Up 100, down 100, up 100, down 100…sure, it’s a roller coaster ride. When oil prices were higher, so were stocks. Now with oil prices back down, so are stocks.
The consumer, left for dead by many, still isn’t discouraged from buying. RTH (Retail Holders) rallied.
Oddly, real estate ETFs led by IYR (REIT ETF) were also supposed to be weak, but lately they’ve been relatively strong. I guess much of the strength is due to commercial property rather than a flattening residential market.
Today attention will turn to employment numbers which have bond investors nervous since they think it will show the economy as still strong. IEF (Lehman 7-10 year Treasury ETF) is feeling the most price pressure.