IS THIS WHAT PASSES FOR STABLE?

Aug. 17, 2011 7:05 PM ETSPY, IWM, QQQ, TGT, ANF, XRT, DELL-OLD, XLK, BAC, C, XLF, XLB, XLI, IYR, IEF, UUP, FXE, FXF, FXY, GLD, GDX, SLV, JJCTF, DBB, DBA, JJGTF, EFA, EEM, EWJ, EWA, EWY, EWG, EWI, EWZ, RSX, EPI, FXI
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Portfolio Strategy, ETF investing

Contributor Since 2005

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 actionable advice on global ETF investing. We particularly like the overview of financial markets that his work provides. Even if you're not a fan of chart analysis, Dave provides insight and commentary into which global markets are "working" and why. Specializing as a market strategist and tactician, Fry focuses on evaluating, creating and implementing a variety of ETF portfolios for individual investors and financial professionals. His philosophy and approach incorporates fundamental with technical analysis in pursuit of risk management and capital preservation especially during uncertain and volatile times. His new eBook, The Best ETFs: U.S. Equities,is now available on Amazon Kindle. Written as a cheat sheet to only the best ETFs for you or your client’s portfolios. For those that don't have a Kindle, you can purchase the pdf here: The Best ETFs: US Equities [https://gumroad.com/l/The%20Best%20ETFs]

Whew! This is the first day in a while where things were at least comprehensible. Markets rallied early on better news from Target (TGT) but on closer inspection, earnings were improved by previous stock buybacks and cost cutting. For the most part this is financial engineering at its best. Dell's (DELL) earnings last night were horrible, Analog Devices (ADI) earnings also missed and the Abercrombie & Fitch (ANF) report caused the stock to drop 8%.

PPI data came in hot today with an annual core reading 2.5% which was much higher than expected. With economic growth slow and the PPI hot, this is the essence of stagflation. Beyond this, there wasn't much else except for energy inventories which were much higher than forecast. After an early selloff, oil prices rallied to close higher. Perhaps much of the rally was due to a slumping dollar. Since commodities are priced in dollars, this is something you should expect. And on cue, gold, silver and other base metals rallied. Bond prices were also higher.

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