nice average return of 15%.


Complete Story »]]> BRSIX IWC IWM PZI PZJ SAA UWM Mebane Faber Asset Class Update: Cross Market Momentum http://seekingalpha.com/article/48732-asset-class-update-cross-market-momentum?source=feed 48732 I spend a lot of time thinking about momentum. One of the problems with the cross-market momentum approach is that it can leave you undiversified and exposed to large drawdowns due to concentration risk. ie if someone followed the approach with the asset classes below, selecting the top 10 based on 12-month returns, he would have returned about 10% for the month. However, most all of your positions would be in emerging markets.

Has anyone seen any research on cross-market momentum that selects the top X-positions from each asset class? For example, take the top two asset classes from each asset class category (top 2 from US Stocks, top 2 from Foreign Stocks, top 2 from Bonds, etc, etc)? I have not seen much research in this space.

]]> Tue, 02 Oct 2007 09:13:32 -0400 Mebane Faber Mebane Faber submits:

I spend a lot of time thinking about momentum. One of the problems with the cross-market momentum approach is that it can leave you undiversified and exposed to large drawdowns due to concentration risk. ie if someone followed the approach with the asset classes below, selecting the top 10 based on 12-month returns, he would have returned about 10% for the month. However, most all of your positions would be in emerging markets.

Has anyone seen any research on cross-market momentum that selects the top X-positions from each asset class? For example, take the top two asset classes from each asset class category (top 2 from US Stocks, top 2 from Foreign Stocks, top 2 from Bonds, etc, etc)? I have not seen much research in this space.


Complete Story »]]> EEM EFA EWA EWD EWG EWH EWI EWJ EWL EWM EWN EWP EWQ EWT EWU EWY EWZ EZA FXI GSP IEF INP IWM IYM IYR MDY PZI RSX RWX SPY TIP XLB XLE XLF XLI XLK XLP XLU XLV Mebane Faber Quant Strategy Market Cap ETFs http://seekingalpha.com/article/31076-quant-strategy-market-cap-etfs?source=feed 31076 Quant Strategy Market Cap ETFs List
(click on symbol for data and articles)

PowerShares Quant Strategy Market Cap ETFs
PowerShares Dynamic Large Cap Portfolio (PJF)
PowerShares Dynamic Mid Cap Portfolio (PJG)
PowerShares Dynamic Small Cap Portfolio (PJM)
PowerShares Zacks Micro Cap Portfolio (PZI)
PowerShares Zacks Small Cap Portfolio (PZJ)

]]> Thu, 28 Jun 2007 04:26:00 -0400 SA Editors Quant Strategy Market Cap ETFs List
(click on symbol for data and articles)

PowerShares Quant Strategy Market Cap ETFs
PowerShares Dynamic Large Cap Portfolio (PJF)
PowerShares Dynamic Mid Cap Portfolio (PJG)
PowerShares Dynamic Small Cap Portfolio (PJM)
PowerShares Zacks Micro Cap Portfolio (PZI)
PowerShares Zacks Small Cap Portfolio (PZJ)


Complete Story »]]> PJF PJG PJM PZI PZJ SA Editors US Small Cap and Microcap ETFs http://seekingalpha.com/article/30325-us-small-cap-and-microcap-etfs?source=feed 30325 US Small Cap and Microcap ETFs List
(click on symbol for data and articles)

Small Cap Traditional Index ETFs
iShares S&P SmallCap 600 Index Fund (IJR)
iShares Russell 2000 Index Fund (IWM)
iShares Morningstar Small Core Index Fund (JKJ)
SPDR DJ Wilshire Small Cap ETF (DSC)
Vanguard Small-Cap ETF (VB)

]]> Wed, 27 Jun 2007 08:19:22 -0400 SA Editors US Small Cap and Microcap ETFs List
(click on symbol for data and articles)

Small Cap Traditional Index ETFs
iShares S&P SmallCap 600 Index Fund (IJR)
iShares Russell 2000 Index Fund (IWM)
iShares Morningstar Small Core Index Fund (JKJ)
SPDR DJ Wilshire Small Cap ETF (DSC)
Vanguard Small-Cap ETF (VB)


Complete Story »]]> DES DSC EES FDM IJR IWC IWM JKJ PJM PZI PZJ RWM SAA SBB SDD TWM UWM VB SA Editors David Fry's Daily Market Outlook http://seekingalpha.com/article/25747-david-fry-s-daily-market-outlook?source=feed 25747 D Fry Market Outlook 01 02 2007

He's smiling today, so let's give the man his due. Every asset class had a rally of sorts today. It's the end of January and everything is perfect. Or, is it?

]]> Thu, 01 Feb 2007 03:28:55 -0500 David Fry David Fry (ETF Digest) submits:

D Fry Market Outlook 01 02 2007

He's smiling today, so let's give the man his due. Every asset class had a rally of sorts today. It's the end of January and everything is perfect. Or, is it?


Complete Story »]]> FXI GLD IEF MDY PHO PZI XHB David Fry David Fry's Daily Market Outlook http://seekingalpha.com/article/24090-david-fry-s-daily-market-outlook?source=feed 24090 D Fry Market Outlook 12 01 2007

It looks like a short-squeeze to me. Going into the second week of the year marked by some tax selling in equities and a commodity price collapse many short-sellers thought a correction was at hand. But with the continued reality of extensive M&A activity [$215B raised for private equity funds 2006], $2T in hedge funds, stock buybacks [an estimated $600B reduction in available shares], a world awash in liquidity ["cash" my friends, courtesy of generous central bankers], and recycling nearly $1T in petrodollars back into financial assets—well, only the Three Stooges would be short.

]]> Fri, 12 Jan 2007 08:47:42 -0500 David Fry David Fry (ETF Digest) submits:

D Fry Market Outlook 12 01 2007

It looks like a short-squeeze to me. Going into the second week of the year marked by some tax selling in equities and a commodity price collapse many short-sellers thought a correction was at hand. But with the continued reality of extensive M&A activity [$215B raised for private equity funds 2006], $2T in hedge funds, stock buybacks [an estimated $600B reduction in available shares], a world awash in liquidity ["cash" my friends, courtesy of generous central bankers], and recycling nearly $1T in petrodollars back into financial assets—well, only the Three Stooges would be short.


Complete Story »]]> DBC DCR FDN FXI IEV IGN ILF PZI PZJ SMH XHB David Fry David Fry's Daily Market Outlook http://seekingalpha.com/article/20729-david-fry-s-daily-market-outlook?source=feed 20729 DFry Market Outlook 16-11-2006

Pundits [bulls] interpreted Fed minutes released today to mean everything is in balance -- interest rates won't hurt the economy and inflation is contained. Raising interest rates from 1% to 5% is not a big deal is it?

]]> Thu, 16 Nov 2006 06:38:58 -0500 David Fry David Fry (ETF Digest) submits:

DFry Market Outlook 16-11-2006

Pundits [bulls] interpreted Fed minutes released today to mean everything is in balance -- interest rates won't hurt the economy and inflation is contained. Raising interest rates from 1% to 5% is not a big deal is it?


Complete Story »]]> EWL FXI GLD IBB IYT PZI PZJ SPY TRF XHB XLY David Fry