Dave Fry’s ETF Digest, April 30, 2009
MARKET COMMENT
April 30, 2009
There is no end to spin coming from Washington no matter the speaker or party. That’s surely what you can believe in.
Markets closed with whimper today after being up substantially earlier in the day. What’s good about bankruptcy? Or, what’s good about more government aid to a crummy company building crummy cars? Sure we must save jobs but you can rest assured many layoffs will still result.
Volume? Well, it’s confusing. Most sources report volume being heavy; however, looking at many ETFs there wasn’t much volume at all. So, I’m suspicious of these reports. Breadth wasn’t anything special one way or the other.
Now let’s not have the Obama acolytes descend upon us for finding his words regarding Chrysler Orwellian. The headlines will read that April 2009 was the best market month by performance since March 2000. That seems ominous to me since the following month that bear market began in earnest.
This commentary is brief since we have house movers on the scene and I’ve lost (sigh) my big PC with multiple screens.
Have a great weekend!
Disclaimer: Among other issues the ETF Digest maintains positions in: SPY, MDY, IWM, QQQQ, XLF, XLI, XLB, XLY, IYR, DBC, USL, XLE, DBA, MOO, DBB, EFA, EEM, EWJ, IFN, EWH and FXI.
The charts and comments are only the author’s view of market activity and aren’t recommendations to buy or sell any security. Market sectors and related ETFs are selected based on his opinion as to their importance in providing the viewer a comprehensive summary of market conditions for the featured period. Chart annotations aren’t predictive of any future market action rather they only demonstrate the author’s opinion as to a range of possibilities going forward. More detailed information, including actionable alerts, are available to subscribers at www.etfdigest.com.
