MARKET COMMENT
Dave Fry’s ETF Digest, May 11, 2009
This image again?!? Yeah, well it’s another one of those Mondays. We’ve had a bunch of them over the past two months. Thereafter the pattern has been for dip buyers to appear making everything well again. One of these days (this day?) the down mood will stick. Until then we’ll just have to see how things work out.
If you’re bullish the light volume today might encourage you. It sure was a tale of two markets with the NYSE being decidedly weak while the NASDAQ was stable.
I could do more today but given the light volume I’ll defer for now.
Portfolio equity levels have been moving in big chunks in both directions. This makes folks nervous and may indicate a top of some duration developing.
The Fryguy has landed in Baltimore. We’re fortunate to have rented a great place in the woods of Mt. Washington. It’s really quite a sanctuary and is perfect for the challenges ahead. Our son is driving across country from California and is currently pushing through Tennessee while our daughter is down the road in DC. Francie is awaiting a date for surgery as coordinating medical staff schedules is a challenge.
So many people have written and sent their good wishes to our family and Francie in particular. Many wish to follow along with this but this isn’t the purpose of these postings. She has created one for herself and it’s good. If you wish to follow: http://fflanikai.wordpress.com/.
Now let’s see if there’s a Turnaround Tuesday in Mr. Market’s quiver.
Disclaimer: Among other issues the ETF Digest maintains positions in: SPY, VTI, MDY, IWM, QQQQ, XLI, XLB, XLY, IYR, IEF, TLT, UDN, DBC, USL, UNG, XLE, DBA, MOO, XME, EFA, EEM, ILF, EWJ, EWZ, IFN 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.
