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Tuesday Outlook: Unremarkable Volume, Breadth

by: David Fry May 06, 2008 | about stocks: BAC / DBA / DBC / EEM / EWZ / FXI / GLD / GMM / IEF / IFN / ILF / IWM / IYR / KBE / MDY / MOO / MSFT / QQQQ / RSX / SPY / TLT / UDN / USO / UUP / XLE / XLF / YHOO

David Fry

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Sharply higher energy prices, the Yahoo (YHOO)/Microsoft (MSFT) merger collapse and rumors of trouble with the BoA (BAC)/Countrywide (CFC) deal stopped bullish investors in their tracks Monday. But, bears were only able to do a little damage as volume and breadth were unremarkable.

There was plenty of news to digest yesterday but I think many investors are scratching their heads and looking over their shoulders not quite sure what to make of things. This accounts for the light volume and uninspiring breadth.

It seems a little strange that we’ve rallied as high as we have with the onslaught of negative news continuing. But, the powers that be have the microphone and the big stack to play with. Stocks aren’t cheap based on PEs but there’s a lot of cash on the sidelines looking for a home and rationalizing investments.

We’re in Boston now and spent Monday with State Street going over some of their products and ideas about the future. Today I do some interviews and then give a talk Wednesday before heading to Chicago.

Disclaimer: The ETF Digest maintains positions in: IYR, TLT, TBT, XLE and ILF.

US and Asian Markets Jump While Europe Stumbles Nov 22, 2008
Heavy Reliance on Energy Depresses Russian ETF Nov 21, 2008
IMF Needs Its Own Rescue Package Now Nov 21, 2008
Friday Outlook: Commodities, Emerging Markets Nov 20, 2008
Bespoke's International Snapshot (11/20/8) Nov 20, 2008

Related Stocks:

BAC, DBA, DBC, EEM, EWZ, FXI, GLD, GMM, IEF, IFN, ILF, IWM, IYR, KBE, MDY, MOO, MSFT, QQQQ, RSX, SPY, TLT, UDN, USO, UUP, XLE, XLF, YHOO

This article has 6 comments:

May 06 08:28 AM
Love the comments on each chart. I don't read charts very well so the comments on what they mean are very helpful.
Reply
May 06 08:57 AM
you'll have to do a piece on what it's like living in s america!
Reply
May 06 09:59 AM
Where DO you live? When did you move from the US and what do you see that makes you feel the growth in Latin America?
Reply
May 06 12:55 PM
Head and Shoulders top in India? No way. Only a very short-term analysis would ever jump to that conclusion based on the totally random gyrations of a closed end fund chart. Take a look at the more naturally trading ETF charts please. IFN trades in a very strange way based on supply and demand dynamics that have nothing to do with the underlying value of the companies in the fund.
Reply
May 06 11:00 PM
Is that a head and shoulders top I see in GLD?
Reply
May 09 02:30 PM
A quick question...

What happenned to my DBA Powershares? Trading halted? Can't find any info.

Regards,

Dave

Reply

More Comments on SPY »

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Friday Outlook: Commodities, Emerging Markets
on Nov 20, 2008 | about EFA,FXI,EEM
Thursday Outlook: Sometimes Nothing Is a Real Cool Hand
on Nov 19, 2008 | about IYR,IWM,IEF
Thursday Outlook: Commodities, Emerging Markets
on Nov 19, 2008 | about EEM,DBA,DBC

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